How to link performance management and leadership development
A business faces a lot of challenges every day. A great leader understands the situation and finds the best solutions. Continuous leadership development will surely save you from the burden and sudden breakdowns. Especially when the seniors leave or a talented employee migrates to other organizations. Connecting leadership development and performance management allows companies to prepare their employees for both – current tasks and future challenges.
What is Performance Management?
Performance management ensures a high-performing culture in the organization. Managers and their teams work together on building the most effective work methodology. The process depends on continuous improvements. The most successful leaders know how to get the most out of their employees’ talents and achieve business goals. Some companies are still struggling to figure it out and we are going to help them. Managing team’s performance starts with training managers. They need to understand the potential of their team and every employee individually. That helps them to deliver a strategy for personalized learning. Their employees can achieve their professional ambitions and dedicate themselves to achieve company goals.
An employee who has joined the company recently may need some time to develop own learning strategies. A company can help with dedicated training, virtual learning sessions or mentorship programs. Experienced colleagues are the best teachers. All the materials used in training should be accessible from any devices employees use. So, they can learn at their own pace and in the most preferred way.
Challenges Faced By the Companies:
Many companies are facing several disruptive challenges, such as:
· Retaining the best and most promising workers.
· Losing their highly-skilled personnel due to competitors.
· Losing knowledgeable senior employees due to retirement.
· Finding the right people.
To overcome these challenges, companies should enhance their development processes to meet the present and future needs. They need to make sure that investments in training are made wisely and generates productive outcomes. Therefore, every company needs to find modern ways to develop their future leaders.
Methods to Enhance the Performance:
· Combining performance management with training. A company can monitor employee progress and find the best methods.
· Getting to know employees potential career paths and professional interests. This method can help in identifying the suitable person for leadership positions.
· Improve the retention and engagement strategies to build commitment.
· Once the performance is linked to leadership development, it enables employees to develop themselves in their own way.
Why should one invest in Leadership Development?
Here are some reasons due to which you might get interested in investing in leadership development.
1. Cost-effectiveness: If a company invests in leadership development program, it can train the current employees to take up strategic positions in future. It is less expensive than hiring new people. A lot of money would be required for searching an appropriate candidate. Conducting interviews and helping the new recruits to adapt to the new environment generates additional costs. In case the new recruit does not get adjusted, chances of leaving may arise. Therefore, it is better to train own employees rather than getting new ones.
2. Inspiration and motivation: An organization that invests in learning and development shows employees that their management cares about them. This can be an inspiring factor for its staff to perform in a better way.
3. Promotes culture: The training programs can reinforce the organization culture, values, and vision. They can bring future leaders on a common platform enabling themselves to develop for shaping the future of the organization. The programs provide ideas, enhances communication.
Few suggestions for the senior leaders to help in building the link
1. Become a role model and act like one: Be transparent when it comes to your own learning needs. Also, tell others how you have done that. Embrace vulnerability, if you show interest in learning, others will do the same.
2. Motivate people for learning: Don’t just talk about goals, go beyond that. Ask employees about their flaws, needs, ambitions, etc. Share feedback at every stage of the project. Appreciation is a great motivator. But you and your colleagues can achieve even better results when you explain them their weaknesses and invest your time in helping them with overcoming it.
3. Build strategies to support development: Managers know who needs improvements and in which areas. For high performers, you can build career tracks so they will get a clear picture of their future path in the organization.
4. Reinforce shared values: Ask your employees to link their everyday tasks and responsibilities with the organization’s value. They should understand why their work is important for the organization.
5. Consider flaws and issues as a way of learning and development: Never take failures too personal. Treat it as a lesson. Incorporate stretch assignments for your employees to help them develop without feeling the fear of making mistakes.
Once you link performance management with leadership development, your organization will become a learning organization. Employees will start enjoying their work and will always be excited to do special things. They will not restrain themselves to their specific works; rather consider the company’s goal as their own.