It’s a new year, and it’s time to step up your performance management game! As companies shift towards more employee-centric practices, it’s crucial to stay ahead of the curve and implement strategies that will make you the MVP of your team.
Here are the four performance management power plays you need to make in 2023:
Ditch the annual review and embrace ongoing feedback
It’s time to wave goodbye to the annual performance review and hello to 360-degree, all-year-round feedback and coaching. This approach allows employees to stay on track with their goals and receive constant feedback throughout the year. In addition, managers can regularly check in with employees, helping them realign with their goals and maintain focus on current projects and areas of development.
In fact, a study revealed that employees are 3x more engaged when they receive daily feedback from their managers vs. annual feedback. The report also noted that 43% of highly engaged employees receive feedback at least once a week.
Make crucial conversations count
The NeuroLeadership Institute has created a roadmap of six performance management talks. These cover goal-setting, feedback, check-ins, end-of-cycle reviews, money, and career conversations. These conversations allow for regular check-ins, promoting better alignment with goals, and fostering a culture of connection and relatedness.
Employee wellness is crucial
Employee wellness has become a critical focal point in the workplace, and including it in check-in conversations is crucial for creating a healthy work-life balance. However, managers should ensure that the conversation is not just about work but also about the employee’s overall well-being.
Data-driven solutions are key
Companies are increasingly using data-driven solutions to assist their people in performance management. Automation can take care of tedious and time-consuming tasks, allowing managers to focus on the human aspect of performance management. Use data-driven solutions to make better decisions, track progress and improve overall performance.
In short, 2023 is the year to ditch the old, embrace the new, and strengthen your performance management game.
But how can you make these moves? Watch your team soar to new heights with The Sales Machine!
Our all-in-one business success platform helps organizations reach maximum efficiency for their team by giving real-time data on how they perform. In addition, it automates how managers see what needs to be improved, ensuring that everyone in the team is on track to reaching their goals.