Posts Tagged ‘annual reviews’

In our last post we discussed the first two areas where savvy organizations are helping newly hired Gen Ys enter the workforce – – –

A) Getting them contributing (and feeling valued) very quickly and

B) Establishing clear standards for behavior so the new hire fits into the culture.

Now we’ll talk about the third area where Gen Ys sometimes need help – – – building good people skills.

C) People skills – These are hard to change because they are deeply intertwined with how we see ourselves, the world and other people.  People skills are formed, and then selectively reinforced, throughout life.  But people can change.  I have found that annual classes teaching proven inter-personal techniques for everyone is a great idea and are most effective if taught in a lighthearted, humorous style.  Humor relaxes us so we lower our defensive guards and become more receptive to new ideas.  There is evidence that such training can bring about lasting changes in how we relate to others if those changes are doable, result in better relationships and are continually reinforced.  So enlightened organizations are providing new Gen Ys with both training and with frequent nudges that reinforce the good behavior and correct the areas where they need to improve.

Frequent Feedback

Actually, that is a key point across all aspects of working with Gen-Ys:  frequent feedback. Tell them what they did right or wrong and how to improve. Our Gen Y students have told us:

  • “I cannot believe my boss waited for a year to tell me about 2-3 things I was doing wrong!  I could have been improving since I first got here but I had no idea I was doing those things wrong.  What a stupid process the ‘annual performance review’ is here.”
  • “Nobody says squat around here about what we do right or wrong until the ‘review’ and that only happens every calendar quarter if we are lucky.  I’d like to hear every month what I am doing right and wrong.  Then I can do something about it.

This need for frequent feedback goes back to the issues we discussed in Part 1 of this series of posts:  an ego that needs frequent reinforcement from others in order to feel secure.  So for the first six months, sit down every month with each new employee’s mentor and ask about the employee, how others feel about them, how well (or poorly) they are working with others, early strengths and weaknesses that may be emerging, etc.  Then meet one-on-one with each new employee, and discuss how they see themselves, their progress, fears, suggested improvements, etc.  And here’s a technique I’ve used:  schedule the 2-hour employee “performance discussion” at 4 pm on a Wednesday (“hump day”) and then continue the chat for an hour at a nearby bar or lounge where a medicinal glass of merlot or a beer will bring out the Gen Y’s real thoughts about the organization, him/herself, processes, procedures, and becoming a valued member of the team!

Choice of a Mentor/Boss

The choice of mentor is crucial but the first boss is even more so, impacting a new employee’s career perhaps more than anything else.   A poor communicator and/or insecure, overly judgmental boss can drive a new hire out the door for greener pastures.  Unfortunately, it has been our experience that the older the boss is, the more likely he/she is to make snap judgments about people and, hence the more dangerous is their assignment to supervise a new Gen Y employee fresh from college.  The difference in peoples’ perspectives usually increases with the age gap and if too wide, the two generations may not be able to relate well and no rapport is established.  Gen Y behaviors, while age-appropriate, may then trigger irreversible impressions and inaccurate conclusions in the boss’s head.  Gen Ys are still very much a “work in progress” when they leave college and often for 3-5 years after that.  Give them an initial boss who sees them that way and will help gently shape them properly.

Arranging for new Gen Ys to initially work with other Gen Ys initially also makes for an easier transition than immediately assigning them to multi-generational teams, but emphasize from the start that working well with others of all ages, not just with other Gen Ys, is essential to being promoted and given more responsibility (and more fun assignments) in the organization.

When a new person of any generation joins an organization, an unwritten agreement is formed.  Each party agrees to do their share in making the “marriage” work.  So far we have talked about what the organization can do for the new Gen Y worker.  In the next post we will talk about what the newly hired Gen Y person must do to ease the transition into that new job.

Copyright: Solid Thinking Corporation

We all know the demands of starting up and running a business. With so many things to focus on, delegation and prioritization become important from an early stage. But many entrepreneurs mistakenly give low priority to talent management practices, relegate them to an HR administrator or even ignore them altogether, thinking they’re unimportant administrative activities.

