Tips to Implement a New Performance Management Plan

If you are wondering how to get started with a new plan, here are 6 tips that will come in extremely handy.

1. Take a look at your present process of performance management – Figure out why your current performance management plan needs to change and how it is falling short of meeting the company objectives. Decide what you want to accomplish next, be it reaching a new sales target or upgrading your teams’ skills.
2. Decide how you want to achieve your goal – After setting goals, it is important to zero in on the methods you can use to reach them. For instance, you might want your sales team to get more leads or conversions. So, you will need to ensure that managers communicate better with those who report to them, impart advanced lessons on generating leads and conduct more training sessions. In short, better employee performance will lead to a better bottom-line for the company.
3. Collaborate and consult so that everyone is on board – To create and implement a new performance management plan, make sure every department, team and individual understands company goals as well as personal goals. Decision makers in every department should ideally collaborate to discuss how performance can be managed and improved at various levels. Communicate the new performance management plan in a way so that everyone knows why certain changes are being made and by what time they should achieve their targets.
4. Ensure that goals are SMART – Assess how every individual contributes to your company’s growth and success and then set SMART goals for him or her. This essentially means, every goal should be specific (what, how much, when), measurable (tracking progress with milestones), attainable (realistic goal even if stretching is required), relevant (goal should impact corporate strategy) and time-bound (set timeframe to ensure urgency). Clarify what everyone is accountable for.
5. Monitor progress and productivity – The successful implementation of a performance management plan requires you to track the progress being made by every department, team and employee. Employees should also be encouraged to monitor their own growth, achievements or reaching of milestones. Managers should review the relevant statistics from time to time, so that they can help with necessary resources or coaching as and when required. Constant feedback can also help. This tracking system will make appraisals easy and fair.
6. Evaluate the performance management plan regularly – Periodically, assess if the new plan is working effectively and contributing positively to the organization’s goals and growth. Is it actually enhancing the performance at an individual and overall level? Remember that adjustments might be needed now and then. Also examine employee behavior and results, encourage them to share concerns and views, explain their shortcomings in an unbiased manner, and offer advice. Don’t forget to recognize, acknowledge and appreciate good performance.

All in all, implementing a new performance management plan requires clarity, seamless communication, support, sensible goal-setting and regular evaluation. If you are not too confident about it, performance management consultants can help by identifying problem areas, suggesting doable action plans and hand-holding your company at every step. Getting their expert guidance at the right time can help you achieve various goals easily and also align your workforce’s performance with the company mission.