XLRI Jamshedpur Executive Development Programme in Strategic Performance Management

The context of strategic performance management system Impact of business Strategy on performance management system Impact of Organisation life stage on the performance management system The impact of the leadership on overall Business & strategic philosophy on the performance management system (Evaluation vs. Development) The contribution of the top leadership in designing the performance management philosophy Sectorial analysis of strategic performance Management (Evidence-based approach) contribution of performance management system in strategic transformation of the firms

New Age Performance Management Approaches Purpose and process of performance Monitoring and Management How New Age Performance Management is more a Business Process (Ownership of Business in Performance Management) – Startup, e-commerce industry application-based business and others Creating startup culture in large organisations Performance management systems for remote work and hybrid teams Continuous versus Annual or Bi-Annual Outcome vs. Processed Base Performance Management System Fostering a culture of continuous feedback, learning, and innovation among employees, rather than a culture of competition, compliance or control

Models approaches to performance management Agile model: Setting short-term goals aligned with the long-term vision and strategy. Frequent check-ins and feedback sessions to monitor progress, address issues, and adjust goals as needed The coaching model: Managers are coaches. They need to develop the skills, competencies, and potential of employees by setting clear expectations, providing regular feedback, offering guidance and support, and facilitating learning opportunities. Managers should empower employees to take ownership of their performance and career development The strengths-based model: Identifying unique talents, abilities, and passions of employees. Create a positive work environment by recognizing and leveraging employee strengths.

Performance Planning and Goal Setting Align individual, team, and organizational goals using frameworks such as OKR (Objectives and Key Results) or SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) for Goals, Objectives, Target Setting and cascading them Process of arriving at effective performance objectives and expectations for different roles and levels – Balancing bottoms-up (employee expectations) and Top-down (Management or Organizational expectations) – Goals are set in collaboration with employees, rather than unilaterally Communicate performance goals and expectations to employees and solicit feedback Goal setting must be organizational as well as personal Goals must be developmental, constructive, and forward-looking, rather than evaluative, judgmental, and backward-looking

Performance Monitoring and Feedback Methods and tools to track and measure performance data Identify performance gaps and introduce interventions to address them promptly How to Provide Constructive and Regular Feedback – Using the COACH model Solicit and receive feedback from employees and other sources – 360 Degree

Performance Appraisal and Rating Performance appraisal methods and criteria for different roles and levels Conducting fair and objective performance appraisal interviews using the STAR technique Performance ratings using a rating scale or a forced distribution method Addressing biases and ensuring fairness in performance measurement by
measuring against an Organizational or Role based Competency Framework
Designing empathetic ratings, such as “learning new skills” (for the top performer learning new skills in a challenging project)

Cultural and Human Aspects in Performance Appraisal Handle difficult appraisal situations and deal with employee reactions Enabling performance by Coaching, Buddying and Counselling Managing underperformance and fostering a growth mindset Fostering a culture of continuous feedback, learning, and innovation among employees Encouraging self-assessment and self-directed learning

Performance Development and Recognition Identify areas of Improvement, L&D needs, and preferences of employees using different learning methods and styles Design and implement individual development plans (IDPs) for employees Evaluate the effectiveness of development activities using Kirkpatrick’s four levels of evaluation Compensation: Recognize and reward high-performing employees using various methods and incentives Page 6 of 11 Reinventing reward and recognition systems for the new age Non-monetary incentives and flexible rewards Recognition programs to promote motivation and engagement Linking performance management with career development and advancement Ensuring fairness and transparency in reward allocation

Implementation and Change Management Leverage technology – HR / People Analytics for performance management processes online platforms, tools, and systems to collect, analyze, and report performance data
Planning and executing the transition to new-age performance management Overcoming resistance and gaining buy-in from stakeholders
Training managers and employees on new performance management processes Monitoring and evaluating the effectiveness of the new system Continuous improvement and adaptation of performance management
strategies