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Performance Management

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by

Zizi Malesevic

on 26 November 2014

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Transcript of Performance Management

2014 / 2015 Cycle
Performance Management
Processes Overview and Target Population
Specific
- Define Concrete and quantifiable expected results

Measurable
- Give KPIs and Milestones

Achievable
- Define stretching but reachable goals

Realistic
- Consider external conditions and define possible support

Time-bound
- Give concrete time-frames and deadlines for milestones and overall results


People Development Framework
Use
differentiation to support meritocracies
and continually
raise the performance bar

Identify employees
who are poor performers as well as those who
stand above the norm

Spread the culture of
rewarding and promoting according to level of value creating
Performance Differentiation
Effective
People Management and Development
require a common framework in the way we
assess, monitor and develop performance
at all level of the organization
In UniCredit Group,
Leadership and Performance Management
is managed through
3 main processes
-
Executive Development Plan
(EDP),
Talent Management Review
(TMR) and
UniCredit Performance Management
(UPM)
These processes help
assess and develop Employees' contributions,
enabled through consistent Goal Setting, Assessment of performance/potential levels and strengths and development needs, Feedback and the definition of Career and Development Plans
The
backbone of the processes
are the
Global Job Model
(GJM) and UniCredit
Competency Model
(UCM), that define what and how our Employees should perform
Executive Development Plan (EDP)
Executives
+Incentive System
SVP & Above Executives + Other Identified Staff
FVP (B4) & Selected VP Executives (B3)
Talent Management Review (TMR)
Talents
Global Mobility Review (GMR)
Expats
Performance Management (UPM)
Employees
VP (B3), Senior Associate (B2), Associate (B1)
VP (B3), Senior Associate (B2), Associate (B1)
Banding differs for each Country according to local PM requirements
SAP / Local Performance Management Tools
Global Success Factors Platform
PROCESSES AND TARGET POPULATION
IT - TOOL
Backbone
Global Job Model
Competency Model
Client Coverage
Support
Products
Corporate Center
Execution and Discipline
Client Obsession
Cooperation and Synergies
People and Business Development
Risk Management
Leadership and Performance Management Processes (EDP, TMR, GMR, UPM)
Goal setting
Career &
Development
Plan
Feedback &
Development
Sessions
Calibration
Self & Manager Appraisal
Performance /
Potential Appraisal
Impact
Development
Career Management
Staffing
Compensation
2014 / 2015 Performance Management Timeline
January
February
March
April
Self appraisal &
Manager appraisal
Feedback
12/01
30/01
19/01
27/02
2015 Goal Setting & Confirmation
26/01
30/04
Quality of Goals
Set
clear, achievable
and
measurable
goals in line with the business strategy and according to tasks and responsibilities of jobs and job levels

Goals should be
formalized
to guarantee
mutual understanding
of
performance expectations
and
deliverables
for the year
Performance
Differentiation
Strive to objectively assess performance,
consistently with business results


Promote a
culture of differentiation,
awarding according to the level of contribution and results
Impact of Performance assessment on Compensation and L&D
Ensure
consistency
between performance evaluations and
compensation
outcomes

Create a
stronger link
between PM outcomes and
Learning and Development actions
Feedback Culture
Use
feedback as a powerful tool
to boost awareness, behavioral changes and performance

Spread the
culture of two-way communication
, dialogue and empowerment
Performance Management
Main Focal Areas
Ensure consistency
between Executive goals and those for the below Executive population

Focus on "what" as well as "how"
- combine goals with relevant expected behaviors
Goal Setting DOs and DON'Ts
Increase Leadership skills
Increase Leadership Skills -
dedicate more time to training juniors, creating a succession pipeline for key roles within the team

Increase in Revenues
Achieve 50mln EUR revenue target for 2014 and improving quality of assets
Risk and Compliance, Internal Rules and Audit
Risk and Compliance, Internal Rules and Audit -
ensure that all audits are met with satisfactory results, promote a culture of risk and compliance across teams

Negative Example
Positive Example
Negative Example
Positive Example
Negative Example
Positive Example
More than 70% of people consistently say "High performers should receive more rewards and recognition than others".
But fewer than 20% of employees say that's what actually happens".

(Leadership IQ Survey 2013)
Link between PM and Compensation
Clarity of the impact of PM results
on incentive system and career & development plans is one of the most important drivers of process effectiveness and a powerful lever of people retention and motivation
To make
effective investments in people
, decisions total compensation packages should be
consistent with performance appraisal
Any
proposal of variable compensation
needs to be
in line with business and individual results
Feedback
Feedback is information about reactions to a product, a person's performance of a task, etc. which is used as a basis for improvement
Extract from Oxford Dictionary
Feedback is a key step in all our performance management processes
and serves the ultimate goal to
boost individual performance
by increasing the satisfaction, motivation and retention of our employees

The
goal of feedback
is to give employees the opportunity to
perform at maximum levels
by giving them the necessary support to work on and develop necessary skills and address them in a timely matter
Common errors in performance appraisals
Central Tendency Error
Leniency error
Severity Error
Halo Effect
Recency Error
Managers tend to rank all employees at about average,
regardless of an employee's performance
Manager rates an employee higher than what the performance warrants -
reasons could include avoiding confrontations, or feeling that by giving an employee a high rating, he will work harder to live up to the rating
Manager tends to
rate an employee lower than what the performance warrants
- potential cause of the error could be the use of unrealistic standards of comparison, such as the manager rating a new employee against himself
Manager forms a positive impression of an employee's skill in one area
and then
gives her/him high ratings a across all rating criteria
.
Manager uses recent events to rate the employee
- an employee who preformed highly over the course of the appraisal period may be rated low if the most recent events were negative
Note: As per Audit requirements, goals for employees of CTS unit should not include any quantitative measures
Performance appraisal DOs and DON'Ts
Managers should substantiate and explain his/her evaluation of an achieved/unachieved goal or behavior / competency
Negative Example
Appraisal: Meet goal
Increase Leadership Skills

Positive Example
Appraisal: Meets goal.
He is doing a good job at motivating his staff - he listens to others, considers all options. He knows his staff well utilizing their skills in order to achieve results by delegating accordingly

Negative Example
Appraisal on Competencies - Strengths
Execution and Discipline: I agree

Positive Example
Appraisal on Competencies - Strengths - Execution and Discipline:
She
delivers the assigned tasks with a good sense of priority and ensuring good quality in terms of results; deadlines are met and strategic decisions are being implemented to the best standards

Negative Example
Appraisal on Competencies - Development needs -
People and business development: further development needed

Positive Example
Appraisal on Competencies - Development needs - People and Business Development:
He could improve on his people development skills by delegating more tasks in order to empower his staff. He needs to be able to give clear feedback in order to allow his staff to adapt by working on their development needs

Review and
continuous
feedback
Full transcript