beqom Acquires Our Tandem to Transform Performance and Rewards
beqom, the total compensation management solution, today announced the acquisition of Our Tandem...
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Are you looking to transform your organisation’s performance management but not sure where or even how to start? This is where having an effective performance management strategy can help. But to start, let’s look at what effective performance management looks like. Quite simply, it’s about setting clear and measurable objectives for work. An effective performance management strategy should provide employees with clear objectives for their job, and plenty of opportunities for feedback and check-ins with their manager.
The benefits of adopting a performance management platform for your business are endless and can include highlighting where further employee training is needed and boosting staff morale which, in turn, increases productivity and performance. But today we are focusing on the four key benefits this can have specifically for your HR department.
As every HR professional knows, staff are a vital asset to every company, regardless of its size, location, or industry. Therefore, ensuring you can retain your employees allows your management team to continuously work towards training and development of goals. This allows employees greater autonomy and the ability to highlight what areas they want to improve upon and what areas they excel in, thus giving them a reason to stay with a company that values their development.
An effective performance management platform provides all employees, regardless of seniority, with a clear set of objectives to work towards and an opportunity to contribute to the creation of these in a meaningful way. Having clearly defined expectations ensures that employees always know what’s expected of them, which in turn means that HR can be confident that everyone is fulfilling the correct duties.
Having an agile performance management approach means that HR can easily identify which employees are performing well and might be suitable for promotion and which need further development. It’s also a great way for allowing employees to analyse their own development, giving them the chance to express where they want to develop and work towards. This also allows for regular catch ups between managers and employees which improves on communication ensuring that there is full transparency on what is expected off all staff by HR.
Taking a continuous approach to performance management means that HR can spend less of their valuable time making sure all employees are working towards goals and objectives as the platform will provide full transparency on this across the organisation. Thus, allowing them to get the most out of their skills and roles. This ensures greater opportunities for job satisfaction and reaching achievements.
All the above benefits contribute to better performance within the business overall. Employees that are thriving will deliver better work and be more motivated to try new things and keep progressing. This underpins the importance of performance management for HR and the value it can bring to an entire organisation when done correctly.
Are you looking to transform how you manage performance across your organisation? If so, book a meeting with one of our performance management experts here.