Thought Leadership by WorkDove

Summary Performance management entails the ongoing exchange of communication and feedback between a manager and an employee, aimed at attaining organizational objectives. The 6 steps of performance management are plan, monitor, develop, rate, calibrate, and reward. This blog dives deep into the pillars of performance management, as well as what to look for in a performance management software solution.  What is Performance Management? Performance management entails continuous communication between a supervisor and an employee throughout the year, aimed at supporting the achievement of the organization’s strategic objectives. This communication process involves clarifying expectations, setting objectives, identifying goals, offering feedback, and reviewing results. In today’s dynamic work environment, performance management has evolved into an indispensable tool for fostering a culture of employee engagement, improving employee retention, and enhancing business results. Effective performance management empowers your team by prioritizing a people-centric approach that recognizes the individuality, aspirations, and talents of each employee. As performance management shifts away from traditional annual reviews towards a more holistic, ongoing, and agile view of employees and the workplace, it’s vital to adapt to your team’s changing priorities. Our comprehensive guide is tailored to understand the performance management process and building blocks, while helping you  choose a system that seamlessly aligns with your company’s needs and objectives. Key Takeaways Performance management is a tool that helps managers keep track of and assess employees’ work. Performance management can help strengthen performance and employee engagement.  When choosing a performance management platform, organizations should ensure it has 5 main components: Goal and OKR management, continuous feedback, individuals development plans, performance reviews, and leadership succession planning framework and talent calibration.  Request a Demo Top Benefits of Performance Management Performance management is the cornerstone of a thriving workplace, giving leaders and managers the tools they need to support, develop, and guide their teams effectively.  Amidst challenges such as the Great Resignation and the Great Reshuffle, a robust performance management process helps strengthen performance and employee engagement.  According to Bain and Company, over a period of seven years companies with more engaged workers grew revenue 2.5x as much as companies with less engaged workers. Similarly, Gallup found that highly engaged workplaces see a 10% increase in customer ratings and a 20% increase in sales.  Additionally, SHRM states that the average cost per hire was roughly $4,700, but many employers estimate that the total cost (time spent by department heads helping HR fill the role, sourcing, interviewing, etc.) can actually be 3 to 4 times the position’s salary.  When roles have to be replaced, multiple employees must contribute to filling that position, resulting in precious hours and energy being taken away from other important areas.   In short, employee turnover is costly, and an effective performance management process can help your company increase employee retention and employee engagement, while achieving improved business results. A strong performance management process aligns your workforce with organizational goals and values, bridging the gap between individual growth and company success.   By implementing a performance management system mapped to your organization’s process, you can save time and money, while powering employee engagement and employee development, improving real time feedback and communication, and helping your team retain top talent.  6 Steps in Performance Management The performance management process is a systematic approach to improving employee performance and achieving organizational goals. It consists of several key steps: 1. Plan: This involves setting clear and measurable goals for employees, aligned with the organization’s overall objectives. 2. Monitor: Managers should regularly monitor employee performance against their goals. Utilizing appropriate performance management software enables real-time performance tracking and necessary adjustments. 3. Develop: Based on the monitoring phase, managers should identify areas where employees need support and development. This may involve providing coaching, training, or other resources. 4. Rate: Regular performance ratings are essential to identify the state of employee performance and implement necessary changes. This rating should be fair and objective and can be provided by both peers and managers to provide a holistic view of the employee. 5. Calibrate: Calibrating in performance management is a critical step that enhances objectivity and ensures consistent standards for all employees. It promotes fairness in evaluations and reduces bias, helping employees gain a clearer understanding of their performance and facilitating more effective improvement efforts. 6. Reward: Recognizing good performance is key to employee engagement and a well-managed performance process. Rewards can take various forms, from simple expressions of gratitude to comprehensive employee rewards programs Additionally, we find that companies that are implementing best-in-class performance management and are driving employee development, engagement and growth follow some best practices: Set Strategy: A well-designed performance management system should clarify how often employee performance will be evaluated, what methods will be used to evaluate employee performance, and how feedback will be provided to employees. Foster Open Communication: Create a culture of open communication throughout the company, starting with leadership. This means setting clear expectations, providing coaching and specific feedback, and recognizing employees for their achievements. Feedback should be specific, timely, and actionable. Monitor: Continuously track employee progress and sentiment in real time to identify and address any issues quickly. Automated performance management software can provide objective data, which can help make employee discussions more approachable and less intimidating. Pillars of Performance Management The pillars of performance management include goal setting, providing continuous feedback and employee engagement, nurturing employee growth and development, and tracking progress towards goals. Performance management isn’t just about annual assessments; it’s about maintaining alignment with the organization’s mission and vision, creating a culture of ongoing coaching with one-on-one meetings/performance check-ins, and investing in employee growth. Companies that plan, execute, and continuously improve their performance management process  make the most of their workforce, boost productivity, and deliver high workplace satisfaction. Effective performance management consists of the following components: Setting and aligning company, department, and individual goals/OKRs  Goal tracking to monitor at-risk or near completion goals Continuous feedback and employee engagement Performance check-ins/one-on-one meetings with employee sentiment checks –  This fosters communication between managers and employees and monitors sentiment trends to retain top talent.

