We recently discussed Performance Reviews, and all the various benefits they bring to employers and employees. However, high-performing companies know that development does not end with an evaluation of past performance. The next step is goal setting and development planning for further growth, ensuring the employee has a clear roadmap for success going forward.
Depending on the company and the particular employee in question, there are a few different ways to approach professional development planning; your Honiva HR Services Consultant can help you better understand the different approaches, which one best suits your organization, and how to implement it for the best results.
Management by Objectives
This is perhaps the most straightforward method to create an employee development plan. It begins with company executives/upper management setting goals that cascade downwards to managers and individual employees. Generally, this approach involves an employee sitting down with their manager and creating an action plan for the year, based upon the goals and direction coming down from upper management. Whereby, the most important contributor for success is collective participation and alignment with overall company objectives. From there, the employee and supervisor/manager meets on a regular basis to monitor progress and course-correct as needed.
This approach is relatively straightforward to implement and maintain, and for that reason it is very popular among employers. In particular, it works well in a siloed or task-based organization. That said, there are more comprehensive approaches to creating an Employee Development Plan, which may be a better fit under certain circumstances.
360 Degree Feedback
Another common approach, called 360 Degree Reviews incorporates additional perspectives from indirect managers, peers, clients, subordinates, and vendors. By opening up the information gathering to input from more people who work with the employee, it is meant to give a more holistic view of their contributions and struggles. Thereby, the final performance rating and discussion is more reflective of reality.
In many cases, the employee also carries out a self-evaluation. This approach can be beneficial as it provides a broad view of the employee’s strengths and weaknesses from a variety of perspectives. Plus, it is less likely to be heavily swayed by the feedback from just one individual which reduces bias in the review process. It also gives each rater a greater level of anonymity, thereby encouraging more truthful feedback.
From there, the employer and employee review all collected feedback and develop a plan to help the employee capitalize on strengths and work on any identified areas of improvement. This approach is much more comprehensive in comparison to the Management by Objectives approach, and is more used in larger organizations with a higher degree of interconnectedness amongst different people throughout the value chain. It is also used a lot in circumstances where employees are being considered for future promotions or leadership positions. In addition to these, there are several other ways of approaching an Employee Development Plan in conjunction with a performance review. Your Honiva HR Services Consultant can help you identify which methodology is best for your organization and your employees, and will help to implement it in a way that is geared for success.
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