Establishing Performance Management System

Background

  • A highly profitable NBFC which has grown rapidly
  • Organization needed a robust tool to align goals & objectives
  • Performance evaluation hitherto was based on judgment
  • Absence of a systematic tool to monitor & evaluate performances
  • Designed a company specific PMS Process with Focused Themes
  • Jointly evolved overarching goals & targets for the financial year

Actions

  • Established SMART methodology to focus on key deliverables
  • Created functional goals & cascaded them into individual KRAs
  • Defined Key Performance Indicators (KPIs) for assigned goals
  • Built Trackers, Milestones, Review Parameters
  • Linked PMS with Reward & Recognition Process

Outcomes

  • Established a performance culture in organizations, conclusively identified high performers and organization-wide learning needs

Success Factors

  • Ongoing Communication & Involvement
  • Early employee buy-in
  • Quantifying actions and results
  • Clear timelines, continuous follow up

(Successfully implemented it in 16 diverse organizations including Manufacturing, Engineering & Service Sectors)