Forward Thinking Business Blog –
In recent years performance management trends have shifted from annual review meetings to monitoring performance on an ongoing basis, with employees receiving continuous feedback throughout the year. FPM adopted this approach some time ago and since then, we have been sharing best practice with clients in many different businesses and sectors.
In our own firm, we set individual targets for each staff member. Our TEAM approach (Together Everybody Achieves More) is founded on the belief that marginal gains can deliver a competitive advantage when individuals and teams work collectively. With this in mind, we set quarterly goals which incorporate individual staff targets and feed into the overall yearly objectives which are consistent with FPM’s core values and core focus.
It is no coincidence, that when staff can see the impact their input makes to the ultimate success of a business, this ownership produces a much stronger and more results-focused team. Managers and employees both find that achieving and monitoring progress with short term (monthly/quarterly) goals lessens prohibiting pressure, enables timely corrective action and increases the number of adrenaline peaks required to surpass targets.
Like many businesses, we still conduct annual performance appraisals. However, by rethinking performance management and providing continuous feedback throughout the year, this ensures that employees are not only held accountable for what they did last year but empowered to improve performance today and tomorrow.