The Elements

By Andrea Schlapia   |   August 4, 2015

Which is Better – Performance Management or Performance Reviews?

Categories: Blog, Human Element, Performance Evaluation

Performance Reviews

Feeling like your team is disengaged, lacking motivation, or merely showing up to put in a few hours of work each day? The problem could lie in your performance evaluation system. Effective leadership is often overlooked as emphasis is placed on the annual performance review. You can take your firm to a higher level of standards and accountability by burying annual reviews and adopting a targeted performance management system.

Active leadership encompasses a continuous learning and development program with mini reviews throughout the year. Performance management is an essential tool for top performing advisory firms. This requires time and effort, but will improve overall effectiveness and can increase positive outcomes.

Why Annual Performance Reviews Don’t Work

Annual performance reviews have become a habitual line item in employee handbooks; promising team members one review each year. For most, it’s a dreaded process that is done only out of obligation or outdated processes.

Annual reviews are typically based on a scoring system that provides no direction to employees or the firm. They fail to encourage personal development, damage trust in the workplace, and don’t harmonize with the vision, mission, and goals of your firm. Additionally, annual performance reviews hinder the opportunity for managers to provide constructive and valuable feedback that will encourage team member growth.

Benefits of Performance Management

Performance management systems will:

  • Encourage personal and team development
  • Provide a roadmap for intentional success

 Performance management will strengthen the foundation of your firm by:

  • Ensure goals are consistently met
  • Provide focus on fundamental areas in your firm
  • Clarify job expectations and responsibilities
  • Improve communication
  • Compel employee behavior to align with your firm’s mission, vision, and goals
  • Enhance employee engagement and productivity
How to Implement a Performance Management System

The process of implementing a performance management system is highly detailed.  Here are a series of steps to get you started:

  1. Update job descriptions that include the purpose, duties, and responsibilities
  2. Set performance goals that are measurable
  3. Prioritize each job responsibility and goal
  4. Define performance standards for each component within the job description
  5. Schedule meetings with employees to review performance and provide feedback
  6. Document a record of performance
  7. Implement a learning and development program readily available for employees
  8. Incorporate the opportunity to gather feedback from employee peers and/or clients

Encourage human resource departments, managers, and supervisors to be accountable for performance improvement.  All components in your firm are part of a system that creates value for your clients. The same holds true with a performance management system in that all components must be functioning to create value for your employees and the firm.

 

 

Request more information from the Ironstone team or join the Ironstone – Financial Industry Professionals Practice Management Group on LinkedIn and start a discussion.

The foundation of our Performance Coaching and Consulting Programs are based on Ironstone’s Fundamental 4™, which is essential to design, develop, and sustain a successful business. Our ultimate goal is to help you avoid trial and error; shifting your mindset to launch your process of intentional change. [LEARN MORE]

Photo credit: ©iStock/Getty Images/Thinkstock

 

 

 

 


Andrea Schlapia
Organizational Development and Human Capital

Andrea Schlapia, RCC™, HCS, sHRBP, is the Founder and CEO of Ironstone, which represents the culmination of her 20+ year career within the financial services industry. Her experience began as a financial advisor evolving into a consultant coach for advisors entering the field. This ignited her passion to support others through learning and development of best practices in order to achieve substantial results. To this end, she followed her desire into positions of senior-level practice management specialists for Dreyfus, Prudential, and DWS Investments prior to the realization of Ironstone.  Andrea’s focus is on practice management strategies to enhance and improve both business and personal life.

Andrea identifies 4 key performance areas known as the Fundamental 4™, which are required to design, develop, and sustain a successful business. Through coaching sessions and speaking engagements, she captivates her audience with interactive, high-energy presentations which are built with “how-to” strategies resulting in real-world implementation for significant impact. Andrea has been featured in multiple publications and audio broadcasts as a specialist and distinguished spokeswoman in the financial industry.

Learn more...

Leave us a comment, get our blog posts delivered by email, or email the Ironstone Team.

Post a Comment

Your email address will not be published. Required fields are marked *

We would love to hear from you!

  • This field is for validation purposes and should be left unchanged.

Contributors

Andrea Schlapia
Organizational Development and Human Capital
Connie Deianni
Mentoring and Employee Engagement
Guest Blogger
Practice Management
Dr. Heidi Maston
Organizational and Educational Leadership
Judith Bowman
Business Protocol
Laura Garfield
Idea Decanter Co-Founder
Mighty 8th Media
Strategic Partner
Nicole Anglace
Special Projects
Ruthann P. Lacey, P.C.
Elder and Special Needs Law
 Scott D. Calhoun
Legal Counsel
Sharon Gottula
Idea Decanter Co-Founder
TailorMade
Strategic Partner
Ironstone
Practice Management
close

Contact

Thanks for your inquiry!

We will be contacting you shortly. In the meantime please feel free to connect with us on social media and explore our blog posts.

Ironstone understands the importance of protecting your privacy. We will not sell, rent or give your name or address to anyone.

Latest Blog Article

Reflections on the ‘Fearless Girl’ Statue from a Fearless Girl

If a photograph is worth a thousand words, seeing the Fearless Girl statue bravely facing off against the powerful and iconic Wall Street Bull certainly doesn’t disappoint. When I first saw this photo, it immediately brought several powerful words to mind. Fierce. Strong. Empowered. Determined. Seeing her inner strength as a confident youngster was very […]

Read More>