Establishing Performance Management System
Background
- A highly profitable NBFC which has grown rapidly
- Organization needed a robust tool to align goals & objectives
- Performance evaluation hitherto was based on judgment
- Absence of a systematic tool to monitor & evaluate performances
- Designed a company specific PMS Process with Focused Themes
- Jointly evolved overarching goals & targets for the financial year
Actions
- Established SMART methodology to focus on key deliverables
- Created functional goals & cascaded them into individual KRAs
- Defined Key Performance Indicators (KPIs) for assigned goals
- Built Trackers, Milestones, Review Parameters
- Linked PMS with Reward & Recognition Process
Outcomes
- Established a performance culture in organizations, conclusively identified high performers and organization-wide learning needs
Success Factors
- Ongoing Communication & Involvement
- Early employee buy-in
- Quantifying actions and results
- Clear timelines, continuous follow up
(Successfully implemented it in 16 diverse organizations including Manufacturing, Engineering & Service Sectors)
*Click to know more about "Reframing for Growth"