The world of Performance Management and Appraisals is changing very quickly. This whitepaper outlines the major trends in Performance Management that are taking place globally.
Objectives & Key Results (OKR)
Objectives and Key Results (OKR) is a popular technique for setting and communicating goals and results in organisations. The main goal with OKRs is to connect your company, team and personal objectives to measurable results, which ensures that your people are moving together in right direction. A large part of OKRs is making sure each individual knows and understands what's expected of them at work. OKRs are designed to be public, so that teams can all move in one direction and know what others are focusing on.
Objectives: You start by defining 3-5 key objectives on company, team or personal levels. Objectives should be ambitious, qualitative, time bound and actionable by the person or team.
Results: Under each objective, define 3-4 measurable results, not more. Key results should be quantifiable, achievable, lead to objective grading and be difficult, but not impossible. OKR results can be based on growth, performance, revenue or engagement. Often they are numerical, but they can also show if something is done or undone, so a binary 0 or 1.
Performance Management Redefined – Now a Valuable Line Management Tool that is used to drive Strategic Execution and Operational outcomes
In the last 30 years, Performance Management has remained a static process that consisted primarily of an annual appraisal. Managers completed the process as they were required to complete it by HR. HR used the process as an input to other processes such as Pay raises, Succession Planning or Learning and Development. When you asked line managers how it helped them drive business or organizational outcomes, very few could describe how it helped them but most said “we do it because we have to.”
Today, Performance Management is one of the principle tools executives, line managers, and employees use to achieve their collective goals. The change in use of Performance Management has been enabled by software that provides management with a way to achieve its operational and strategic goals.
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