Performance Management System Critical Elements

The right performance management system supports both sales and backroom functions and facilitates the ability to consistently reward behaviors that add to the bottom line. The system should have the flexibility to allow the user to write the business rules on how to use metrics. At the same time, it should capture referral metrics and use them to pay for performance. Keep these key elements in mind as you build your organization’s performance management system.

Key elements of a highly effective performance management system:

Process Improvement

1. Capacity to build a functional area hierarchy to track team results. 
2. Prompt modification of business rules. 
3. Includes referral tracking to pass referrals from customer service to sales. The system should also match sales to referrals automatically. 
4. Customize the incentive rules for different job types within the same functional area. 
5. Automate files and deliver them directly to the payroll system. 

Data Analytics

1. Accommodate all metric types and deliver from another application source or third-party vendor. 
2. Support uploading of spreadsheet data for metrics that are tracked manually. 
3. Modify results easily if data is found to be inaccurate.

Visibility and Reporting

1. Display incentive results and provide recognition leader boards to motivate performance. 
2. Users can create custom online reports that capture the results of all metrics. Build a scorecard for performance management, incentive tracking/awards, or recognition using the metrics. Customize reports for each department or role. Thus, a customer service representative report, team report, or sales department report should be unique, emphasizing the needs of each. 
3. The tool supports ease of audits, account verification, and regulatory controls. 

Performance Management Goal Setting

1. Application of different goals based on job types, teams, or individuals. 
2. Define awards for performance and pay out in a timely manner. 

Putting together customized incentives for each role and team is a complicated task. When building a strong sales organization, support staff is often overlooked. By creating a comprehensive program that includes sales and support staff, you ensure a strong sales-driven organization focused on your firm’s goals and standards. 

Comprehensive performance management systems streamline processes and allow organizations to make adjustments as needed. These systems also incentivize employees to drive profitability and meet service and credit goals. To learn more about customizable performance management solutions, visit https://themotivator.com.