What is Performance Management?
A performance management program is key in driving individual and organizational success through goal setting, feedback, reviews and planning.
Especially in today's dynamic workplace environment, Olympic Steel recognizes the importance of effectively managing employee performance as it aligns with our Company objectives. A well-designed performance management program is the tool we use to help employees align individual goals with organizational objectives, fostering employee development, and enhancing overall productivity.
WHAT IS PERFORMANCE MANAGEMENT?
Performance management is a continuous process that involves setting clear expectations, regularly monitoring progress, providing feedback, and evaluating results. A performance management program encompasses various activities and initiatives designed to optimize employee performance and drive organizational success.
KEY COMPONENTS OF A PERFORMANCE MANAGEMENT PROGRAM
- Goal Setting: Establishing SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals is fundamental to the performance management process. Clear and realistic objectives provide employees with a sense of direction and purpose.
- Ongoing Feedback: Regular communication and feedback sessions between managers and employees are essential for course correction, acknowledgment of achievements, and addressing any challenges or concerns.
- Performance Reviews: Formal performance evaluations serve as checkpoints to assess an employee's progress, strengths, areas for improvement, and development needs. These reviews often occur annually or bi-annually, but some organizations conduct them more frequently.
- Development Planning: Identifying opportunities for skill enhancement and career advancement is crucial for employee engagement and retention. A performance management program should include personalized development plans that align with both individual aspirations and organizational requirements.
BENEFITS OF A PERFORMANCE MANAGEMENT PROGRAM
A well-executed performance management program is key in driving our success by aligning individual efforts with organizational goals. Quarterly check-ins between employee and manager keep everyone engaged in the employee’s progress and development. Our HR Team recommends this schedule:
February – Input new goals for the year.
March – First quarter check-in; update percentages and add notes in UKG
June – Second quarter check-in; update percentages and add notes in UKG
September – Third quarter check-in; update percentages and add notes in UKG
November – Begin the review process
January 31 – Annual reviews due. Process begins again.
By prioritizing clear communication, regular feedback, and targeted development initiatives, organizations can create a conducive environment for employee growth and organizational excellence.
Questions?
Our Performance Management Program documents can be found on
OSSIE or reach out to your Regional HR Manager with questions or for support.
