A company’s performance management process is integral not just to the operations of the business, but also to the relationships developed with, and among employees. Having a clear performance management plan in place sends a strong message to your staff that the organisation is invested in the professional development and career growth of its people - an important factor underpinning employee motivation and loyalty.
Learn the benefits of a comprehensive performance management process with advice from our recruitment consultants in Singapore.
The performance management process – integral to the success of your company
Having a strong performance management process in place is more than a human resources responsibility. It is tied to the operating success of the company, providing a framework on which bonuses, pay rises, and salary reviews are based, and this in turn directly impacts staffing costs.
Having a clear performance management plan for each employee provides a transparent framework for every staff member to know how well they have performed, where they can improve, which areas they need further training and professional development in – and how the company will support (and reward) them to grow and develop in their career.
How to conduct a performance appraisal
The performance appraisal is a valuable opportunity to provide feedback to your staff on how they have performed, where they can improve, and to plan career goals for the year ahead.
Performance appraisal samples
A performance appraisal demands a clear record of what was discussed with each employee, to provide a roadmap for the review period ahead and a reference point to look back on for future appraisals.
Recognising when an employee is ready for a promotion is an important part of being a manager – leaving high calibre talent in the same role for too long can see them asking questions about their future with the company. This makes it essential to recognise the attributes that show a staff member is ready to take the next step.
How to handle a pay rise request
Recognising which employees deserve a pay rise can help you retain your best talent. But sometimes you may be approached with an unexpected request for a salary increase, and it’s critical to know how to handle the situation professionally yet with empathy.
There are ways to reward your staff that don’t involve a salary increase. And if your company isn’t in a position to offer a pay rise, it is worth exploring alternative options that demonstrate how much you value your team’s effort without too much impact on the company’s bottom line.
A final meeting with an employee who is leaving the company is a chance to gain valuable insights into your company’s workplace, and an opportunity to find out what you’re doing well as an employer, and where things could be improved.