How can we make sure performance management drives business growth?
During the economic crisis, leaders relied heavily on ‘classic’ business improvement levers such as cost-cutting and setting aggressive sales targets.
For businesses that are now looking to achieve new growth organically, performance management can help. Global research by Hay Group has found that 52 per cent of leaders see performance management a key driver of business performance.
However, to deliver growth, performance management must become more strategic and take into account the organization’s culture and how this helps – or hinders – business performance. Yet our research has found that ninety per cent of firms fail to align performance management with their strategy and culture.
Read the executive summary of our latest research >> The business of performance management
Strategic performance management
Truly strategic performance management makes the connection between strategy and culture, so that employees are motivated in the right direction – and have maximum impact on business performance.
A model for today – new thinking
The Hay Group approach to performance management is based on the belief that existing models are not working effectively. Our research has revealed that as many as 40 per cent of managers fail to use their performance management approach effectively.
Our new model helps business leaders to get greater value from performance management - and ultimately better business results. We make sure that each organization’s unique culture is reflected in its performance management approach and that it really does connect to strategy in a clear and meaningful way by:
- clarifying how to achieve growth targets at different organizational levels
- using performance management to reinforce delivery of strategy
- understanding how culture can be used to help drive business performance.
We can help you deliver superior business results by creating a strategic performance model that is unique to your organization. Read more about how to create high-performing organizations in Connecting the hard and soft