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Thoughts on OMD?
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Pro
Why don’t you hire Human Capital consultants?
We’re a cheap VC backed company bruhh, lol.
Chief
I've heard that scatter plots are an A+ performance measurement method
Performance, pay, and expectations should be reviewed at least annually openly with the reviewee and person ultimately responsible for reviewee within org. Performance and expectations should be formally reviewed at least monthly. Real-time reviews should always be given in the moment if possible and appropriate to the forum.
HR (or similar function) should compile as objective details, feedback or templates progression against expectations if possible. The call on performance and pay should be determined by a committee of the applicable cost center leaders (no less than two folks) and HR in attendance to call out blinds spots (age-ism, race-ism, etc) to protect the business
Depending on the size of org, HR should attempt to normalize performance distinctions—let’s be honest: not everyone is a top performer
The annual review should take a half-day for each group. Think 2 minutes per head based on feedback and KPIs collected. Make each cost center lead compile info on their team in a template that’s used enterprise-wide
Chief
Joking aside, a company I worked for ages ago had my favorite performance management system.
It was called monthly checkpoints. It was basically a monthly report card with a top line on track/off track rating and 5 categories where your manager rated your performance on a 1-5 scale. No narratives besides an overall comment field where the manager justified the overall ratings. There was also a midyear and annual rating, but those were just rollups of the monthly checkpoints. There was also a quarterly 360 rating using the same format, but it was submitted to your skip instead of your manager.
The rating components were standardized across the firm for level and job family, so all entry level SWEs, for example, were rated on the same 5 components.
I was a first level manager there and had a team of 6. It would take me about 2-3 hours all total to do my monthly checkpoint ratings for them, and that included digging through emails and whatnot to find evidence of their performance and such.
I don’t think there’s a way to do this both well and quickly. All companies that famously do this well make senior execs put a lot of time into it.
Of course there are ways to be more efficient and less efficient. But not to do it quickly