The link between talent management best practices and corporate performance is clear. McKinsey’s ground breaking War for Talent studies determined that companies with strong talent management practices outperformed their peer group, earning 22% higher shareholder returns. Effective employee evaluations help to drive corporate performance by providing HR and executives the information they need to make strategic decisions about their workforce.
It is therefore critically important for organisations to ensure that managers and employees use the employee evaluation process to review and discuss a range of performance-related topics including:
- Goals and work priorities established for the evaluation period — assessing the degree to which individuals achieved what they set out to accomplish
- Expected standards of performance — reviewing the behaviors, skills, competencies needed to succeed in a role, and any special certification requirements
- Successes that an employee has enjoyed — providing meaningful recognition of noteworthy accomplishments
- Areas requiring improvement — addressing any competency gaps or behavioural problems
- Employee development activities — reviewing or creating a development plan in support of new goals and career aspirations
- Organisational alignment — communicating how the individual contributes directly to the organisation's mission and priorities; the need to modify or set new goals to realign priorities to evolving business requirements
Too often, organisations find they are unable to drive value from employee evaluations due to a lack of participation or a poor process that fails to gather the right information. Furthermore, the administrative burden of the process can be overwhelming for HR and managers. Many companies across the UK and around the world are modernizing their evaluation process by moving to an online system. An easy to use, web-based system can dramatically simplify the process and increase the value of employee evaluations as part of an overall talent management strategy.
Sign up for afree trial of Halogen eAppraisal today to see how easy an online employee performance review process can be!