5 Reasons to Invest in Performance Management Right Now

Table of Contents

In lean times, performance management is often seen as a tool for things such as redundancy. But it can also be at the centre of business survival and growth.

Performance management, done well, enables your business to capitalise on strengths, and identify and tackle weaknesses. In boom times, this is good news: it keeps you moving forwards, mapping talent for the future, and effectively applying oil to the wheels of productivity. However, in trickier times, like now, performance management often takes on a new persona. It’s seen only as a tool for things such as redundancy. Yet, used effectively, performance management can be at the centre of business survival and growth in lean times. 

Here are our top 5 reasons why your organisation should in invest in performance management right now:


1. Engage Employees


Downtime can spell disaster for employee engagement. And without excellent levels of engagement, you can’t hope to weather the storm of the hard times. You need all employees pulling on the ropes, getting you to calmer waters. Disengaged employees aren’t productive employees, and they also have a tendency to leave, taking their skills with them.

During downtimes, employees have a tendency to keep their thoughts quiet. It’s a case of keeping their head down. This is even easier for them at the moment, likely hiding behind computer screens, by working from home. However, you need to know what’s going on for them so that you can get the best from them.

How does performance management help? Performance management identifies employee disengagement and uncovers why. This is invaluable information which enables you to re-engage employees and get them highly productive once more.


2. Reduce Unnecessary Costs


Unfortunately, many businesses currently need to use redundancies as a way to cut costs so that they can, hopefully, survive this difficult time. Open any newspaper and there are tales of new redundancies on a daily basis. 

It’s not a pleasant process, and it’s far from easy to do legally. Given that redundancies are often required for financial reasons, the last thing you want to happen is getting into hot water because they haven’t been carried out legally. The latest ONS data shows that disabled employees have currently got higher than average redundancy rates. Given that unfair dismissal and discrimination employment tribunal awards can run up to tens of thousands of pounds, struggling employers cannot make mistakes with redundancy.

How does performance management help? Performance management enables you to fairly and robustly identify poor performers and track efforts to rectify this. Whether due to straight-forward performance issues, or ranking for redundancy, performance management makes things fair and documented.


3. Communication in the Cloud


One issue that many businesses are facing, with an increase in the number of employees working remotely, is that communication on the big issues is floundering. It’s taking enough effort to get the details of everyday business life in hand, let alone communicating about career ambitions and talent mapping.

How does performance management help? Right now, it’s easier than ever to get powerful, insightful and cloud-based performance management tools to make communication about the big issues easier. With transparent and straightforward communication between managers and employees, time isn’t wasted on missing communication. 


4. Drive Retention and Productivity


During tougher times you need to hold onto your valuable talent, and you need that talent to be productive. Performance management is the key to showing your employees that you are interested and invested in them, challenging them to better themselves. Providing timely and useful feedback is welcomed because it gives insight.

How does performance management help? Without performance management on a continual basis, employees can feel invisible. Their goals and aspirations can feel unheard. Performance management instead lays out the plan, defines goals, and tracks progress. Employees benefit from performance management systems that enable them to see their future with you, and they’ll productively work towards your shared goals because they are actively motivated.


5. Priorities Matter Right Now


At the moment, businesses need to be ruthless about what really matters. Whether you’ve got team members on furlough, or there just isn’t the cash flow for everything you want to do, teams need to be able to prioritise with razor sharp focus.

The problem is – how do teams identify their priorities? Performance management can give clarity to team goals, as well as identifying the strengths and weaknesses that impact progress. It’s not just about getting the job done, but getting it done well.

How does performance management help? Performance management puts data and facts behind goal-setting. Value is actively driven across teams as a whole. And you can measure it too, with KPIs.



When the going gets tough, performance management is a prerequisite for getting through to the other side with as few battle scars as possible. 




Get a Free Bridge Demo >>

More Blog Posts >>

Picture of Akash Savdharia

Akash Savdharia

Akash is an entrepreneurial technology executive with over 10 years of experience bringing SaaS products to market that solve impactful data-driven problems. Prior to joining Bridge, Akash was the co-founder and CEO of Patheer, an AI-powered talent marketplace to help companies grow and retain employees by empowering them to discover new career paths and opportunities internally. At Patheer, he drove the company's vision, strategy, and products, which revolutionized the enterprise talent and career mobility space. In September 2020, Learning Technologies Group acquired Patheer to bolster its product and technology expertise in this fast growing market. At Bridge, Akash is the Vice President of Talent Solutions, and continues to drive the vision, growth, and strategy for skills and talent mobility.

Table of Contents

Latest Blog Posts
How to Make a Career Development Plan That Sticks (In 3 Simple Steps!)
How to Make a Career Development Plan That Sticks (In 3 Simple Steps!)
You won’t find many people disagreeing that employee development is a central concern for HR teams and...
Read more
Gamify Employee Training and Skills Development Using Bridge’s Skills Discovery Cards
Gamify Employee Training and Skills Development Using Bridge’s Skills Discovery Cards
If you’re anything like the respondents to the Bridge-sponsored “Future of Upskilling and Employee Learning...
Read more
Improve Your Skills Strategies: 6 Ways of Harnessing the Power of Collaborative Learning
Improve Your Skills Strategies: 6 Ways of Harnessing the Power of Collaborative Learning
Training programs are most effective when they’re engaging and interactive. That’s why, according...
Read more