http://www.smbceo.com/2007/08/31/how-to-implement-a-performance-management-system/ Resources and Knowledge for the Small Business CEO Wed, 01 Feb 2012 18:36:43 +0000 hourly 1 http://wordpress.org/?v=3.2.1 http://www.smbceo.com/2007/08/31/how-to-implement-a-performance-management-system/#comment-1244 EJMalyn Fri, 07 Sep 2007 23:50:35 +0000 http://smbceo.com/2007/08/31/how-to-implement-a-performance-management-system/#comment-1244 My thought on this. Communication is the keg word...no real communication...the above 3 do not work. My thought on this. Communication is the keg word…no real communication…the above 3 do not work.

]]> http://www.smbceo.com/2007/08/31/how-to-implement-a-performance-management-system/#comment-1138 Steve Blue Sun, 02 Sep 2007 13:38:49 +0000 http://smbceo.com/2007/08/31/how-to-implement-a-performance-management-system/#comment-1138 You are missing one crucial element in what is otherwise a very comprehensive review of the process. Money. Always tie the system into a variable reward, based upon how the company is doing against its profit budget for the year. No other measurement has any real value. In my company, every single employee gets, or doesn't get a substantial year-end bonus based upon reachcing profit objectives. And we report where we are to all employees every month. That really gets people thinking about how to improve the profit number. You are missing one crucial element in what is otherwise a very comprehensive review of the process. Money. Always tie the system into a variable reward, based upon how the company is doing against its profit budget for the year. No other measurement has any real value. In my company, every single employee gets, or doesn’t get a substantial year-end bonus based upon reachcing profit objectives. And we report where we are to all employees every month. That really gets people thinking about how to improve the profit number.

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