The overall PMS process can be divided into 3 broad categories
- Performance Planning
- Review Process
- Rewarding
Performance Planning
This is evolving from an annual to monthly or quarterly KRA setting process as businesses are becoming more agile / dynamic.
The KRA’s set will also be holistic and multidimensional and not limited to one’s own department or individual targets. Goals will be linked to business priorities.
Review
This will evolve to be more timely, regular / ongoing, on the spot. Managers would need to strengthen their relations beyond the existing dyadic mode of working.
Appreciative inquiry will be the new focus area and it is expected that managers will be able to coach and mentor team members beyond just giving feedback. Employees will be encouraged to take more risks and mistakes will be appreciated as it builds a culture of trust and learning.
Rewarding
The focus will shift from individual brilliance to collaborative team work. Team based rewarding mechanisms will take over the normal R&R process.
Recognition will be timelier and distributed in a manner that will be a motivation beyond the compensation e.g. additional flexi benefits, training opportunities etc.
In addition to the monies, RSU’s, Stock options and opportunities for growth will be provided to focus on long term retention.
Performance related aspects are seeing a drastic shift from just a 90o interaction to a full circle 360o feedforward discussion from all stakeholders. Technology and AI help make the entire experience ‘right here right now’. This helps remove the feeling-based interpretations and make it more objective.
Anecdote
Among all the fascinating myths and legends that surround the existence of Taj Mahal, there is one in particular that is the most grotesque. This legend tells the tale of the craftsmen who, one day were marvelling at the stunning creation they crafted out of their own hands, and the other day were wondering why their own hands were dismembered. Why?
According to the myth, it is believed that Shah Jahan ordered the hands of the craftsmen and artisans who were involved in creating this fantastic monument to be cut off after the completion of Taj Mahal so that they may never be able to build another monument as glorifying as Taj Mahal. This is an example of how in the past power and politics were in the hands of few specific leaders only and they would not allow for anyone to grow, the fear of competition led them to take such drastic steps. However, in today’s scenario we are talking to leaders who believe in taking the team together and growing as a whole.
