In today’s business environment, autonomous teams, insights, and data define the success of an organization. Everyone knows the global popular e-commerce organization, Amazon. Amazon has reached the position of global vanguard because of its unique and innovative ideas such as ‘strategic agility,’ and ‘two-pizza teams.’ Amazon fostered collaboration and bred innovation irrespective of the employee ranks. Their agile methodology in strategies resulted in high performing teams. 

To sustain in the time-space compression era, the significance should be given to talent management, cutting-edge technology, and customer satisfaction. These three factors are intertwined and ensure the continuity of an organization in a profitable way.  

Especially, the first and foremost factor performance management helps you drive high-performing teams, and the much-needed data and insights to pen your success story. Revamping performance management is significant not only to retain talents but to create high performing teams to increase productivity. The technology and strategies that support agility should be embraced by organizations to improve team collaboration, in turn, lead to increased performance. Autonomy and collaboration bolster nimbleness. Consequently, employees share their ideas and work harder to achieve. 

Forbes conducted a survey, where they interviewed around 500 senior executives, reveals that 92% of them reckon that agility in an organization is crucial to the success of a business. 

Goals clarity to Employees for Higher Productivity   

The employees must know the purpose of their work to stay motivated and perform well. For instance, consider the data entry team. The team members should be able to answer the following questions:  

What is the purpose of their work?   

Whom does their work benefit?   

How to achieve the target?  

If the employees do not know the reasons, they will easily lose interest in their tasks. Consequently, the quality of the work will diminish. This is the first major step that should be taken in reinventing performance management. In setting individual goals, the management should take the inputs of the employees to produce qualitative and quantitative work on-time.  

Handpicked Related Links: 

• –> Performance Planning & Management System- A Handbook 
• –> 3 Performance Management Transformations that Help You Win the War for Talent 
• –> A Valuable Lesson from Sherlock Holmes: Continuous Feedback – A Performance Management Technique 

Continuous Feedback Endorses the Organization’s Core Value: Timeliness 

Annual feedback does not impact the work or skills of an employee. The managers, with an excel based performance management model or a pen and paper approach, find it hard to track the performance of an employee. So, they analyze just the last two months’ performance of the workforce and rate based on that. This modus operandi weakens the morale of the team. The managers should conduct regular one-on-one meetings with his/her employees and give on-the-job training to build an agile performance management system, spare time, avoid failure, and upgrade skills. 

The employees will always be in the right direction if the continuous feedback mechanism is put in place. When every issue of an employee regarding work is addressed, there will never be delayed delivery. The organization’s core value, timeliness, will easily become a part of the values of the workforce.     

Matrix Feedback for Reliable Data and Accurate Appraisal  

Cross-functional teams are encouraged to upskill and cross-skill the employees so that they can be prepared for the future of work. The employees are happy about the learning opportunities, but the appraisal process is anathema to them. Because we still follow the old ways of performance management and also make the high performers leave the company. When an employee interacts with the cross-functional manager about everyday work, it is unfair if the primary manager provides feedback and rating to that employee.  

An organization should modernize the performance management system in such a way that it allows the cross-functional managers to rate the employee on a specific project or for a particular period. 

Instant Recognition to Make Employees Feel Valued

A study reveals that around 69% of employees assert that they would work harder for their company if their efforts were recognized. Managers wait for the quarterly meeting to recognize the efforts of an employee; sometimes, they may even forget to speak on a few team members’ achievements.   

To create a high-performing team, the management should instantly recognize extraordinary achievements and efforts. They can even use software to do that. For instance, in Synergita, a best-in-class performance management software, the managers will be able to give a medal instantly to the high performers. They can even customize the awards that they would like to reward. 

Create a difference in your performance management to speed up collaboration and innovation in your teams and organization.