.JPG)
Performance Management
Vs
Performance Alignment.
Prasanna .Sap
Performance
Management
Performance management refers to the process of systematically setting goals, measuring progress towards those goals, and taking action to improve performance. It involves a variety of activities, such as setting performance expectations, providing feedback and coaching, conducting performance evaluations, and identifying development opportunities.
The main goal of performance management is to improve organizational effectiveness by ensuring that employees are working towards common goals and that their performance is aligned with the overall objectives of the organization. It also helps to identify and address any issues or problems that may be affecting performance and to recognize and reward high performers.
Effective performance management can benefit both employees and organisations by promoting transparency, accountability, and continuous improvement. It can also help to create a positive work culture that encourages collaboration, innovation, and growth.
Employee
engagement is defined as the degree to which employees are committed to their
employer, passionate about their work and invested in the company’s success
WHY IS EMPLOYEE ENGAGEMENT IMPORTANT?
Employee engagement reduces turnover
If
your employees don’t care about their work or your goals, they’re not going to
stick around. Actively disengaged employees are 12 times more
likely to quit than their engaged colleagues. What’s worse, employee
turnover creates a ripple effect. Your top performers know their worth and can
easily get another job — 53% are confident they’ll
find a comparable position within six months. If your best people start to
leave, the rest of your team will look around the office, wonder “What am I
missing?” and pack their things.
Improving
employee engagement encourages individual contributors to invest in your team,
helping you retain top talent. In fact, a highly engaged workforce has been
shown to decrease turnover
by 25-59%. If you’re currently experiencing high turnover, get in front of
a mass exodus by figuring out what is driving people away and how you can
improve
Employee engagement improves customer satisfaction
Organizations
with engaged employees experience a 10% increase in
customer rankings and a 20% boost in sales.
Why? Engaged employees believe in your company, value your product and are
passionate about the work they do. This translates into unparalleled customer
service in which employees go above and beyond for the people they serve.
Customers
pick up on engaged employees' excitement and passion, which influences their
buying decisions. One study found
that customers of companies with engaged employees use their products and
services more frequently and were more satisfied than customers of companies
with disengaged workforces.
Employee engagement increases profitability
It
makes sense that companies with employees who work harder, serve customers
better and stick around for longer are more profitable than organizations with
disengaged workforces. Consider the above three benefits: reducing turnover
cuts down on the cost of hiring new employees; improved productivity means more
business-driving products, ideas and strategies are developed; increased
customer satisfaction leads to more sales. All of this drives
profitability.
A
highly engaged workforce infuses passion and energy into every corner of your
business, generating higher profits in return
Conclusion
Engaged
employees are the key to a successful business; a highly engaged workforce has
been shown to boost retention, productivity, and profitability rates, among
others. Engaged employees also go the extra mile, using discretionary effort to
do more than their job description requires. They possess an owner’s mentality;
they’re actively invested in the organisations long-term success and believe
their day-to-day responsibilities positively contribute to how the company
achieves its goals.
Reference
Buit In. (2019, 12 18). WHY IS EMPLOYEE ENGAGEMENT
IMPORTANT? Retrieved 11 22, 2020, from Buit In:
https://builtin.com/employee-engagement/why-is-employee-engagement-important
Sridevi , S. (2010). Employee Engagement: The Key to Improving Performance. International Journal of Business and Management, 5(12), 89-115. Retrieved 11 22, 2020, from http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.466.1591&rep=rep1&type=pdf
Image Source - https://www.forbes.com/sites/brentgleeson/2017/10/15/5-powerful-
steps-to-improve-employee-engagement[Accessed on 10th March 2023]
.JPG)
A very informative article on employee engagement
REPLYAn interesting article about employee management. You have clearly described how important employee engagement is for an organisation.
REPLY