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The one and done annual review was easy, comfortable for 364 days of the year, and ineffective. People forgot what was meaningful, extraordinary among the day to day grind of getting things done.
You’ve been focused on revenue and profitability. Now, it’s your time to work on your business; to decide if you will move forward by selling the business or reinventing the business. A performance management process (PMP) that is aligned with your company’s values, culture and accepts feedback at every level will be value added.
Show Objectives - The Why
Create a company where a fully functional, fully implemented, fully utilized formal performance management process can infuse quantifiable operational excellence that results in customer satisfaction, employee/team loyalty and increased profit.
Build a performance management process that improves company performance – profitability, sustainability, and to scale.
Key Issues- Owner’s Perspective
What You Need to Know - The What
1. Understand the organization’s culture
2. Attract and recruit the best talent
3. Retain your best talent
4. Nurture the careers of your best talent
5. Devise the formal PMP - revisit and revise if often
Blumberg, author of Startup CEO, offers a great visual for the delivery of feedback that I’d encourage you all to check out.
This matrix is a great way to “instill culture where feedback is wanted, expected, and doled out regularly” and “is the best way to get over people’s innate discomfort with feedback.” (Blumberg, p. 114)
What You Need to Do - The How
1. 15 Employee Performance Management Best Practices, VALAMIS, https://www.valamis.com/hub/performance-management
2. The New Rules Of Talent Management, HBR, March-April 2018, https://hbr.org/2018/03/the-new-rules-of-talent-management#co-creating-the-employee-experience
3. SHRM, Performance Management: A Roadmap for Developing, Implementing and Evaluation Performance Management Systems by Dr. Elaine D. Pulakos 2004: https://www.shrm.org/hr-today/trends-and-forecasting/special-reports-and-expert-views/Documents/Performance-Management.pdf
4. Startup CEO: A Field Guide To Scaling Up Your Business, by Matt Blumberg, 2020, published by Wiley & Sons Inc. https://www.amazon.com/Startup-CEO-Website-Scaling-Business/dp/1118548361
5. “Performance Management System – A Complete Guide”. Tech Funnel, February 26, 2020 https://www.techfunnel.com/hr-tech/performance-management-system/
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Written by Wendy Dickinson
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