Summary An individual development plan (IDP) is an actionable document that guides employee growth, outlining career objectives and steps to achieve them. This blog dives into the specifics of WorkDove’s IDP+ app and how it nurtures a culture where employees feel valued and supported.  Request Demo What Is An Individual Development Plan? Attorney Allison West, in an article for SHRM, emphasizes that employee documentation demonstrates “the steps we’ve taken to help someone be successful.” An individual development plan (IDP), also known as a personal development plan, is an actionable document that guides employee growth. It outlines career objectives and the steps to achieve them, focusing on clarity and detail. This plan assesses strengths, identifies areas for improvement, and builds skills to bridge current capabilities and future goals.” Below, we demonstrate how our Individual Development Plan Plus App (IDP+) effectively implements HR documentation best practices for the benefit of both employers and employees. Implementing and Documenting Individual Development Plans WorkDove’s IDP+  app transforms manual employee development plans into a modern coaching tool that empowers employees. WorkDove’s IDP+ app makes career development tracks configurable, transparent, and dynamically adaptable in real time. The app generates targeted development areas based on employee skills and growth goals. It defines success in each area and provides clear action items for achieving goals. Managers can also record their observations of employees and create talent profiles highlighting strengths, identifying risks, and outlining development opportunities.   Managers can conveniently record thoughts, observations, and conversations in the Notes section of the tool. These notes are time-stamped for accurate record-keeping and can be accessed later. IDP+ gives HR leaders confidence in the security of their documentation. It also empowers employees to take ownership of their growth and provides managers with effective tools for fostering that growth. Documenting and investing in an employee’s Individual Development Plan (IDP) can help guide their growth, align them with their manager, and increase their productivity. Ultimately, this investment can lead to better employee retention, as they reach their career goals within your organization. Personal Improvement Plans (PIPs) for Enhanced Performance WorkDove’s IDP+ app can also be used to create and execute Personal Improvement Plans (PIPs). PIPs aid employees in enhancing performance and meeting job standards. They identify areas needing improvement and outline the next steps for success. For instance, a PIP provides managers with an opportunity to discuss training options with employees and ensure their commitment to goals. Once an employee’s PIP is generated, they must formally acknowledge it to establish mutual accountability and maintain a record of progress. Documentation That Empowers HR Leaders and Employees WorkDove’s IDP+ app simplifies employee development planning and tracking. It’s secure, compliant, and easy to use. Employees can access their plans anytime and add input, which helps them feel valued and supported. IDP+ also helps HR leaders track employee development over time, which can be used for business decisions and coaching. IDP+ nurtures a culture where employees feel valued and supported, boosting engagement, productivity, and loyalty. It is a valuable tool for organizations that want to empower their employees and improve their overall employee experience.Managers can document their observations of employees, create talent profiles that highlight strengths, identify risks, and outline development opportunities. While Human Resources has a responsibility to safeguard the employer’s interests, tools that effectively combine the enhancement of employee experience with compliance/documentation tend to yield mutual benefits for both employees and the company. When documentation is used to empower employees, it cultivates a culture of value for team members, equips managers with essential tools, and HR leaders can rest assured that the individuals they serve are receiving exceptional care.

