Whether you work in an organization which is globally dispersed and encourage flexible working hours, or you work in an office that adhere to strict working hours, communication is a key. The ability to communicate and give real time feedback on their performance allows employees to feel valued and help them stay motivated.
Understanding a 360 Degree Performance Evaluation
A 360 Degree Performance Evaluation helps company to see the bigger picture as to how well your team members are performing and meeting their timelines and objectives. The performance evaluation also provides great insight into the company as what’s going well and what requires improvement.
It can also be used to enhance compensation planning, identify the need for more training programs, and connect performance with corporate objectives. If you’re already using PMS, you may know it’s a great tool to evaluate continuous feedback all year round. This means when appraisal time comes, you can gain a collective feedback from peers as well as how the employee has performed and track the assigned and accomplished tasks throughout the year, rather than speculating on individual performance metrics.
What options do you have?
There has been an ongoing debate regarding bi-annual, monthly, quarterly and annual appraisals, and whether these are the best to evaluate the performance of your employees. However, these tools have been good enough to provide continual feedback as who are the top performers within the organization.
Further, simple record keeping helps managers to keep a continuous tab of a performance history for the entire tenure of each employee – indicating a graph with the opportunity to look deeply at the trends, patterns, or one-off blips. It also helps you to boost employee morale, increase productivity and retain your top employees. From defining KRAs to goal setting, review ratings and appraisals, everything is clearly defined and set in the system. Your team can input self-ratings and share with respective managers through the system itself.
We have learnt that it’s important for organizations to access data quickly and easily related to the performance of an employee. Using a performance management tool mean the manager can count on the module to monitor performance and rest assured that they can easily cull out reports and export when required.
How do you manage your talent, and what methods do you use to manage talent and their yearly, monthly and quarterly goals? As you start researching HRM systems for the business, why not get in touch with us for your comprehensive Performance Management Software needs.