One cannot just hire employees and leave them to do their best. Managers need to monitor the performance of each individual after setting SMART (Specific, Measurable, Attainable, Relevant, and Time-based) goals and defining their role in the company. Without performance management template, you may have employees who underperform or just let things be, doing their minimum to justify their existence. That they lose is one thing, but the enterprise is at a bigger loss as it pays for a performance that is less than satisfactory. StartupHR toolkit performance management template is tailor-made for startups to manage and monitor the performance of employees.
Performance Management Template:
- Period of evaluation
- Targets and action plans
- Reinforce personal and company goals
- Develop potential, nurture talent.
Setting goals is not easy. You have to find the right balance. If goals are too tough, then employees may become discouraged and leave. Goals that managers set should also be relevant to the employee’s role, and achievement should be measurable. Some goals may be ongoing while others may be defined for the short term in which case too you must evaluate such goals and ensure that they are met.
How it helps
The performance management template help in:
- Creating a standardised and a uniform format to define performance and in setting goals across various levels of employees.
- Laying down measurable parameters and tracking each employee’s progress against it.
- Identifying the weaknesses of each employee and addressing these deficiencies to bring about improvement. Some employees are tardy and slow; some lack knowledge and skills and others just may not have the attitude. With these deficiencies identified, managers can implement remedial measures to improve the performance of the employees.
From another perspective, employees like to have set targets and, once they achieve the goal set for them, they get a deep sense of satisfaction. While it is for employers to reward achievers, a few words of praise in front of every other staff member can act as encouragement for the employee and motivation for other employees.
Put it in writing, and it is much better. You have access to templates to thank high performing employees and templates to exhort underperformers to improve.
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There always is room for improvement even with high performing employees and the action plan template helps managers have a clear perspective of what is involved and how to implement improvement plans.
Managers can make good use of the performance management template of StartupHR toolkit to automate a well-defined process that suits the goal of their business. Performance management and monitoring gives you clear insights into each employee’s progress with regards to their performance and also about other factors such as motivation and rivalry that act as stumbling blocks. For instance, some employees may have an attitude that they are doing the maximum for the pay they are receiving and this could hinder performance as well as progress. Some employees simply work without any motive and not think twice before moving on to another company where they receive more pay. Some employees will not go all out because they are afraid to step out of bounds or to displease managers.
As a manager, you will need to know which employees have these kinds of internal blocks and what the company can do to remove these obstacles. It is not a bad idea for managers to hold personal discussions with employees to identify issues and note the feedback, which should help in preparing a better performance management template process that is participative and not one imposed on the employees.
Use the performance management template wisely and get employees to become active participants in the scheme. Take their inputs and define goals in consultation with them. The usual method is that managers decide and fix goals of performance without including employees who then feel resentful.
Each business has a different way of working and goals. The module gives a generalized template and ideas on how to go about performance management. Rope in employees and discuss so that you can fine tune and customize the templates. It helps to draw up a plan, implement it and review it after a couple of months. That review will give you a roadmap on the direction to follow.
Do you need a performance management template module, you may ask. After all, you recruited someone only after gauging their strengths and weaknesses. If you ask us, we would say it is a necessity. Employees can get bored or may not give their best as they spend more time in an organization. They can become too comfortable and lackadaisical by nature.
The performance management system will keep them motivated and prevent them from falling into a rut. It can help you redefine their roles and improve their self-esteem as well, so they may feel compelled to live up to an image and work hard for it.