There’s no doubt that the pandemic continues to put a strain on businesses all over the world. As 2020 enters the last quarter of the year, companies are still experiencing challenges due to the pandemic.
One major issue is overall resource management, which includes struggles on how to maximize resources while minimizing cost. Digital Performance Evaluation can help you spot the emerging rockstars in your company who can help transform your business in these tough times.
The value of online performance evaluation
Gone are the days of traditional and annual performance reviews. Thanks to technology, digital performance evaluation provides a more systematic framework for feedback in the workplace.
Additionally, with digital performance evaluation, it is easier to facilitate a continuous style of performance management. In fact, according to the Harvard Business Review, more than a third of companies in the United States are already implementing more frequent review cycles between managers, peers, and employees.
Here are some of the benefits of online performance evaluation systems:
- Ongoing view into the dynamics within the workplace. This allows for the top management to identify highs and lows as they are happening. As managers, you won’t have to wait for the annual review that occurs in the traditional review process. Instead, you can act on the issues brought up after each review and start working on them even before the next review cycle. It allows for a more flexible approach to management.
- Access to metrics and analytics for better decisions. Digital performance evaluation provides more data-driven metrics for Human Resource managers and business owners to more accurately evaluate their employees. This way, managers are not acting blindly. Instead, they are able to effectively guide individuals towards their goals based on the data collected.
- Increase employee engagement and fuel motivation. Regular and systematic feedback cycles are important for every individual’s growth. With a digital performance evaluation system set in place, you can build feedback into the company’s culture. Constantly letting employees know how they’re performing contributes to their motivation to perform.
With Statista’s evaluation that 20 percent of adults are now working from home because of the pandemic, the importance of a digital performance evaluation system couldn’t be clearer. The lack of face-to-face communication has affected some companies more than others, because not all individuals find it easy to adapt to a ‘work from home’ situation. That’s why managers have their work cut out for them as they strive to keep the company culture and employee engagement going despite the lack of physical interactions.
How you can use online performance evaluation to zero in on your rising stars
With maximizing resources at the least cost a priority in this so-called “new normal,” it is recommended for companies to start looking into their human resources capital to pinpoint your “rising stars.”
Why? It’s because your emerging stars are the ultimate organization resource, because you get great work with less procurement and financial requirements. Rising stars, when groomed and empowered early on, are the ones most likely to be your company’s next leaders.
Check out some of the features of online performance evaluation systems that can help you discover your rising stars:
- Peer review results
Influence and interpersonal dynamics are important characteristics of leaders. That’s why you’ll know more about who your rising stars are through their peer review results. Check for green flags on how their peers perceive them when it comes to teamwork, leadership, and quality output. Additionally, Forbes says that 89% of HR leaders share that ongoing feedback and regular check-ins contribute to successful outcomes. The highest potential employees are those who are able to influence others without politics and force.
OKR and KPI progress
Individual Objectives and Key Results (OKRs) are usually aligned with the company’s big goals. And Key Performance Indicators (KPIs) provide insights into how close individuals are in their individual OKRs, which reflects on their contributions to the company’s overall performance. Watch out for the fast workers. But don’t overlook the steady ones who may not be the first to meet their goals, but are able to complete them nonetheless.
Upward and manager reviews
Upward reviews are feedback from direct reports about their managers, while manager reviews are the feedback of managers on their team members. Here’s why looking at these types of reviews are important. Upward reviews will give you an idea if any of your managers are rising stars. At the same time, you’ll also be able to see how their direct reports give feedback, so you’ll have an idea who among them thinks critically, as well as what their perceptions of good leadership are. Meanwhile, manager reviews will give you insights of team members that are shining according to their direct manager. You’ll know who to watch and keep an eye on.
Given that evaluation systems make it easy to access this information, here’s how HR managers use these data to empower companies’ rising stars. There are also mini-case studies from Harvard Business Review.
- Measure in-role and extra-role behavior
In-role behavior refers to all activities within the scope of the employees’ job descriptions, and extra-role behaviors are those that are beyond the job description and call of duty. Rising stars have a tendency to exhibit both. They are amazing at their job, but they are willing to go above and beyond because they genuinely care about the business.
- Identify individuals who possess specific characteristics
Watch out for employees who have specific characteristics that are in line with your corporate values. This can be those who love volunteering, or those who consistently make efforts to upskill. These can also be the employees who speak out and are not afraid to make suggestions. These rising stars will be instrumental in forging the company culture you aim for.
Your rising stars will influence the growth of your business
Every resource has to be maximized and processes have to be as efficient to make your business competitive. Resource management has definitely proven to be difficult for most of 2020, but ultimately, investing in human resources can help your company stay on or rise to the top. Start with your rising stars.