In the contemporary industry, the need of tools and scales to measure the growth and development of the organizations as well as the performance of the individuals & teams has become quintessential for every organization. Many organizations have such measures ingrained in their working culture but still face many problems and go through a lot of trouble to get the correct data. Performance Management System can help such organizations a lot and is the most appropriate and suitable solutions for all of their problems.

Performance Management System (PMS)

It is an ongoing process by which managers and employees work together to plan, monitor and review an employee’s work objectives and overall contribution to the organization. More than just an annual performance review, PMS should be continuous process of setting objectives, assessing progress and providing on-going feedback to ensure that employees are exceeding their objectives and are highly effective.

With its deep understanding and hands on experience in the working domain of Organizational Transformation, Faber Infinite has devised and administered an extremely powerful Performance Management System which has proved to deliver excellent results.

9 reasons why you should also deploy extremely effective Performance Management System 

1. Organizations shall get 11 additional opportunities to improve in a year (total 12 v/s traditionally 1)
2. With PMS, performance of the entire organization can be viewed on one scale and one dashboard
3. Holistic approach – Hierarchy driven weightage of company performance, departmental performance and individual performance
4. Timely feedbacks on monthly basis. This helps the organization in avoiding delayed corrections
5. An objective system thus all subjectivity as well as ‘favouritism’ is eliminated from the processes
6. Transparent system as it does evaluation by itself and not by the reporting authority
7. Performance Management System focuses on ‘Team win’ rather than ‘Individual win’
8. Extremely easy to manage and deploy
9. Performance Management System helps is developing high performance teams and not just control mechanism

Benefits delivered by Team Faber at various client sites –

1. Team Faber helped the client in effectively reducing cost of raw materials purchase by more than 51 percent i.e. around INR 3.5 million in a mere span of 3 months from implementation
2. 28% increase in net profit achievement
3. 43% increase in sales targets achievement
4. 23% reduction in discount offerings
5. 18% reduction in manpower costs
6. 58% increase in H – Spirit scores
7. 100% clarity of roles ensured and achievement of linking the company targets to functional targets
8. Higher inter-department synergies leading to enhanced employee belongingness
9. The organization was able to achieve and implement an unbiased reward and recognition methodology at their workplace
10. Re-organization and uniform work loading as derived from utilization

Measuring the performance of the individuals as well as of the organization collectively can be highly beneficial for the organization in planning their future projects and tasks. Moreover, it also encourages employees to do more and better by instilling transparency in the rewards and recognition processes. Team Faber Infinite has helped dozens of clients in this domain with its proven and structured PMS tool and has helped them in achieving their targets and goals in most efficient way. For more information, contact us at consulting@faberinfinite.com

Written & Compiled by Faber Kishlay & Faber Mayuri