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Performance Management on a Dime: 4 Strategies for Mid-Market Companies with Limited HR Resources

/ 2.26.17

Your small to mid-size company is growing, but there are little to no resources for HR. However, as your number of employees increases, you know it is important to begin to establish some structure around performance management. Without a full-time HR person or a fancy HRIS system, how can you begin to introduce performance management policies and metrics?

 

Here are 4 simple, manageable, and budget-friendly strategies for introducing performance management into your growing business.

 

Tie Employee Recognition into Your Performance Strategy

Employee recognition and performance management go hand in hand. When employees feel that their contributions are valued and appreciated, they’re more likely to go the extra mile for their teammates and put in the extra effort for their organization. Whether you use a mobile friendly, social recognition software or post notes of appreciation on a bulletin board in the breakroom, give employees the opportunity to recognize each other publicly and in real time.

 

What to track: Take note of how many and the kinds of recognitions employees receive and give to their coworkers. Good teammates not only receive recognition for their contributions, but they give it out too.

 

Download Your Free Guide: Recognition in the Workplace

 

Set and Track Progress on OKRs and Employee Goals

OKRs and employee goals should be at the forefront of your performance management strategy. Without goals, how do your employees know what you expect from them? Setting and tracking goals helps each team and employee stay aligned under the organization’s OKRs, helps employees stay motivated and understand the level of performance that is expected of them, and helps managers easily identify the over- and under-performers. Evaluate affordable goal setting and tracking systems to keep your OKRs and employee goals visible, aligned, and on the path success.  

 

What to track: Make updates on goals weekly or monthly to create organization-wide transparency and stay on track for success.

 

Download our free ebook! 5 Sure-Fire Ways to Set Goals That Get Results

 

Encourage Employees to Give and Receive Feedback

Managers aren’t the only ones with insight into an employee’s performance. Incorporating 360 feedback into your performance management strategy will give peers the opportunity to share their insight and give one another feedback – which many organizations find just as important. In fact, 88 percent of peer-reviewed employees are happier with their jobs and 73.4 percent of managers said peer feedback is valuable. Hearing from peers on what they’re doing well and where they need to improve will motivate employees to make adjustments for the sake of their team and colleagues. Find a low-cost 360 feedback software that allows your employees to give and receive anonymous or attributed feedback anytime, in real time.

 

What to track: Review the feedback your employees receive from peers and make sure they’re giving constructive and helpful feedback when asked.

 

Hold Regular Performance Conversations with Employees

The cherry on top of your affordable performance management strategy is regular performance conversations and one-on-one meetings. Schedule monthly manager and employee meetings to discuss all aspects of your employees’ performance – recognition received, progress on goals, obstacles getting in the way of success, feedback they’ve received from colleagues, and opportunities for growth and improvement. Leverage a one-on-one meeting software that makes conversations more efficient and productive with a proven meeting process, customizable agendas, in-tool notifications.

 

What to track: Save notes from past performance conversations and one-on-one meetings to make sureyour employees are on the right track.

 

Looking to implement all four of these performance management strategies on one user-friendly, affordable platform? Quantum Workplace can help. Schedule a demo with one of our friendly engagement experts to see just how impactful these features can be for your organization.

 

Employee Engagement Software Built for Managers

 

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