Objectives and Key Results (OKRs for short) are changing how companies define and communicate success. Why not have a read through our free beginners guide to OKRs to get more information on how you can align and grow your company.
If you’ve read my previous two blogs, you’ll be familiar with my thoughts on why investing in performance management is so important – and yet why you should think twice about how your organisation is using ‘traditional’ PM and the elements it involves. Of course, it’s in poor taste to critique a system without presenting an alternative to take its place, and this article aims to do just that.
Proposing the Future
In my recent research paper – which I’m aware some of you have now read – I wrestled with what I knew about great performance management in order to propose a new, more efficient and far more effective system. During this process, I discovered that the most amazing, fantastical performance management systems all had something in common – in fact, they had nine ‘somethings’ in common, and I’d like to share them with you so that you can take away from this article nine key pieces of information which will hopefully inspire your own performance management overhaul.
The nine key elements are:
- A clear set of shared values which are deeply integrated into the way the business operates and how it manages and leads its people
- A shift to a growth mindset – the deep belief that a person is capable of more and the support to become that
- A wide use of coaching to encourage empowered thinking and action
- Direct line-of-sight between company goals and individual actions
- Feedback that is delivered in real-time
- An honest dialogue around on-going fit and the development of capability for future performance
- No rankings or gradings
- A simple, agile & transparent system to facilitate great performance
- Refusal to ignore genuine underperformance
Some of these elements you may feel familiar with, whilst others may have never crossed your mind before – or they’ve seemed too far out of reach.
In my experience, condensing the elements into just a few words is no easy task when there’s so much to impart on businesses and professionals – however, it would be rude not to share! That’s why I’ll be releasing individual blogs on each of these elements, and updating this introduction in the process. That way you can start to think of the There Be Giants blog as your own personal guide to building a fantastic performance management system
Join me for my next article to discuss the first of the nine elements – clear shared values – and remember to visit regularly for the latest updates to this article series. Until then, please don’t hesitate to get in touch with any questions or discussion points; it’s a topic I’m always enthusiastic to talk about.
If you’d like to find out more about the changing world of performance management, please feel free to download my recent research paper, available over on my website.