HR Essentials Series: Part 6: Improving Employee Retention with Performance Management
Employees are a company’s most valuable asset. However, if mismanaged or underutilized, employees can become a liability. Performance management is a key in maintaining employee engagement, development, retention and productivity to ensure companies realize a return on investment (ROI) on employees.
Whether you choose to utilize digital tools, take the paper approach or invite the employee for an informal conversation, performance management is essential for an employee’s success.
It is important to note that performance management also refers to managers and even the senior leadership team.
We recommend including the following when developing an effective performance management framework:
Clear list of goals with timeline
Alignment between individual, team and organization goals
Evaluation/touch points – formal and informal
A continuous feedback loop
The procedures and policies around corrective action, progressive discipline and termination
Employee experience is created and curated from the minute a candidate enters the hiring process until you manage them out. The value employees create and demonstrate is almost entirely dependent on the employer’s ability to harness their talent through effective performance management.
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