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Emerging performance management refines how performance is measured, most notably “for who”, “by whom”, and “for what”. The process can be tailored to employee segments, with different types and classes of employees receiving feedback on topics and timeframes unique to their work circumstances. It can involve feedback on not only individual contributions but those performed in the context of a team effort. It also engages more than just functional managers, expanding into a collection of performance observers, including other managers, peers, and even subordinates.
At this level, performance is “calibrated”, or measured, against that of others in more sophisticated ways. The relative difficulty or uniqueness of challenges faced become considerations and managers actively discuss and compare the contributions of similarly leveled employees directly against each other. The criteria also expand beyond the sole use of performance to measure goals and role expectations. It also uses the demonstration of competencies, corporate values, potential, and contributions to critical corporate efforts. Rewards and recognition are also expanded beyond pay increases or bonuses for only managers. Salary increases, bonuses, stock, and non-cash rewards and recognition come into play for a broader set of employees, with each type having its unique and deliberate purpose.
Emerging performance management supports the building of a high-performance culture, with rewards targeted to all types of employee preferences, linked to a more strategic and well-rounded set of performance criteria. Those criteria are based on broader and longer-term considerations than just the current performance period’s goals and objectives as well as address the entirety of an employee’s contributions and value to the company’s larger objectives. Leveraging the entirety of contributions can increase the engagement and retention of top performers, who find that more of their effort related to personal and team objectives is deliberately recognized and rewarded by the organization.
This also supports greater objectivity, fairness, and equity, with multiple data points and perspectives collected on a larger group of employees. Managerial decisions are no longer hidden behind closed doors. Employee performance, standards. and expectations are openly discussed and agreed upon, with comparisons and examples shared as the employee’s performance is assessed relative to position requirements and company goals.
Analyzing and selecting specific talent segments to adjust performance management processes, criteria, and associated rewards based on their unique needs.
Going beyond observations of a single functional manager to include other individuals that can provide useful insights that create a more robust and superior view of the employee’s job performance.
Conducting group comparisons and alignment of employees’ goals and performance evaluations to achieve a more objective and consistent assessment for similar jobs.
Ensuring appropriate linkage of compensation and career development with performance outcomes in specifically targeted ways to successfully use them as motivators for high levels of performance.