The performance management process entails planning, coaching, reviewing, and rewarding. It helps improve employee motivation and permits them to track their progress and gauge what needs to be done to improve overall performance. The essay examines managing performance in the workplace, as there is a growing rate of corporate leadership development programs’ failure to work leading to low engagement and high turnover rates. Therefore, for companies to bridge the gap between their raw talent and management success determine the most significant leadership competencies, assess employees’ potential, and map it to the required competencies. Lastly, the company can provide emerging leaders or managers with opportunities, training, and support to strengthen their skills.
Performance management involves a corporate management tool that assists managers in monitoring and evaluating the work of employees. The aim of managing the performance of workers is to establish an environment in which people may perform to their best capacities and generate the highest-quality work most effectively and efficiently. The essay explores managing performance in the workplace and its significance to organizational growth and development.
Managing performance is a continual system of formulating targets, measuring progress, and providing continuous feedback and coaching to assure that employees meet their career goals and objectives. The managers emphasize the holistic and strategic character of the system, which purposes to enhance the company’s efficacy by improving the efficiency of workers and expanding the abilities of the team and individual contributors (Wigert, 2018). The aim of managing performance is to communicate a shared goal of the company’s mission, and vision, define its expectations, and assure that the workers understand what high organizational performance implies and how to achieve it.
However, corporate leadership development programs are not working because many companies have not planned how to fully establish their prospective leaders. This limits the individuals’ advancement, and then their engagement, and lastly results in a turnover. High turnover and low engagement are expensive for corporations, mostly if the people who jump ship are high potential for the company due to already investments made (Booth & Melling, 2017).
Therefore, to bridge the gap between raw talent and management success is to determine the most significant skills for leadership roles in the company. Further, there is a need to evaluate the potential of workers by considering their curiosity, motivation, engagement, insight, and determination. Managers should map the potential of people to the skills needed in different roles (Fernández-Aráoz et al., 2017). Lastly, there is a need to provide emerging leaders the chances, support, and coaching they require to strengthen their crucial competencies.
In conclusion, human resources are important to the success of the company. Organizations would be unproductive when they fail to have efficient staff and they could risk missing performing their stated goals and objectives. Therefore, each company has to implement proper systems of managing performance, a system that helps in the staff members’ commitment to the goals of the company. The management and workers have to collaborate to arrange, assess, and examine the workers’ job objectives and their contributions to the organization.
References
Booth, A., & Melling, J. (2017). Workplace cultures and business performance: British labour relations and industrial output in comparative perspective*. Managing the Modern Workplace, 1(2), 1-26. Web.
Fernández-Aráoz, C., Roscoe, A., & Aramaki, K. (2017). Turning potential into success – The missing link in leadership development. Web.
Wigert, B. (2018). Constructing an evidence-based model for managing creative performance. Individual Creativity in the Workplace, 3(4), 339-369. Web.