Many organizations around the world have slowly started realizing that their current performance management (PM) practices are not helping them grow in the current market. Such methods are, in fact, bringing the performance of their teams down and keeping the growth restricted.
Now, in an intensely competitive world, most organizations survive, while only a few flourish. If you want to belong to the latter category, your PM techniques need to change. Performance management practices must be ready for the 21st century, just like the rest of your business processes.
Before finding out how technology can enable high performance, we need to understand the problems with most traditional PM systems. These include:
A technology-based performance management system is more holistic and focuses on developing people, and as a result, facilitates overall growth.
Such a modern PMS doesn’t stop with just qualitative benefits. You can compare and monitor results in real-time using the various tools and techniques designed for the process. With modern performance management processes, feedback becomes natural and regular. Performance Reviews are not left for the year-end appraisals only but happen more frequently . Communication is more streamlined, and the management is able to constantly align individual goals to ensure they match those with the changing organizational priorities.
Now, there are a few modern performance management practices. However the most popular with Fortune 500 companies, and that quite a few small and mid-sized organizations are embracing is the OKR+CFR framework.
Objectives and Key Results (OKR) is a framework that organizations can use to align business and individual goals, create transparency in the performance management system, get real-time data, and facilitate continuous feedback across all levels.
CFR is a part of the OKR cycle. Conversations, Feedbacks, and Recognitions improve in a workplace that follows transparent processes and complete OKR cycles. Some experts call CFRs a delivery system for OKR. It means that when conversations are regular, feedback is instant, and recognition is valuable, the workplace automatically becomes a high-performance zone and people contribute more. It also becomes easy to tweak and align individual goals with organizational goals.
OKR, as a tool, is extremely agile and can help employees understand the organization’s objectives and work accordingly.
With this method, the management can create organizational objectives or goals and take up the following processes:
Now comes the most critical part of the OKR framework – Setting agile individual and team goals and initiatives.
An integral part of the OKR framework is where Conversations, Feedbacks, and Recognitions come into play. This is the stage of continuous feedback, which means an organization needs to do the following:
Creating an environment of continuous growth, goal alignment, feedback, and support needs the help of the right tools and techniques.
Here is where PossibleWorks can help!
How “PossibleWorks” help drive high performance with OKR & CFR
PossibleWorks offers an adaptive platform that can help an organization to create holistic OKR and CFR processes and follow them through. Our tools and techniques are customized for small & medium organizations based on their growth metrics, needs, and objectives.
Our OKR framework is designed for continuous feedback. We help build a system where it is easy to prompt and initiate quick and powerful conversations between employees and managers. It provides ample & multiple opportunities feedback to the employee and for managers to take up the role of a coach.
Our tools track real-time data to make sure the management is able to assess employees continuously. Frequent reviews with quantitative data makes performance appraisal processes more effective and valuable at year end. The platform help minimize surprises at performance appraisals as employees will know how they have been performing all through the year. They will also clearly understand what they should do to improve their chances of being eligible for recognition, rewards and higher compensation.
All this can create a highly efficient workplace where behaviors are altered, new skills are learned, and high performance becomes the norm.
So, businesses should talk to their Human Resources team and the management to understand the current performance management practice they follow. And ask these questions – How effective are their current performance management practices? How automated is the process? What do employees feel about the process?
Adapting to OKR can undoubtedly boost the overall growth prospects of an organization. OKR processes, when done right, using the correct tools, can directly translate into the success and growth of the organization. CFR too, when handled right, can support OKRs and drastically improve employee satisfaction levels, retention rate, and individual and team performances.
Modern Performance Management practices are largely automated, bringing down the chances of human errors, biases, delays and lags that can affect employee morale and performance.