Summary This article details the most common challenges the financial industry faces and the corresponding WorkDove solution. These challenges include capturing data for performance expectations and workplace behaviors, attracting and retaining talent, leadership succession planning, compliance, and antiquated systems.  Request Demo Just as the financial industry has adapted to the market needs for better digital platforms, increased automation, and a more convenient customer experience, performance and talent management within financial institutions has also had to pivot to the growing expectations of its employees and competitive landscape. Every industry has a unique set of needs and challenges, so performance and talent management processes are not a one-size-fits-all approach.  To start discussions, we often ask banks and credit unions a simple question: “How does your financial institution identify future leaders, coach/grow, retain, and prepare employees to lead the organization in the future?” Years of experience working with banking institutions and credit unions have allowed us to become well-versed in powering financial institutions’ performance and talent management, and in turn, helping these institutions make better people decisions and achieve better results. This article details the most common challenges and the corresponding WorkDove solution.  1. Challenge: Emphasis on Performance AND Core Values One common need we hear across industries, but specifically in banking, is the need to capture data for both performance expectations and behaviors that are in line with company core values.  WorkDove Solution: The foundation of our platform is the Performance-Values Matrix. This matrix offers a visual for data that enables a high-performance culture and reveals both performance and core value fit. This allows managers to visualize where the employee stands on both aspects and coach around what is needed.  2. Challenge: Attracting and Retaining Top Talent This challenge has unfortunately been felt around the world in recent years. Finding the right candidates and keeping them engaged is harder than ever due to a variety of factors that are certainly not limited to remote work expectations, inflation, and more. WorkDove Solution: With the right tool, you can strategically develop your talent in-house. With apps such as the 9-Box leadership succession planning tool, Individual Development Plan Plus (IDP+), one-to-one Check-Ins, and 360-Degree Feedback, you can improve employee retention and engagement while simultaneously giving managers the tools they need to coach more effectively.  Bonus: Our Recognition tool allows for company-wide recognition at any time, further contributing to feelings of belonging which lead to higher engagement. Our Performance Review app gives insight into employee talents and development opportunities, ensuring they have a clear path at all times.  3. Challenge: Leadership Succession Planning The banking industry in general has a need for insight into employee development and career growth. With Millennials and Gen Zers quickly rising as the most represented generations in the workforce, their deep desire for growth cannot be ignored.  WorkDove Solution: Gain key data insights to accurately identify top performers and potential successors using the 9-box leadership succession planning tool. This tool plots future leaders on a matrix based on the two most important factors: performance and potential. WorkDove also offers a leadership succession planning report including comprehensive information on individual employees’ performance scores, next desired position, and more. 4. Challenge: Compliance  Within highly regulated industries, all work systems being compliant is an absolute non-negotiable.  WorkDove Solution Housing all performance management information in a reliable digital platform allows for one single, secure source of truth. One location that contains historical records of employee development and management documentation provides a home base for more equitable performance and talent management. Gone are the days of accidentally misplaced papers or a loss of information due to employee or management changes.  5. Challenge: Antiquated Systems Manual, cumbersome systems are not only a drag to the employee experience, but they also slow processes down. Systems and processes that look and feel archaic do no favors for increasing employee engagement.  WorkDove Solution WorkDove allows you to save precious time and money by converting from outdated systems to a modern, easy-to-use technology that integrates with your everyday workflows. Partnering with our team ensures you will have just that: a partner. We make intentional time to understand your current processes, discover what’s working well and what isn’t, and map out a new workflow that is unique to your needs, but not so nuanced that you get lost in the details.  A common trend among banking organizations is the need to decrease their digital footprint. This often results in an HRIS (like ADP or UKG) that combines several solutions into one place. Many HRIS solutions offer performance and talent management modules. While this approach indeed decreases the digital footprint, a frequent complaint we hear is that the modules simply do not satisfy all performance/talent management needs.  The good news is that WorkDove can work with your HRIS. Through modern integrations, we can connect to almost any HRIS or Payroll System through a secure data feed or API, which eliminates the need for duplicate data entry and edits. Your digital footprint remains low and your solutions work collaboratively together! Request Demo