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Guide
to
PERFORMANCE
>
Emerging talent,
especially Millennials, want
to work in collaborative
environments where
transparency and ongoing
performance feedback
are the norm
>
How
Tips
Ways
Top 5 Essentials of
Performance Management
Successful performance management includes these essentials:
1.
2.
3.
4.
Effective technology
5.
Actionable Data
>
FAST FACT:
Employees and managers
today want real-time,
feedback-based solutions,
coaching, development, and
more agile approaches to
goal management.
Creating
a performance culture
Motivating
employees
Improving
Identifying
2.
3.
4.
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realistic expectations
Demonstrate
Measurable ROI
Effective performance management provides business value in several ways cost savings, bottom line results,
plus a range of intangible benefits.
Hours saved
per employee
Average
employee cost
per hour
Amount saved
with an EPM
Example: An organization has 1,000 employees and saves a total 2 hours per employee. If the average labor cost is
$20/hour, the company is saving $40,000 per year with the EPM.
Better Development,
Better Bottom Line
Research from Bersin by Delloitte
shows that, of all the practices to
consider in performance management,
development planning is among the
most important. They found that
integrating learning & development
with performance management makes
an organization:
3x
55x
100x
to key information
Increased
legal compliance
360-degree
Review
Visibility
Motivation
Business
You
Succession
Collaboration
and socialization
across employees and managers
is increased
Incorporating
training plans to
help employees reach goals will
increase retention
Career
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FAST FACTS:
56%
10%
46%
ranked trust in
management highest for
fostering engagement
of organizations differentiate
engagement by generations,
which is key to attracting new
talent, especially Millennials
of organizations lack explicit
programs for employee
engagement and struggle
with executive buy-in for
formal programs
eliminating obstacles that keep your employees from experiencing higher levels of job satisfaction.
MBe specific with your employees about whats meant by performance. They need to know whats
expected of them, whats considered unacceptable, and what it might take for them to reach the
standards of performance that you and your employees set together.
MYour expectations affect the behavior of your employees. If you expect better performance and trust
your objectives, try to stimulate and challenge your employees, provide the resources they need, and
show how much you appreciate and respect them.
MCheck out SimpleTruths.com for affordable books and videos that build teams and motivate employees
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Case Studies
These organizations took performance management to the next level
and improved business results:
Better
Stronger
and
much more
We are a professional
services firm in a competitive
market, and we must
hire the very best talent.
Our consistent, equitable
appraisal process through
SilkRoad Performance gives
candidates confidence
that Kearney is the right
choice for them.
Erin Ogburn, Director of Human Resources
Supply
Increase
The Airport Authority achieved those goals and more with SilkRoad Performance:
Cost
SilkRoad Performance
has reduced our
managerial cycle time for
appraisals by 50 percent.
Time
Analytics
On-time
10
and more
APPENDIX
Cost per Hire National Averages
HR can demonstrate its business-results focus by taking the lead in
a performance management ROI discussion. Here are three areas
where you can start that ROI discussion.
1)
Time savings and focus This is the easiest place to start.
If the organization has adopted performance management
technology, value can be calculated based on time saved. But
theres another facet to the time-saved discussion, and its
important. Point out how managers and employees saved time
can be shifted to specific key projects that provide competitive
differentiation or other strategic benefits.
2) Turnover It can cost twice an employees salary for a
replacement. Using your organizations turnover data, you
can show how even small turnover reductions can deliver
measurable savings.
3)
Productivity While the focus often is on improving worker
productivity, performance management also provides
techniques and tools to make managers more productive
driving better business results through improved
communications, coaching, and data analytics.
Learn more about the ROI of an Employee Performance
Management Solution [NOTE: link to Calculating the ROI of an Employee
Performance Management Solution]
Appraisals
M Provides complete support for managing the performance
process, including appraisals, 360 degree feedback,
compensation, goal management, competencies and
development planning.
M The system is proactive, giving administrators the ability
to automate the launch of the appraisal process and notify
employees based on trigger dates we set.
M Employees can see their historical performance information at
review time (previous appraisal results, development activities,
journal entries, etc.)
M Its easy to create multiple different appraisal forms
in the system.
Assessments
M The system supports the use of 360 degree, multi-rater,
self/manager and peer assessments. An unlimited number
of assessments can be created.
M A robust library of competencies is available, in addition to the
ability to import our own competencies.
Other Functionality
M The solution supports individual development planning,
which can be self-created or auto-created at the end of the
assessment period.
M Succession planning functionality is available including talent
search support (advanced search and 9-box), reporting and
holistic views of all potential candidates.
M Compensation allocation such as merit increases, bonus, and
equity pools, is supported.
Administration
M The system can allow the addition of custom attributes and
report on them.
M Easy to use from both the administrative and employee
perspective, and we feel confident we can manage the system
on our own.
M Robust functionality exists for what we need now, but theres
still plenty of room for growth with this vendor.
M Powerful reporting is available through standard reports,
including the ability to export reports to Excel or PDF.
Technology
M The vendor answered all questions with regard to the Softwareas-a-Service [SaaS] cloud-based software model and described
the benefits to my organization.
M I feel confident that this vendor will keep me ahead of my
competitors by keeping its eye on talent management trends
related to a mobile and social workforce, and by providing a
solution that reduces costs, saves time and resources, and
develops a more engaged workforce.
M All performance management functionality (appraisals,
assessments, compensation, succession planning, goal
management, etc.) is offered in one solution, without modules
and regardless of the size of our company.
Goals
M The solution allows employees to add goals or accept goals set
by their manager. Goals can be easily modified when necessary.
The system also allows for goals to be weighed.
M Department level goals can be cascaded to selected team
members.
M The system enforces the creation and management of
S.M.A.R.T. goals.
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11
Improve fit
These days, find qualified candidates may
be easy, but finding people who truly fit
can be a lot tougher. With the right mix of
strategy, tools, and processes, youll more
consistently acquire best-fit talent.
Reduce time-to-hire
Each step in the recruiting process takes
time. Data from your organizations
applicant tracking system (ATS) can help
you identify process bottlenecks and
reduce the time-to-hire.
Professional
All Workers
SilkRoad is a leading global provider of cloud-based, end-to-end talent management solutions that enable customers to find, attract, develop, and retain the best talent. The
award-winning SilkRoad Life Suite includes Talent Acquisition, Talent Development, and HRMS solutions that are delivered through a tablet-friendly Talent Portal. The suite is
0 platform to rapidly2000
4000and business performance.
6000
8000
easy to deploy and use a single
boost employee engagement
Visit www.silkroad.com,
follow on10,000
Twitter @SilkRoadTweets or
call 866-329-3363 (U.S. toll free) or +1-312-574-3700.
Copyright 2015 SilkRoad Technology, Inc.