Every company aspires to establish a high performing team; not every company knows the best strategy to make this happen. To bring this into fruition and transcend prior goals and expectations, it is necessary to take significant, predetermined action. The key is to create time to analyze business performance. Being more conscientious of business performance management is paramount in motivating employees to achieve a new tier of success. It sounds complicated, but it is completely feasible for every single business.
What is business performance management?
Business performance management is the process in which employers analyze a company’s operations and measure how efficiently goals are being met. This process is an opportunity to improve, and should not be overlooked.
The steps to managing business performance vary between each organization, depending on the individual goals and needs of each. However, the method to tracking performance always includes ensuring individual goals are aligned with those of the company and creating a strategy to remedy any gaps as needed.
To create such harmony, employers can take measurable actions including monitoring each individual employee, communicating goals and expectations, listening to their challenges as well as their successes, assessing how efficiently and quickly they are completing tasks, providing them with up to date technology, and disclosing feedback that offers an attainable solution.
If negative feedback is incurred, it doesn’t mean it’s always a bad thing. Giving feedback creates an opportunity to improve channels of communication between stakeholders, opening the door for proactive discussion. This exchange of information between employer and employee gives each individual team member a chance to improve and identify any pain points they may have not discerned on their own.
Connecting in this way is a surefire way to prevent progress from becoming stagnant.
How to measure business performance
Key components of measuring business performance include analysis, recognition and communication.
Before taking any steps to analyze data or discuss anything, employers need to first convey expectations. Employees need a plan with steps detailing how they can complete each unique task that comes their way. Together, goals can be created that help each team member understand how they can work towards the overall success of the organization. These goals should be constantly adjusted as time goes by, to keep progress moving forward.
By measuring productivity and assessing problem areas, managers can identify solutions to help each employee. If an employee doesn’t have the needed skills, this is a chance to offer additional training. If an employee is showing up thirty minutes late every day, here is a chance for their manager to express concern. This is a time to discuss and remedy any trepidations.
Evaluate and thrive with business performance management
To some, employee performance reviews and giving honest feedback can be anxiety inducing. The thought of meeting to discuss performance reviews makes most people apprehensive. Once we remove the stigma that feedback is always negative or reprimanding, circumstances change. Providing input is a proven, effective means to boost employee engagement and alleviate performance anxiety.
According to data published by the NeuroLeadership Institute, feedback that is conscientious, prudent and planned in advance can benefit an organization’s culture. Supervisors need to give feedback regularly, as well as encourage their team members to actively ask for feedback.
Honest dialogue is the only way to encourage positive growth and help a team work together as one cohesive unit. Many managers are hopping on the trend today of holding both weekly team meetings and weekly one on one meetings to touch base with their employees, both as a group and on a personal level to ensure everyone has a clear understanding of their role and the level at which they must perform.
InfinityHR HCM Platform
Simply put, running a business in today’s competitive market requires more innovative technology than in previous years. To keep your footing, you’ll have to equip yourself with industry leading technology. Failing to do so will almost always result in losing clients to the competition. The good news is, this is completely avoidable.
With talent management and HR software, business performance management can be a breeze. The InfinityHR fully automated, cloud-based HCM platform offers a “hands-off” approach that has proven industry success. Improving your HR processes and overcoming challenges within the realm of talent management has never been easier.
InfinityHR offers an automated HR software solution with scalable modules that can be customized to the unique and constantly changing needs of your clients. These modules are configurable to the different requirements of each company that owns them. The platform streamlines flow of data to top carriers, with built-integrations to over 300 partners. Clients can sync their data to ERP systems, payroll providers, insurance carriers and more. By automating essential tasks, the InfinityHR platform helps both administrators and employees complete important tasks quickly and easily.
The full InfinityHR suite includes:
- Core HR
- ACA Compliance
- Benefits Management
- Time and Attendance
- Payroll Processing
- Applicant Tracking System
- Performance Management
- Learning Management
- Succession Planning