Top benefits of agile performance management for CEOs, CHROs, Managers and Employees looking for contemporary ways of managing performance.
BENEFITS OF AGILE PERFORMANCE MANAGEMENT
Benefits of agile performance management systems can include helping organizations improve communication, increasing employee engagement, enhance transparency and accountability, responding more quickly to change, and improving employee development and retention.
Agile performance management is a modern approach to managing employee performance in a more flexible and collaborative way. It involves setting shorter-term goals, providing regular feedback, and incorporating continuous learning and development.
By adopting an agile approach to performance management, organizations can become more responsive, adaptable, and effective in managing their most valuable asset: their people.
HOW DO VARIOUS STAKEHOLDERS BENEFIT FROM AGILE PERFORMANCE MANAGEMENT?
Agile performance management is not a one-size-fits-all solution. Every organization is unique, and what works for one company may not work for another. Similarly, no two organisations may derive the same benefits from implementing an agile performance management system. Here is a list of benefits that various stakeholders can derive from implementing an agile performance management system within their organisation.
Benefits for CEOs
· Bridge the strategy to execution gap.
· Quicker, more effective alignment between teams and goals.
· High performance culture and outcome-driven organisation.
· View of the entire organisation’s performance in real time.
· Flexible and adaptive system that suits changing business needs.
· Increase discretionary effort from employees.
Benefits for CHROs
· Making PMS a more pro-active exercise.
· Improved people attrition, absenteeism and engagement.
· Identify, develop, retain, and promote high-potential employees.
· Differential and dynamic reward systems.
· Empower line-managers as custodians of performance.
· People analytics on Digi-tech platform.
Benefits for Line Managers
· Real-time view of team performance.
· Better productivity from teams.
· Reduction in annual review burden.
· Better alignment and ownership from team members.
· Clear expectations from team members using OKRs.
· Become an enabler, not evaluator, of performance.
· Decrease in escalations to higher management.
Benefits for Employees
· Real-time inputs to improve performance.
· Clarity of goals and job significance.
· High levels of transparency and reduced bias.
· Frequent reviews and coaching conversations.
· Reduced angst and time in completing performance reviews.
· Be set up for success vs. be evaluated against a standard.
· More collaboration with teammates vs. unnecessary competition.
The Gold Standard in Agile Performance Management
Future workplaces need to thrive in a rapidly changing environment. An agile performance management system provides an organisation with the wireframe to prosper in a marketplace riddled with volatility, uncertainty, complexity and ambiguity.
- Integrate OKRs & Performance Management System
- Bridge the gap between strategy & execution
- Go beyond the traditional bell curve
- Increase employee engagement & productivity