Startup performance management is difficult. Employees multitask, making performance measurement difficult. Rapid growth alters measurements. New tasks are introduced periodically. Employee tracking and personalized attention are tough. Performance management is essential. Startups desire maximum ROI. In huge corporations, underperformers may sabotage their goals. An underperformer may derail a startup. Managers and workers fear performance management. WorldatWork revealed 60% of respondents ranked their performance management systems “C Grade or below.” If major corporations struggle with performance management, are startups doomed? No—startups do it better! Here are 5 tips for surefire performance management.
Here is the list for surefire performance management tips
- Recognize the intent
- Using MBO, define goals and objectives
- Set SMART objectives for yourself!
- Provide frequent feedback
Details are here for best surefire performance management
1. Recognize the intent
Most executives regard performance management as a necessary evil. The principle underlying Jack Welch’s forced rankings has been twisted into a method of distributing wage increases and incentives among a group of employees by giving ratings. Performance management is more than just ratings; it is a continuous cycle that includes planning work, defining objectives, tracking progress, developing employees, giving ratings, and recognizing top performers. It must link what the individual is doing with what the company requires, steer in the correct direction, and enable increased contribution – with the underlying premise that you want the employee to succeed. Consider yourself a coach who must guide the squad rather than an auditor who must assess.
2. Using MBO, define goals and objectives
A job description is not the same as performance goals. A JD may be a common beginning point for goals, but with startups, JDs can be very changeable. Furthermore, as a startup, protocols are seldom developed, and people must commit to outcomes rather than becoming distracted by job responsibilities. Employee commitment to the goals and objectives is also required. Begin with your organization’s goals and work your way down to your teams. Hold one-on-one meetings with each employee to go through the goals and what they need to do to attain them. This technique, known as Management by Objectives (MBO), was advocated by renowned management professor and author Peter Drucker. “No operating policy has contributed more to Hewlett-Packard’s success than the MBO approach,” said Bill Packard, co-founder of Hewlett-Packard. MBO… refers to a system in which overarching objectives are explicitly articulated and agreed upon, and in which people have the freedom to work toward those goals in the manner that are best for their respective areas of responsibility.
3. Set SMART objectives for yourself!
Performance objectives must specify clearly what is anticipated and the metrics used to assess if the target has been met. They need to be SMART: Specific – Clearly state who and what the purpose is. Measurable – Have quantifiable goals in place. Attainable – Be difficult, but not impossible. Relevant – Aligned with the criteria of the position and the needs of the organization Time-bound -Having a specific time frame for tracking Defining SMART objectives the textbook approach may result in rigidity and over-fixation on the task – it simply will not work in the dynamic startup environment. That’s when your SMART objectives will come in handy! Consider this: “Sell 500 software licenses to Indian schools by the end of the fiscal year.” If the goal is to sell each license for Rs 1 lakh, try making the goal “Achieve Rs 5 crore in revenue from…” This manner, you are adapting for pricing adjustments while also encouraging the employee to experiment with more novel pricing strategies. Similarly, if schools are simply a prospective consumer category for a new product, you may want to broaden the target segment definition.
4. Provide frequent feedback
Giving feedback is not the same as receiving an evaluation. An appraisal is an overall review of performance over time that includes comments. However, you should not wait six months or a year to provide comments. It can be provided for particular activities or achievements and is most effective when given on time. Remember that the goal is to assist the staff in succeeding. Provide frequent feedback so that staff may adjust their path to fulfill the overall goals. Positive feedback is also essential for reinforcing appropriate behaviors and increasing drive. There is no single correct approach to provide constructive/developmental feedback; styles should ideally be tailored to individual employees. Some people want things to be sugar-coated, while others prefer them to be straightforward. However, one common technique is to be precise and give examples rather than making broad generalizations.
As a busy entrepreneur, you most likely already have a lot on your plate. It is strongly advised that you document all comments that you provide. This is beneficial in two ways. For starters, it allows you to see wider trends in an employee’s performance over time. Second, your documentation will assist you in quoting particular occurrences from the past to support the bigger performance message that you want to express. I purposefully avoided discussing the intricacies of doing a mid-year/annual performance assessment. If you followed the stages above, you should be somewhat prepared for this talk. There are also various online resources that will help you conduct appraisal talks.
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