Before we look at why that’s a mistake, let’s start by defining what we mean by talent management. Talent management encompasses the set of management practices and processes that support employee performance, development and recognition, throughout the employment lifecycle, from hire to retire. Talent management includes things like: job descriptions, goal setting/alignment, performance appraisals, competency assessment, employee development, compensation management, succession planning, etc.

Here’s why talent management is so important.

Good Talent Management = Better Business Results

More and more research is showing that mature, integrated talent management practices have a direct impact on corporate performance.

  • The Hackett Group recently reported that companies with more mature talent management capabilities have on average18% higher earnings, 54% greater net profit margins, and greater return on equity and assets than those without mature capabilities.
  • The Aberdeen Group’s latest research finds that companies who integrate their talent management processes see significantly greater performance gains, and can measure a correlation between their talent management efforts and business operational results.
  • IBM, HCI, IDC and others have shared similar findings.

When you think of it, these findings are not all that surprising. At their core, talent management practices are designed to help you get the most out of your only sustainable competitive advantage, your workforce.

Keep Your Employees Engaged and Productive

Study after study has shown that to be engaged and productive, employees need to have:

  • Clear goals and know what is expected of them in their work;
  • Regular feedback about their performance, what they are doing well and areas for improvement;
  • Opportunities to develop, prepare for career progression and address skill gaps.

We’re also hearing almost daily that employee engagement is at an all time low.

Good talent management formalizes the practices that ensure employees have what they need to be engaged and productive. It includes the setting of SMART (specific, measurable, achievable, relevant, time-bound) goals, the identification, assessment and development of competencies important to the role as well as to the organization, and the assignment of development plans to expand knowledge, skills and experience. It also provides employees with regular, formal and informal feedback on their performance and encourages an ongoing dialogue on performance between the employee and their manager. All of these management best practices are known to foster higher employee performance, productivity and engagement.

Align Your Workforce

Simply making sure your employees have SMART goals isn’t enough. Effective talent management helps you align your workforce by tangibly linking each employee’s goals to the organization’s higher-level goals, mission and values. This gives every employee much needed context for their goals and helps them how their work directly contributes to organizational success. For the organization, it ensures that everyone’s efforts are focused on achieving the organization’s mission, vision and values, not just completing tasks and collecting a pay check.

Develop Competencies as a Competitive Differentiator

As business cycles shrink, and products and services become increasingly commoditized, your people become your only sustainable competitive advantage. Given this reality, it becomes all the more critical to identify the key competencies that differentiate your business, and cultivate these in your employees. Integrated talent management practices use competencies as the foundation for job descriptions, performance appraisals, development activities, and succession plans, and foster their continued development. In this way, they help your organization ensure its competitive advantage.

Identify and Retain High-Potential, High-Performing Employees

Identifying and investing in developing and retaining your high performing, high potential employees is key to your organization’s continued success. Even in tough economic times, retaining these employees can be a challenge. Talent management practices help you to more objectively and accurately identify your high-potential and high-performing employees, and then challenge, reward and develop them, so they remain happy, engaged and loyal to your company.

Identify and Address Performance Gaps

If you don’t know what your company’s weaknesses are, how can you address them? Mature, integrated talent management processes allow you to effectively identify and measure performance gaps by evaluating employees’ performance of goals and demonstration of key competencies. Armed with this data, you can take action to address performance gaps at the individual, departmental or organizational level, and then monitor the effectiveness of your actions in terms of improved performance. Identifying and addressing performance gaps in this way helps you to foster a culture of continuous improvement and development. It also helps prevents performance challenges in any part of the business from going unnoticed or unaddressed.

Drive Focus, Accountability and Efficiency

Having mature, integrated talent management processes help keep individual, group and organizational performance at top levels. Everyone is accountable for their personal goals, competencies and development plans, as well as those of the organization. It encourages everyone to regularly discuss progress, opportunities and challenges and improves focus, accountability and efficiency.

Conclusion

As entrepreneurs, we’re all focused on the success of our business. By ensuring our companies adopt talent management best-practices right from the start, we set our employees and our business up for success.