With the financial year coming to an end, most organizations are conducting the evaluation process in this crucial time.
The focus of an organization’s workforce is not only individual career growth but the growth of the organization as well. And it is the duty of the organization to monitor this growth and ensure that the workforce is rewarded accordingly. An integrated online system adds to this process, what is required for it to function like a well-oiled machine.
With the help of an online system, the evaluation procedure is in terms of the objectives given to team and how well have they worked upon the same and whether or not they have reached their goal. Another type of evaluation is in terms of the feedback of a particular employee from the organization or even their peers, which is an effective way for the organization to assess their performance.
Increasingly what is getting popular is the self-evaluation by the workforce. Once done, the employees and the management can discuss the evaluation. This discussion can be extremely insightful in terms of understanding what the resource believes he or she adds to the organization. Once the performance evaluation of the workforce is complete, the task of the organization begins, which is rewarding the workforce – which in-turn results in better retention.
The HCM tool can help the organization in terms of creating a compensation plan. Usually, the workforce is rewarded in terms of awards, hosting special days for appreciation, conducting office parties, giving the workforce annual or quarterly or ’on spot’ bonus. Also, organizations can encourage the employees by providing ‘gold stars’, praising them verbally, or even providing micro bonuses. It would also be a great idea to have an in-house microsite where the employees can congratulate, thank or applaud colleagues on everyday accomplishments.
This would help to keep morale high and also encourage employees to perform their best every day.
Hence, this is how an organization can create a culture of recognition that exists not only during the time of evaluation but all year round!
PeopleWorks solution has a dedicated Talent Management Module that eases out this process with its many features that simplify this massive task.