A business’s HR practices are an important part of its overall success, as good HR practices save everyone time, money, and peace of mind. Are you following performance management best practices?
If you had to decide between a job with a yearly salary of either 50,000 or 75,000, which would you choose? Now take into consideration the fact that the lower pay job is much more enjoyable for you. Would that bit of information change your decision?
Job satisfaction is increasingly important among younger generations
If you chose the job that you enjoyed over the job that paid more, you would fit right in with the millennial generation, or at least the 69% of them that said they would rather choose the same thing. High job satisfaction over a high salary. And if mishandled, this can have a hefty price on the economy.
Disengaged and unhappy employees cost the US economy around $500 billion a year. But, there are ways in which businesses can avoid such situations. By following performance management best practices. The following are a few performances management best practices in which businesses and companies can be sure to open employee positions that are enjoyable and up to par with people’s unique needs. All while achieving their business goals and benchmarks.
Performance management best practices to always keep in mind
The process of hiring should always be handled with care. And it doesn’t stop there. An employee’s satisfaction with their role or position is also important to keep up with. In order to avoid wasting time, money, and resources, there are is a list of elements that require close attention: Workplace culture, Employee Benefits, diversity and inclusion, employee development, talent management, human resources innovation, leadership development, talent acquisition.
The benefits that will come from keeping up with performance management best practices
When and only when businesses invest in the above-mentioned HR practices and wholeheartedly care about their workforce, will they see the following positive results in return.
Up to date training and development: Sometimes an employee might need special training in order to stay up to date with the latest and best methods in respect to their field. Highly trained employees are an invaluable asset, as they foster innovation and forward-thinking.
A high rate of productivity: This is ample evidence that shows that employees that feel seen and valued, show drastically increased rates of employee productivity.
Maintaining company culture: Whatever the company culture is, it’s important that the working environment, values, and employees are a great fit. Choosing and maintaining people that work well within the company culture is always important.
A higher Increase in employee satisfaction: You know you’re doing a great job at performance management practices when your employee satisfaction is high. Having a clear understanding of what employees require in order to feel comfortable, heard and valued, can make a world of a difference.
Need a hand getting a handle on your company’s performance management best practices?
Today, there are tons of resources that companies should be taking advantage of, in order to avoid the effects of ineffective HR.
Real Pal (Relationships, Exchanges, And Leadership: implications for Performance Appraisal and Learning) is one such resource. It’s funded by the FCT or Portuguese Foundation for Science and its ultimate goal is to “contribute to this scientific, as well as practical, debate. In doing so Real Pal aims to:
- advanced knowledge of Performance Management;
- bridge the gap between research and practice on Performance Management;
- offer evidence-based recommendations for organizational practice.”
Real Pal can help budding businesses kick off their employment journey, with a smooth adaptation of performance management best practices. And for companies that have already successfully established themselves in their market, it’s never too late to focus on HR. As mentioned above, performance management practices can literally make or break a company’s future.
Conclusion
The workplace today is constantly changing, and with it, so are employee’s needs and expectations. Investing in your company’s performance management practices early on will save you and your workforce, precious time, money, and peace of mind.
In the end, a happy company starts with a happy employee. Finding the right employee in the first place is the best plan of attack for any business that wants to take their employee’s well-being seriously.
It’s a good idea to take a look at available resources like Real Pal and more, to get the most effective assistance in such an often overlooked, yet highly important element of the workplace.