A new shift has been underway that most startups are recognizing. Competing in today’s digital business environment demands a new approach to performance management.
Performance management has long been overdue for a revolution, and digital is the way forward. Its future is now rooted in data, in being flexible, continuous, and development focused.
Technology-enabled, continuous performance systems are driving today’s successful HR transformations.
As annual reviews fall out of favor, their replacements are more agile performance review strategies. This allows for frequent communication about performance between supervisors and employees.
And let’s be real, annual reviews have needed an overhaul for a while now. It is difficult to collate and keep track of different feedback. These reviews are not usually reflective of a holistic evaluation of the year. It ends up being bits and pieces of different elements.
How can employees thrive when there is no real-time management and feedback? How do you give them a running start towards professional development, while still addressing key issues at hand?
Develop a roadmap for development
The first step in developing a continuous performance management system is to start with a baseline. Having a strategy based on objectives and key results (OKR) is beneficial because it gives both employee and employer a level playing field.
Expectations are set and communicated and there is little confusion or misunderstanding. OKR allows employers to put in place coordination in a startup. It also ensures accurate communication and establishes indicators to measure success.
Establishing a culture of goal setting aligns the entire team to work towards the key driver – “growth”.
A 360-degree performance review that integrates OKR into it gives employees a new way to understand their place in organizations. This is especially salient in a start-up context. Roles may be more fluid and there is rapid growth, so employees need to be able to adapt quickly to new settings. The 360-degree model gives them more understanding of how their work is being viewed.
What is the role of real-time feedback?
Running a startup can be tough – trust me, I know. Tensions run high, management can sometimes be difficult. Especially when you’re promoting more junior members to senior positions.
The transition can be tough, both for employees and employers as these new roles come in. This is why real-time feedback is so important in implementing an OKR strategy. Its main goal is to help a team focus their efforts and move in the same direction to succeed.
Combined with instant feedback, this strategy helps improve efficiency in job roles. This also builds a more focused and engaged workforce. Increase employee engagement and retention by creating a culture of appreciation. I’ve seen firsthand how transformational this can be for startups, and we built Dockabl with this in mind. For example –
- Dockabl allows easy setup and delegation of goals for seamless week-on-week execution while keeping an eye on your long and short term strategy. Because when people are open to feedback, communication flows improve.
- Dockabl’s review module keeps you connected to the process in real-time. Whether it is the status or communication with other stakeholders. It also allows mid-review changes in the simplest way.
Today’s technology wires us for instant feedback. Millennials always want to match their cadence by setting aggressive, short-term goals. This is why the feedback module works great for collecting and soliciting feedback anytime, anywhere. You don’t have to wait to launch and receive feedback. This works great during project catch-ups and presentations.
The role of peer to peer recognition is also important to recognize here. We know that employees feel much better when they get recognized by their peers. But how do you do that in a meaningful and tangible way?
Dockabl allows calling out value badges with a simple #hashtag along with the points, images and more while recognizing peers. You can also customize the experience to match your organization’s style.
One of the larger issues with the current performance management is that there are no real ways to measure goals and objectives. Sitting down every once in a while isn’t that helpful, whether it’s a large team or small. Goal progress is important because it gives employees a signpost for how they can progress and develop. It helps you and your team keep the momentum and intensity high. Dockabl allows you to update progress on objectives & key result areas via the on-going check-in feature.
Why is this important? Because performance management can no longer stick to its one-size-fits-all roots. Customizing a review process for employees ensures that it is in line with company culture, and it is you. Plus Dockabl’s review wizard helps recreate a variety of your best review practices online. With our Reviews module, translate any philosophy, which means you can meld best practices and your own unique culture to build a process that is reflective of these two worlds.
Dockabl allows feedback to be provided in a free-flowing or via pre-defined questionnaires. Translate complex frameworks into comprehensive forms accessible to all. You can create a performance management system that is positive, collaborative, and accessible from anywhere.
Another major flaw of performance management is the secrecy that goes around it. Reviews are shrouded in secrecy. No one knows how the other is doing, and it can often lead to a stressful work environment. By bringing in transparency, you can show that the system is fair, and so that everyone feels like an equal.
Every OKR at any level in the startup must be public. It is necessary to help you know what matters and what everyone else is working on.
Dockabl helps manage people & resources in real-time by keeping the lines of communication always open. This way you build an environment where you foster discussions.
You can create a performance management system that works for your people – not against them.
We’ve created a simple system that allows co-workers to receive and provide timely help by sharing development insights. By linking it to a project, skillset or behaviour, feedback can have a real tangible impact on professional development and start meaningful conversations between employee and employer. Learn more here.