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Why Growing Companies Need a Performance Management Strategy (Part 2)

Talent Management

Why Growing Companies Need a Performance Management Strategy (Part 2)

June 02, 2016 Vanessa Hamilton

Once company leaders have assessed the needs of the organisation as a whole, it’s time to establish a scalable performance management strategy that facilitates ongoing productivity and encourages positive changes.

4) Assign a Talent Management Leader

Every initiative needs a competent champion, and performance management is no exception. Company executives must appoint someone with the ability to head up a dynamic strategy that adapts to the changing needs of the business. This project leader must have the skills to:

  • Assess and identify potential drawbacks in the current approach
  • Conduct an ongoing analysis of how new strategies are being applied
  • Keep clear records of all processes to track progress                                         

Talent management software like Growth Edition from Cornerstone makes this job easier. Comprehensive reporting and insight tools take the sometimes confusing performance data and lays it out in graphs, charts and reports that are easy to interpret and apply.

5) Improve Performance Appraisal with Analytical Tools

Collecting employee data about goal attribution and skill sets is key to performing productive workforce analysis. Here are elements any strong employee performance software should provide:

  • Dynamic goal setting abilities for company’s ever changing objectives
  • Insights into what might be obstructing employee success
  • Stats of top performing employees and what motivation they respond to

Cornerstone provides a digital platform that supports this in-depth examination of employee performance. When conducting an analysis, data must be weighed against the objectives of the company as a whole to understand how performance is affecting achievement. Underperformance due to low morale, confusion over roles and a lack of direction among staff requires proactive measures to return to a state that promotes growth. Make these monumental decisions based on clear data for optimal company growth.

6) Choose Cloud-Based Performance Management Software

Many small business leaders believe that a performance appraisal tool would be prohibitively expensive and require too many resources.

Cloud-based software is more accessible both in terms of cost and in the user-friendly nature of the tools it provides:

  • Browser-accessible online review resources
  • Platforms that integrate with existing software systems
  • Cross-device tracking and reporting
  • Internet-based employee training
  • Comprehensive storage and backup of previous actions
  • Simplified feedback processes to streamline performance review writing
  • Getting 360 Degree Feedback with Cornerstone

With over 15 years of experience in providing management solutions for performance, Cornerstone is able to create a targeted solution for companies with their Growth Edition software. Heather Moore, the Learning and Development Adviser at Vale of Aylesbury Housing Trust in the UK, says that Cornerstone’s software for growing companies is “so well presented, intuitive and easy to use. People really enjoy using it. The way the system is set up means that individuals feel they have a voice – they write about how they are progressing and move the slider to where they believe they are.”

The cloud-based platform is designed to be easy to implement for small businesses and even up to enterprise level companies. Every system provides:

  • A user-friendly interface
  • Learning tools and coaching solutions
  • Comprehensive data analytics
  • Tracking and management of goals
  • Automated reviews
  • Customisable branding and process development

Implementing relevant technology like Cornerstone Growth Edition gives businesses a strong platform for managing performance and tracking results. The tools available in this budget-friendly solution make it easier to see where improvements can be made within the company and to enact these changes in a way that benefits employees, executives and the business as a whole.

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