MANAGING in the

NEW WORLD

Performance Management

Agile organizations are much in vogue now, but one needs to understand, what exactly comprises them. To start off, they have a network of empowered teams. Their learning and decision- making cycles are rapid. Their talent management model is dynamic, to the extent that it ignites passion. The technology used, is most often next gen. At such firms, performance management needs to be worked on as a crucial business enabler. For that to happen, the company goals as etched out in the corporate strategy, needs to be linked to the business priorities. Due investment also needs to be made to improve the managers’ coaching skills, through adequate training exercises. The performance management system need also distinguish between the individual and group consequences. Such systems will ensure that the agile organization to have a North Star aligned with it.

Source:https://www.mckinsey.com/business-functions/organization/our-insights/performance-management-in-agile-organizations

Uploaded Date:20 July 2019

There is a need for straight talk to take place regarding employee evaluation and talent management. Employees are often fed up of deceptive conversations, so companies need to be direct about this. The present system puts in a lot of stress around the season of the ratings and evaluation. So, a lot of people end up working more during this period. A lot of CEOs are at present struggling to identify the right tools for performance evaluation. Instead, regular employee feedback is more valuable. This will also allow for effective management training and coaching by the leaders. The goals will then be linked to business priorities. The compensation may also be fixed around a differentiated system. All this leads to at least a perception of fairness among the employees. A positive impact may then be experienced on both the employee and organizational performance.

Source:https://www.mckinsey.com/business-functions/organization/our-insights/straight-talk-about-employee-evaluation-and-performance-management

Uploaded Date:15 June 2019

Some of the leading companies within their respective areas, such as Accenture, Adobe and GE have revamped their performance and talent management processes. This has led to a beeline among others always trying to follow suit, assuming that what works best with the industry leaders, ought to be aped. However, this is leading to much upheaval among employees and their bosses, while consultants are making goof money. The new approaches favor a continuously ongoing process, backed by evidential data. However, since human emotions are complex and messy, this quantitative style does not always work out. Many want to go back to the earlier formal performance feedback. Human resource management teams must understand this need and revamp keeping such considerations. They must avoid blindly aping shiny, new objects.

Source:https://sloanreview.mit.edu/article/is-hr-missing-the-point-on-performance-feedback/

Uploaded Date:15 January 2019 

A system needs to be designed to ensure coherence and alignment between people’s interests and that of the organization. While most organizations these days talk of and want to implement business innovations, few have a clear- cut strategy on how to implement the same. An innovation lead change strategy is thus needed, which will be tailored towards the present VUCA (Volatility Uncertainty Complexity Ambiguity) demands. Once this is put in place, the “business as usual malaise” will get disrupted or may even disappear. It will also help people tackle any sort of cognitive dissonance affecting them. Such cognitive dissonance affects people entirely, as they get emotionally, physically and cognitively drained out. To tackle this situation, for a start, the companies must assess the gap between the targets outlined in the corporate strategy and the present reality. This gap needs to be the source of creative energy. New ways of applying creative tension need to be facilitated to help generate embryonic outcomes. A combo of pull and push methods need to be applied to generate authentic change among the people using a holistic perspective.

Source:http://www.innovationexcellence.com/blog/2018/10/22/mobilizing-peoples-creative-energy/

Uploaded Date:28 December 2018

Tracking performance and its subsequent management is now extremely crucial, having caused much friction at several places. Three practices have been identified which can lead to successful performance management. First of all, the performance goals need to be linked to the business priorities. Management training and coaching need to be incorporated. Focus on these must be towards fairness in perceptions. This will lend to better employee development practices. Compensations too will need to be differentiated at separate levels. Compensations conversations though must be separated out from formal performance evaluations. Mobile technologies have had a positive effect on performance and talent management. This has helped spark increased positivity at work, as stated in a study by the McKinsey Global Institute.

Source:https://www.mckinsey.com/business-functions/organization/our-insights/harnessing-the-power-of-performance-management

Uploaded Date:03 December 2018

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