Performance Management, innovation and engagement
Performance Management tools are indispensable for measuring and improving company performance. In addition they’re main levers for employee involvement that HR and organizations can no longer ignore. The entry of Generation Z into the world of work has completely revolutionized the relationship between employees and companies.
It’s the right time to redesign career paths that reflect a more open and agile logic. This is based on sharing, collecting and analyzing data in real time and receiving continuous feedback.
Let’s look at how to implement an effective Performance Management process and performance review with technologies, like Oracle Cloud HCM, and see how they support HR teams and companies.
An Effective Performance Management Process: Continuous Feedback and a Personalized Approach
A winning performance management system allows you to align individual and team behaviors with the organization’s strategies and then helps to facilitate professional and business growth. With this perspective, there are two key tools available to Human Resources and Managers: timely and continuous feedback to the employees and a flexible and personalized approach.
Let’s analyze the basic steps in order to effectively build a Performance Management process.
1. Planning of activities and definition of objectives
Employees must fully understand the expectations that their managers and the company have in order to see growth and business success. Goal setting should include both individual and team goals and also take qualitative contributions into account. Aligning the team with corporate objectives allows you to set priorities, provide clear directions and encourage everyone towards excellent performance.
2. Comparison and monitoring of activities
Managers and employees should discuss past performances and expectations for the future. At this stage, the employees should receive suggestions to improve their performance and target inputs.
3. Coaching and employee evaluation
The performance evaluation aims to identify any gaps that require individual ad-hoc training (Discover the best corporate training strategies, from Digital Learning to Social Learning). Every employee should get regular feedback on their performance and suggestions on how to improve skills and grow professionally. Resources that receive learning and development opportunities are more involved.
4. Review and sharing of assessments
The process doesn’t end when the evaluations have been done. Reviews are constant and in real time. Managers can create development plans to support each employee’s goals, careers and potential. Evaluation, in fact, has value if used as a tool for growth and success.
Technology that supports modern Performance Management not only facilitates a transparent process, but provides valuable and necessary data to measure business success. For HR managers, this data provides key information about gaps and insights that result from other processes, such as Recruiting and training.
Let’s look in detail at the module dedicated to Performance Management, an Oracle solution that is a market leader for Human Capital Management.
Oracle Performance Management: Advantages and Functionality
The adoption of a Cloud Performance Management solution allows HR teams and companies to obtain 3 fundamental advantages:
- Help resources grow and achieve their professional goals
- Ensure that the talent in the company has the right know-how from the early stages of Onboarding
- Retain talent by giving them visibility on growth prospects.
Among the most complete solutions, Oracle Performance Management automates the tracking and management of performance and, thanks to the Continuous Feedback function, allows a transparent exchange in real time between employees and managers. The 360-degree Feedback system ranges from daily informal exchange to more structured semi-annual and annual reviews.
Tracking Goals, Sharing, and 360 degree Feedback
Objective tracking in Oracle HCM occurs at various levels. Typically the leaders of any organization will communicate the corporate objectives to everyone and then the managers and employees need to collaborate and align their activities to meet these objectives.
Employees can also share goals with each other and within their community of colleagues in order to achieve their goals. Users can create conversations about any goal and invite others to exchange ideas and information, receive contextual feedback and share documents and links.
The system provides several feedback modes:
- Feedback Anytime: to send instant feedback from anywhere, to any user and to have the same level of sharing with employees, managers or reference managers.
- Check-in: to hold one-to-one conversations from any device and to set questions for future conversations.
- Multi rater evaluation: it is no longer just the reference manager to evaluate the resources, but also colleagues, collaborators, customers.
- Questionnaires: the collection of feedback can also be structured in the form of a questionnaire.The solution provides several templates and multiple features such as adding attachments and assigning roles for resources.
Oracle’s Performance Management module integrates seamlessly with Workforce Compensation to flexibly link benefits and rewards, allowing HR Managers to meet different compensation models in the company.
Oracle HCM optimizes activities for all corporate figures involved
With Oracle HCM, business leaders can track employee skills, abilities, and results, and monitor resource and business performance.
HR managers can easily manage all the various human resource processes and employee life cycles. Thanks to a clear vision of the progress of Talent Management projects, HR teams know immediately when it’s appropriate to intervene with coaching and training courses, or when to reassign objectives within the teams.
Project Managers have all the features available to keep track of employee performance, evaluate skills and objectives and, therefore, improve the overall performance process.
From the employee side, you can see your progress, self-evaluate your performance, receive continuous feedback, define specific objectives and feel part of the company’s growth.
Are you ready to drive innovation at your company? Contact us for an Oracle HCM Demo created specifically for your needs.