Like a double play, managing and developing your company’s talent should be a multi-pronged approach consisting of three main players: performance management, career development and learning management. These players, while distinct, each make up one part of a unified talent management workflow that is essential to not only ensure an employee’s current success, but adequately prepare and train them for their future within your organization.
Today there exist integrated software systems that can manage all three of these areas together. Unfortunately, most companies often settle for a more shortsighted approach and invest time and money in a best-of-breed performance management system, neglecting career development and learning management.
Here, we look at why an integrated software system with a single interface that includes all three essential components of a talent management suite is one of the best investments your company can make towards achieving your revenue goal.
Performance Management Starts the Play
A performance management system provides a way to enhance accountability and visibility within your organization’s ranks by automating and tracking the employee appraisal process. Like Tinkers of the Cubs, it opens the play and provides a guide as to what your employees need to accomplish on any given day.
According to a Gallup Poll, only half of all workers have a clear understanding of what is expected of them when they begin their workday. By implementing an effective performance management system, you provide your team with the ability to set and support goals, monitor their own progress and assess both their ongoing and eventual achievements.
In order for a performance management software solution to be effective, it’s critical to have clear and credible goals for your team to accomplish before you begin. One of the best ways to achieve this is by adopting a specific methodology, such as the SMART goal methodology first introduced by Gazelles. These leaders strongly believe that companies in all stages of development can benefit from the SMART goal methodology because of its granular and precise structure.
Once you’ve created clear and executable goals and implemented a performance management system to track and monitor them, you’ll have a clear window into the productivity of your employees. This will provide pertinent, easily accessible data that will enable you to quickly identify the top performers you should invest the most time and energy in so as to advance them to the next level.
