Performance Management: Keys to Making It Work! Presented by: Alan Todd, Chairman Raj Ramachandran, Performance Management Research Lead.

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Presentation transcript:

Performance Management: Keys to Making It Work! Presented by: Alan Todd, Chairman Raj Ramachandran, Performance Management Research Lead

The Presenters  Alan Todd - Chairman of Corporate University Xchange Over the past 20 years, he has won many learning industry awards and has spoken at conferences around the world on workforce development strategies. While serving as a thought leader in the learning industry, Mr. Todd founded and served as CEO for two successful global learning companies. Prior to joining CUX, Mr. Todd was the Chairman and CEO of KnowledgePlanet, a company he founded in 1996 that helped launch the eLearning revolution. Mr. Todd led the company through mergers and acquisitions, expanded the user-base to 150 countries, and raised nearly $100 million in private equity. Prior to KnowledgePlanet, Mr. Todd was the Chairman and CEO of KnowledgeSoft, a training company he founded in 1986 that was acquired by Staffmark - a $1.2 billion Information Technology company - in  Raj Ramachandran - Performance Management Research Advisor for Corporate University Xchange Raj has over 10 years experience in learning and performance management, studying strategies and best practices in Global 2000 organizations including American Airlines, International Paper, Raytheon, Washington Mutual, and others. Prior to CUX, Raj was the learning and performance management practice lead for TPI, a global sourcing advisory firm. He has also served as a business process consultant for Accenture, IBM and PricewaterhouseCoopers.

Agenda  Performance Management Lifecycle  Key Insight Areas in the Performance Management Lifecycle  The Corporate University Xchange Performance Management Maturity Model  Headlines – Executives Speak out on Performance Management

 Released in May 2007  150 Organizations surveyed  Average of 24,000 employees  Conducted 15 qualitative interviews  Large, global participants including: The Performance Management Study

Why Performance Management? Performance Management IS on the CEO’s Agenda  An opportunity for CLO’s and Talent Management leaders to add critical value  A powerful, strategic tool for transformation

Key Insight Areas – Performance Management Lifecycle

Goal Setting – Keys to Success  Cascading goals remain visible  Improves alignment to strategy  S.M.A.R.T. goals  Balanced scorecard  Hoshin planning

Competency Management – The “How” of Performance  Established by organization’s desired culture  Drives career development  Competency models are either purchased from an external provider or developed internally  Key part of the performance rating process

Culture – Leaders Set the Example  Alignment of organizational objectives  Identifying and recognizing top performers  Compensate high performance  Disincentive low performance  Identifying and removing poor performers  Creating talent pools & succession planning processes

Employee Surveys – Vital to the Performance System  Also known as employee satisfaction, climate or engagement surveys  Tracks improvement in employee perception  Decide where to focus additional training  Correlate manager effectiveness & employee loyalty  Employee self-assessments are widely used  Most important arbitar of fairness

Coaching – The Responsibility is On the Manager  Objective is to grow and develop employees  Requires regular, honest and open dialog between employees and their managers  The quality of the conversation is the key to success  Some companies are conducting spot checks – providing immediate feedback

Poll Question  What type of rating scale does your organization currently use to evaluate employees?  Likert scale (1 through 7 scale) or greater number  Likert scale (1 through 5 scale)  Likert scale (1 through 3 scale)  In the process of changing the rating scale  Other

Ratings – Multiple Strategies are Vital  Absolute scales vary – all over the map  Matrix of performance vs. competencies  Forced ranking processes have divided support  High use of 360 degree feedback functionality  A strategic requirement:  Informs compensation  Rewards  Succession planning  Improvement plan

Technology – Nothing More Than an Enabler  No dominant vendor  Highly customized (and therefore ‘homegrown’)  Buyers tend to focus on the automation of the employee assessment and appraisal process first

Technology – Tools for Performance? N = 120

Poll Question  What are the barriers to successfully implement a performance management program in your organization?  Clear vision and communication from CEO and Senior leadership  No or limited consequence for non-performance (tolerated in the organization)  Managers and leaders are rewarded for developing their people  Lack of consistent review and coaching processes  Other

N = 630 Barriers To Success

Continual Improvement

Stage 0  No Performance Management process in place  Subjective opinions drive annual reviews  No visibility of strategic plan  Paper performance reviews stored in HR files

Stage 1  PM process implemented but inconsistent  Goal statements written but disconnected  Little or no quantitative measures in place  Infrequent training on coaching  No quality assessments of goal statements

Stage 2  Standard, enterprise-wide process  Some steps automated with technology  Visibility of metrics available at higher levels  Managers can prioritize to 5 or 6 key goals  Coaching dialog tracked but not assessed

Stage 3  PM process steps mastered and automated  Clear visibility and alignment of objectives  Technology integrated with learning  Focus on improving quality of coaching  PM drives other talent processes

Stage 4  Real time adjustments to individual performance  Cultural shift towards improved performance  Managers are empowered as “barrier busters”  Ability to measure ROI of performance processes  PM process feeds the “execution quotient”

Headlines – Executives Speak out on Performance Management “I use Performance Measurement and Management as a core management tool for myself and my direct reports, and I firmly believe we must all see PM not just as a year- end review process but as a way to manage our individual performance and direct it in the most effective and efficient ways.” “Performance = results + behaviors” “ ” “We have been doing this for 5 years and every year we are getting better at it (and we are light years ahead of the industry).” “Performance Management is a CEO-driven initiative and we have 98% participation throughout the organization.”

Thank You Questions/Comments? Please join us for our next webinar Leadership Development at Pfizer: What Happens After Class Wednesday, September 12, 2007 at 11 AM ET