Many companies do not understand the fact that employee engagement is an important factor for the success of a company. The disengagement of employees can cost you a lot more as compared to other companies. The cost can even increase to billions and trillions of dollars per year. Therefore, today companies are more concerned about improving their workforce engagement and adapting effective management styles.
Many studies have proved that performance management and employee management relate to each other. The performance management process involves the following key players.
Relationship between Performance Management & Employee Engagement
The engagement of an employee has a very huge impact on companies in various aspects including productivity, decreased turnover, customer metrics, higher profitability and more. Most of the manager often neglect the importance of performance management strategies. They need to understand the fact that adopting such strategies is the only way that can increase the chances of your success.
Furthermore, most of the time employees are looking for opportunities to grow and learn in a work environment. That is a major factor that helps the leaders to drive the learning and development of their employees.
It is evident that the performance management process starts with every new hire in the organization. It is important that you should conduct a meeting with your new employee during the first week. The meeting will surround around what is expected from the employee and clarifications about the expectations.
According to a research study, managers need to discuss the role description, evaluation standards, responsibilities, relationships, and familiarization with the values and culture of the organization.
A Gallup survey revealed that around 50 percent of the employees are not aware of the employer’s expectations. Therefore, this domain has a lot of improvement capability. Hence, the process should start with a role description and the discussion can then be extended to the key objectives that should be achieved by the employee.
Goals and Key Objectives
Hundreds of studies have been conducted in order to research the impact of goal setting on the performance of an employee. Employers should make sure that the key objectives are challenging, specific and clear. It should help the employee in prioritization of work. Managers need to collaborate with the employees so that they can contribute to the success of the organization.
Continuous feedback is another important factor that can help you to drive employee engagement. The feedback can be provided weekly, monthly, or on a yearly basis. Some researchers focus on the importance of goal-oriented feedback that should be provided to the employee regularly. Most of the teams often lack expectation oriented, concrete, and regular feedback. The feedback should be based on the goals and expectations that were decided during the initial meeting.
It is the responsibility of managers to implement such programs that can improve employee engagement. Moreover, these programs should ensure continuous feedback channels in the form of meetings and performance appraisals. The meetings will be a source of constructive feedback, staff recognition, development, and growth. However, the schedule of these meetings may vary from one organization to another.
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