Take a minute and think about what your business was like 10 years ago. How much has your team changed? Is your team more diverse? Have you ever thought or maybe even said aloud, “this new generation doesn’t know anything about hard work?” Would you have even considered allowing some or all your team to work remotely? I’m sure you will say your business is very different from what many of us “grew up” in.
Now ask yourself, would your company have survived COVID-19 if it hit 10 years ago? What have we learned from this latest generation of workers that helped get us through this pandemic? Technology played a huge part in how well we’ve adapted to the pandemic working conditions; however, we cannot minimize how important it is to have a generation of workers not only capable of working in these conditions, but also thriving.
Now take a minute to think about how you are leading and managing your company. Has it changed as much as the workforce? Chances are it has not. Is your team performing as well as you think they should? Chances are it is not. As we near the end of Q1 2021, it’s time to re-evaluate performance management with the future workforce in mind. Our teams and companies are craving these changes.
The future of performance management lies in building a company culture that thinks and acts owners and then rewarding those that embrace that culture. It is frightening to think you have that much responsibility. Your performance management system should very clearly support the culture you want to build. John E. Jones summarized this concept very well, “What gets measured gets done, what gets measured and fed back gets done well, what gets rewarded gets repeated.” Now it’s just up to you to determine what gets measured and rewarded.
Follow us over the next few weeks as we provide insights into the 5 Steps to Build a Better Bonus Program that will help you build your culture while increasing profits.
- Measure Success
- Link to Profitability
- Feedback
- Transparency
- No Limits
