SuccessFactors Continuous Performance Management Capabilities and Benefits for your Business
If you want to create a high-performing organisation that beats the competition and drives innovation, optimising performance management is the first step! In today’s competitive labour market, checking in with employees once a year is no longer enough. SuccessFactors continuous performance management capabilities enable organisations to focus on forward-looking development and driving high performance by encouraging frequent coaching and feedback between managers and employees.
By using continuous performance management, you can create an effective process using informal check-ins and continued dialogue to make happier, more engaged employees and more effective business outcomes. In this blog post we explain what continuous performance management is and how it can boost businesses of all sizes and industries.
What is Continuous Performance Management?
Continuous Performance Management (CPM) is one of the features of the Performance and Goal Management that helps businesses stay in regular contact with employees about improving performance with useful conversations. Through its use, employees can keep their managers informed on their progress in achieving goals, and managers can provide continuous feedback to employees.
What are the key benefits of CPM?
- Better visibility for managers as employees can easily record their achievements and activities that contribute towards performance.
- Continuous collaboration makes it easier for managers to provide timely assistance and coaching.
- Activities and achievements are listed to easily allow structured and productive conversations between managers and employees.
- Makes it easy for employees to link activities to goals, ensuring that goals are correctly aligned with their work.
Why are the outcomes of regular check-ins positive for your business?
Many studies have shown that continuous check-ins generate many rewards for all kinds of business. Frequent feedback has been shown to boost performance by up to 39%, and agile performance management has seen employee turnover in large companies drop by as much as 30%.
Additionally, frequent performance reviews can save time and money through avoiding hours of bureaucracy and ensuring that performance reviews are kept to important, actionable sessions rather than lengthy and occasional events that fail to produce positive outcomes.
What is the role of continuous performance management software?
CPM software is perfect for ensuring that communication stays regular, and rather than waiting for scheduled one-to-ones managers and employees both give useful feedback when it’s needed. It also allows timely follow-ups, rather than meetings that are documented and not acted upon.
As objectives are set collaboratively and in real-time, any issues are dealt with as they happen, rather than waiting for the scheduled time. The software you use can help prompt regular updates and make sure that feedback is consistent and always valuable.
How can you implement Continuous Performance Management in SAP SuccessFactors?
To implement CPM within Performance and Goal management, there are 4 steps – 1: enablement; 2: Permission; 3: Configuration; 4: Usage. Once the process is enabled, users need to have their permissions edited and activities configured. Once this is complete you will need to train employees and managers how to create activities and the best way to approach CPM using SAP SuccessFactors. At TalenTeam our expert advisors can help with this, so feel free to get in touch to find out more.
How can I find out more about SAP SuccessFactors Continuous Performance Management?
To get a more detailed overview of the SAP SuccessFactors CPM, simply contact us today and one of our expert team will be in touch to explain the process and help you get the most from your performance management process. Alternatively, you can watch our webinar to see the demonstration of SAP SuccessFactors Continuous Performance Management system here.