An effective Performance Management Process: 4 Benefits

Keeping track of your team’s performance is beneficial for the team, individuals and you as their manager. Even if you’re already collecting performance information at your annual review, this is not enough to keep up with competition and employee engagement. Here are four ways regularly measuring performance will help your team:


1. Insights into team strengths


Tracking each team member’s performance regularly will help you to better understand what your employees’ strengths are. This information will enable you to assign tasks more effectively and boost your team’s overall performance. According to a survey by Researcher and Applied Psychology expert Michelle McQuaid, Managers who know their employees’ strengths are 71% more likely to have employees who are engaged and energized. Helping your employees pinpoint and develop their strengths throughout the year will make your team unstoppable.


2. Identifying areas for improvement


Based on performance data you can also assess where your team needs to improve. Are there obstacles holding you back? Who needs extra coaching? Rather than getting this information in once a year reviews, continuous feedback allows you to address issues immediately, multiplying your team’s agility and adaptability to industry changes.


3. More accurate results


Having more performance data will make it easier to accurately track results and progress over time. Once a year data will give you a very narrow view of how your team’s doing. Continuous data will allow you to see how your employees perform before and after training, assess which assignments were most challenging, and plan for the future more effectively.


4. Employee engagement

If goals and results are only set annually, your employees can easily lose sight or motivation mid year. Setting short-term goals throughout the year will keep them motivated to continue achieving results, especially if these goals are based on their individual strengths. Employees who have strengths discussions with their managers are 78% more likely to feel their work is appreciated and making a difference within the team. Measuring and celebrating success on a regular basis leads to higher employee engagement levels.


This article is part of a management guide about how to become a better leader with feedback. 

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