How do we start an effective employee recognition programme?
What are the methods to measure and track employees’ performance?
If you have ever wondered about these, you’ve already contemplated on implementing rewards and recognition while tracking and measuring your employees’ performance.
Performance management includes providing rewards and recognition as well as tracking and measuring performance. This aids in higher chances of an organization to become more successful. Performance management is conducted at both individual level and corporate level.
Below are some tools that could be a steal for your organization to begin implementing these programmes, key tools and techniques at your workplace.
Reward and recognition programmes
It is quite often that an employee would disengage from an organization’s mission when their performance are not recognized or rewarded. This decreases their motivation level and subsequently affects their performance. Hence, implementation of programmes that acknowledges rewards and recognitions are crucial in an organization. Through performance management system, one could celebrate their high performers by providing monetary incentives, bonuses, or even simple praises that would maintain morale and boost their motivation in continuing high performance.
Performance management frameworks
While working on performance management, a framework would assist the organization in delivering a strategy that would aid in execution of the performance management. A framework would help the organization to
- make their strategy clear and deliver their business priorities and objectives
- keep an eye on progress of at an individual and organization level by measuring the extent priorities and objectives are being achieved
- clearly define and execute action plans that would ensure resourcefulness to deliver the business priorities and objectives
360 degree feedback
A 360-degree feedback is type of feedback gathered that involves every member in an organization which includes but not limited to colleagues, supervisors, managers as well as self-evaluation. Results of the feedback are usually equated confidentially and then presented to the employees. The insights gathered are used for training and development purposes to help the growth of the employee.
Key performance indicators (KPIs) and metrics
A Key Performance Indicator (KPI) is commonly used and practised in almost every organization. It is a measurable value that exhibits how successfully an organization or an individual is achieving their business objectives. Organizations use KPIs at multiple levels to evaluate their success at reaching targets. The primary purpose of KPIs are to enable a high value data-driven performance conversations and decision making. It works as a navigational instrument that gives a clear picture of existing levels of performance in an organization.
Alongside KPIs, performance appraisals frequently used as a performance management tool. Well assessed performance appraisals are extremely powerful in aligning the goals of individuals with the objectives of an organization. To take full advantage of this performance appraisal, both employees and employer must ensure honest, fair and constructive two-way conversation or else, it could work in a complete opposite way of being a powerful de-motivator leading to a drop in performance due to differing perceptions in acquiring the information discussed during an appraisal.
As a HR consulting organization, we at Alchemy Resources pay huge importance and have implemented these practices in our own workplace. Beginning with rewards and recognition programme, we have conducted town hall to recognize the efforts of employees and have rewarded them monetarily. Besides that, we have established KPIs at both organizational and individual level which we ensure to communicate them during the employment stage. Finally, at Alchemy, we have yearly appraisal that is conducted with openness that ensures employees efforts are recognized and rewarded accordingly.