July 25, 2024

Chong Harned

Futuristic Finance

Performance Management Done Right

Performance Management Done Right


Performance management is a crucial part of any company’s growth, but it’s often overlooked or done poorly. This is especially true for small businesses that may not have a dedicated HR department to handle it. Here are some tips for how you can implement an effective performance management program in your business:

Performance Management Done Right

Regular communication with your team.

  • Regular communication with your team.

As a manager, it’s important to keep communication open and frequent. Communicate regularly with the people you manage by using a variety of methods: emails, video calls, in-person meetings. But don’t forget about one-on-one feedback sessions as well! Feedback doesn’t have to be just about what went wrong–it can also be an opportunity for positive reinforcement (and everyone loves hearing positive things).

  • Don’t be afraid of giving or receiving feedback. If something needs improving on either side of the table–whether it’s work performance or interpersonal skills–make sure you address it directly without sugarcoating anything so that both parties understand exactly where they stand in terms of their current situation at work together now moving forward into future projects/assignments etcetera…

Creating a shared goal.

The first step in setting a goal is to define the problem you want to solve. In this case, it’s “how do I get better at fitness?”

If you’re like most people and have been struggling with your fitness for some time now, this may be hard to do. You might find yourself asking questions like:

  • Why am I not losing weight?
  • How much exercise should I be doing?

These are valid questions but not helpful ones. They can lead down a rabbit hole of self-doubt and disappointment that will leave you feeling even further from where you want to be than when you started. A better question would be: “What are my biggest barriers right now?” If we answer that by saying “I don’t know how much exercise should I be doing” then maybe we need help calculating our daily caloric intake so we know how much food we need each day based on our height/weight ratio etc…

Reviewing common goals for the business.

It’s important to review your common goals for the business. These are the things you want to accomplish, those big-picture objectives that you want to achieve together.

Common goals should be specific, measurable and time-bound (SMART). An example of a common goal could be: “We want to increase our online sales by 20{b863a6bd8bb7bf417a957882dff2e3099fc2d2367da3e445e0ec93769bd9401c} over the next 12 months.” In order for this goal to be SMART it needs some additional information on how it will be measured and when is it due by? When reviewing your common goals with your team members make sure they understand what success looks like so everyone knows what they are working towards.

Having a regular performance review schedule.

It’s important to review your employees’ performance regularly. The frequency of these reviews should depend on the size of your company and the number of employees, but some companies do them quarterly, others monthly, and some even weekly. The more frequent the reviews are–at least once per month–the easier it will be for you to give feedback on their work habits and performance in general.

The goal here is to make sure that everyone is getting consistent feedback so they can improve over time as well as identify any problems before they become big issues!

Making performance reviews more than just an annual event.

You want to make sure that your employees are getting regular feedback, but you also don’t want to burden them with too much work. The solution is to provide them with a tool that allows them to track their own performance over time and allows you as the manager or supervisor to provide helpful suggestions on how they can improve.

You might be wondering: how often should I do this? We recommend doing it monthly at first, then quarterly once you’ve established a baseline for your employee’s performance in their role. Some companies even do it every six months!

Reviewing each employee’s strengths and weaknesses, and assigning tasks accordingly.

The most effective way to make sure that each employee is performing at his or her best is by reviewing each person’s strengths and weaknesses. This will help you assign tasks accordingly, so that they can use their abilities to the fullest.

You should also take into consideration what an employee has done in the past, as well as what he/she has said about himself/herself during interviews or performance reviews. In addition, if there are other factors that indicate a person’s ability (e.g., if he/she has won awards for this skill), these should be taken into account when assessing whether or not it’s appropriate for him/her to perform certain activities at work.

Your goal should be identifying all potential opportunities for growth within your team members’ skill sets–and helping them reach their full potential!

Giving praise when it’s due.

  • Giving praise when it’s due.
  • Recognizing good performance.
  • Giving praise in public, but also in private.

Praise is one of the most powerful tools for motivating employees and improving their performance. It’s also something that many managers don’t do enough of–only about half of managers give “commendations” to their direct reports at least once per month, according to a 2013 study by the Society for Human Resource Management (SHRM). That’s too bad because research shows that recognition can have a big impact on employee engagement and retention rates: An analysis by Gallup found that employees who are more engaged with their work tend to stay with an organization longer than those who aren’t as engaged; meanwhile another study by SHRM found that employees who are recognized for doing good work are more likely to stay with an employer than those who aren’t recognized at all

Performance management shouldn’t be something that only happens once a year – it should be an ongoing process that keeps employees motivated and engaged in their work!

Performance management should be an ongoing process, not something that only happens once a year. It’s important for employees to know how their work contributes toward company success and that their contributions are recognized by the organization.

Performance reviews should be a priority for all managers at every level, from executive down through middle management and even front-line supervisors. In addition to providing feedback on individual performance (which can help boost employee engagement), these conversations also provide an opportunity for managers to coach their staff members on how they can improve in key areas such as leadership skills or time management skills so they can take on greater responsibilities within the company over time.


At the end of the day, performance management is about improving your employees’ skills and helping them achieve their goals. It’s also a great way to keep everyone on track with what needs to be done in order for your business to succeed. The key takeaway here is that you should be reviewing each employee’s performance regularly so they can improve over time – not just once per year!