The Elements Ironstone Blog

Current news and trending topics for sales and financial industry professionals


Leave a comment

Performance Management vs Performance Reviews

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 For most, it’s a dreaded process that is done only out of obligation or outdated processes in your firm.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.

Getting Started

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!

 

Follow us as we explore each of Ironstone’s Fundamental 4™!

  • Strategic Planning
  • Business Development
  • Operational Effectiveness
  • The Human Element

Coming up next, learn about Strategic Planning and Your Firm’s Business Model

  * Step-by-step to a Performance Management System-Human Resources

 

• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us:

Advertisements


Leave a comment

Using a Job Description as a Multifaceted Tool at Your Firm

Effectively developed employee job descriptions summarize the roles and responsibilities of each team member in your firm providing them with the foundation needed to reach desired goals and outcomes.

We outlined the components job descriptions should include in our blog, “Learn why Job Descriptions are Essential for Overall Effectiveness at Your Firm.” https://aeschlapia.wordpress.com/2012/03/30/learn-why-job-descriptions-are-essential-for-overall-effectiveness-at-your-firm/

Understanding each component and realizing their value will aide you in modifying and updating job descriptions by:

  • Establishing the role that each position plays in attaining overall firm goals
  • Determining how critical each job is
  • Deciding how positions in your firm interact with one another
  • Defining current employee roles and identifying the characteristics and skill base needed
  • Attracting qualified new candidates and aide in hiring
  • Evaluating performance accurately based on the expectations of the position

A job description needs to provide a positive impact fostering consistency and clarity for everyone involved.  Creating, reviewing and updating job descriptions should be included in your overall business strategy.

Using Job Descriptions as a Multifaceted Management Tool

Although job descriptions are utilized as a valuable hiring tool, a well-crafted job description should be used as a communication tool and a means to review other workplace functions such as:

  • Performance management:  Set measurable and attainable performance goals      based on the duties included in the job description.
  • Training and team development:  Review each job description      for areas that can be used in training and team development workshops.
  • Salary:Outline a compensation program that shows      minimums and maximums for each position in your firm.  Doing so will demonstrate growth      potential for your team member resulting in increased production, loyalty      and overall job satisfaction.    
  • Incentive Plans:  Use your job descriptions as      a baseline for salary;  include      incentives and rewards for employee’s performance levels that go above and      beyond.  
  • Discipline:  If an employee is not meeting      the requirements set forth in the job description, schedule a meeting to review      the requirements and focus on areas to aide them in      achieving goals effectively.

Flexibility is the key when it comes to creating and modifying job descriptions.  Consider creating broad-based descriptions utilizing attachments which delve into the specific tasks required of each employee.  A more generic job description is easier to maintain and won’t require a complete modification as minor changes that takes place.

How often do you use or refer to the job descriptions at your firm?  I’m curious?

Contact us for assistance in developing job descriptions that can be used as a multifaceted tool at your firm.

Follow us as we explore each of Ironstone’s Fundamental 4™!

  • Strategic Planning
  • Business Development
  • Operational Effectiveness
  • The Human Element

You won’t want to miss our next in the series:  Strategic Planning-Business Plan

• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
• Connect with us: