It is that time of year when most of you are beginning to think about annual performance reviews. For most, it’s a dreaded process that is done only out of obligation or outdated processes in your firm.
In a recent Human Resources Forum poll, 16% of the people that responded have no performance appraisal system at all. Supervisory opinions, provided once a year, are the only appraisal process for 56% of the respondents. Another 16% described their appraisals as based solely on supervisor opinions, but administered more than once a year.*
Take your firm to higher levels of standards and accountability by burying performance reviews and adopting a performance management system. Effective leadership encompasses a continuous learning and development program with diminutive reviews throughout the year. Place focus on the goals of your firm.
Implement a performance management system that will:
- Boost the success of your firm
- Encourage personal development and advancement of your team members
Performance management will strengthen the foundation of your firm by:
- Ensuring goals are consistently met
- Provide focus on fundamental areas in your firm
- Clarify job expectations and responsibilities
- Improve communication
- Compel employee behaviors that align with your firm’s mission, vision and goals
- Enhance employee engagement and productivity
Performance management is an essential tool for top performing advisory firms. It may be one of the more time consuming processes you implement, but will improve overall effectiveness in your firm and provide your firm with vast, positive outcomes.
The process of implementing a performance management system is extremely detailed. Ironstone provides a series of steps to get you started.
- Update job descriptions that include the purpose, duties and responsibilities
- Set performance goals that are measurable
- Prioritize each job responsibility and goal
- Define performance standards for each component within the job description
- Schedule meetings with employees to review performance and provide feedback
- Document a record of performance
- Implement a learning and development program readily available for employees
- Incorporate the opportunity to gather feedback from the employee’s peers and/or clients
Encourage human resource departments, managers and supervisors to be accountable for performance improvement. All components in your firm are part of a system that create value for your clients; the same holds true with a performance management system in that all components must be functioning to create value for your employees and the firm.
Ironstone can assist you in creating a new plan or evaluate your existing plan and collaborate and strategize with you to ensure a strong process with tactics that are cohesive with your firm goals.
We are curious!! Does your firm hold annual performance reviews or do you have a performance management process in place? Tell us about it!
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- Strategic Planning
- Business Development
- Operational Effectiveness
- The Human Element
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* Step-by-step to a Performance Management System-Human Resources