An Employee’s Guide to




PERFORMANCE
MANAGEMENT




                     Securities Industry Association
AN EMPLOYEE’S GUIDE TO PERFORMANCE MANAGEMENT


                                               TABLE OF CONTENTS




     ...
INTRODUCTION

The purpose of this Employee Guide is to help you prepare for your Performance Appraisal.

The performance m...
Performance Management Cycle



                     Goal Setting
                     Development
                       ...
GOAL SETTING AND DEVELOPMENT PLANNING


What is a goal?

There are two main types of goals that you and your manager may e...
How do I write a goal?

An easy way to remember the important characteristics of writing a goal is to follow the
SMART met...
After the tasks have been identified for each goal, the written goals and associated tasks can
be incorporated into the Pe...
ONGOING FEEDBACK AND INTERIM REVIEW

Ongoing feedback is a critical component of the performance management cycle. You nee...
PREPARATION FOR THE ANNUAL APPRAISAL


Overview

Adequate preparation for the performance appraisal discussion can go a lo...
PARTICIPATING IN THE
                 PERFORMANCE APPRAISAL DISCUSSION

Participating in the performance appraisal discuss...
•   Communication breakdowns which may have occurred
   •   Your own behavior during this period of time. Ask yourself: “W...
INTRODUCTION TO THE PERFORMANCE APPRAISAL FORM


An overview of the key steps in the performance management cycle was prov...
Company Name
                                Performance Appraisal/Self-Assessment

NAME                                  ...
PART I: Goals Achievement Assessment

List below the job goals, projects or developmental plans agreed upon during the las...
PART II - Job Performance Assessment

List below the key responsibilities for the position. If there is a job description,...
PART III – Competency Assessment

Record the rating below which indicates the level of competency the employee demonstrate...
Leadership
Demonstrates strong leadership skills. Examples include:                                  Assessment:
• Sets an...
Team Player
Demonstrates a strong sense of teamwork and works effectively with others.                  Assessment:
Exampl...
PART IV - Overall Performance Assessment
Based on the employee’s performance, results and demonstrated competencies during...
Client Feedback Form

Completed by:                           Business Unit:               Employee:                      ...
Client Feedback Form

Completed by:                               Business Unit:                 Employee:                ...
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PERFORMANCE MANAGEMENT GUIDE

  1. 1. An Employee’s Guide to PERFORMANCE MANAGEMENT Securities Industry Association
  2. 2. AN EMPLOYEE’S GUIDE TO PERFORMANCE MANAGEMENT TABLE OF CONTENTS Page I. Introduction ........................................................................................................................... 1 II. Performance Management Cycle ........................................................................... 2 III. Goal Setting and Development Planning .......................................................... 3 IV. Ongoing Feedback and Interim Review ............................................................ 6 V. Preparation for the Annual Appraisal................................................................ 7 VI. Participating in the Performance Appraisal Discussion ........................ 8 VII. Introduction to the Performance Appraisal Form.................................. 10 VIII. Appendix: Sample Forms A. Performance Appraisal/Self-Assessment Form.................................. 11 B. Client Feedback Form .......................................................................................... 18 -i-
  3. 3. INTRODUCTION The purpose of this Employee Guide is to help you prepare for your Performance Appraisal. The performance management process timeline is typically a 12-month cycle. The steps include setting and agreeing on goals, as well as establishing a development plan that includes ongoing feedback from your manager throughout the year. Once or twice a year, a more formal assessment of your goals, job performance and core competencies (knowledge, skills and abilities) is essential for maximizing your performance and achieving desired business results. It is also a way for you to link your individual and teamwork behaviors to the firm’s overall business strategy and values. Finally, a formal assessment serves as a measurement tool for determining your salary increase, bonus, and other performance rewards. The performance management cycle consists of a continuous dialogue between you and your manager to establish performance expectations, monitor your progress, and evaluate results. The Performance Appraisal form is the tool designed to help you through the process. However, the form is not the process. The process of managing performance actually takes place during the day-to-day interaction between you and your manager, helping you achieve your goals and demonstrate competencies. The forms used in the performance management cycle are simply summaries of these interactions. Why is Performance Management important? Maximizing your individual performance is key to achieving your firm’s business goals. When these goals are achieved, the shareholders, clients, and all employees benefit. Undoubtedly, you already know that your morale improves when the firm rewards you for excellent performance and is focused on your development. Other benefits of having an effective performance management cycle include: • Open communication of job performance expectations • Manager and employee partnership in developing performance goals that relate to the department and company goals • Encourages ongoing dialogue between you and your manager • Encourages planning for your professional development • Consistent method of performance evaluation for all employees -1-
  4. 4. Performance Management Cycle Goal Setting Development Planning Year-End Performance Assessment Coaching and Feedback Coaching and Feedback Interim Performance Assessment -2-
  5. 5. GOAL SETTING AND DEVELOPMENT PLANNING What is a goal? There are two main types of goals that you and your manager may establish for your performance appraisal: performance goals and development goals. A performance goal is an explicit statement of what is expected of you during the current performance cycle. Once you and your manager agree on performance goals, development goals can be identified. Development goals include your skills, knowledge, abilities and behaviors that can be strengthened to enhance achievement of business and personal goals. It is recommended that you and your manager discuss and agree on a total of 3 to 6 annual goals, considering factors such as workload, experience, and aptitude. This process ultimately increases your level of effectiveness and productivity, as it requires both sides to enumerate, define and quantify expectations. Your manager will help you to link your goals and performance to business objectives. Why is setting goals important? Performance goals provide the direction or road map for the year and define your individual performance expectations as well as a broader view of where the business is going. Performance goals should be based on the primary responsibilities listed in your job description, although you may perform other additional tasks. Goal setting is the beginning of the performance management process and should be accomplished within the first two months of the performance management cycle. When thinking about your development goals, review your personal aspirations, such as: • Career interests and objectives • Work/position satisfaction/dissatisfaction • Work accomplishments • Work values • Competencies Some of the tools that can be used to strengthen those competencies are on-the-job training, formal training, or a mentor/mentee relationship. Talk to your manager and suggest what combination you think is right for you. Whatever both of you decide, the most critical aspect of a development goal is individual responsibility. Show the initiative and interest to formulate a plan and stick to it throughout the year. -3-
  6. 6. How do I write a goal? An easy way to remember the important characteristics of writing a goal is to follow the SMART method, as outlined below: S Goals should be Specific M Goals should be Measurable A Goals should be Achievable R Goals should be Results-oriented T Goals should be Timely An example of a goal containing these important characteristics is: “Provide efficient administrative support to Department X by answering the telephones within two rings and by completing all requests for typing within 24 hours.” Checklist of Goal Setting Below are questions that can be used as a checklist to help ensure the written goals are following the SMART method, which focuses on outcomes rather than activities. These questions will help you develop increasing clarity and specificity about goal setting. • Is the goal clear and specific? • Is the measure of the goal outlined? • Is the time period for achieving the goal clearly defined? • Is the goal too easy? Too difficult? • Is the goal relevant to larger organizational goals? Is this clear to you? • Do you understand how you can contribute to the goal’s achievement? • Does the goal setting include a discussion of constraints (i.e., budget)? • Is the number of goals reasonable? • Are the priorities clearly defined? • Have both parties actively participated in the goal setting discussion? Finalizing the Goals After the goal statements have been written, you and your manager need to specify the tasks to be completed to accomplish each goal. A task is equivalent to a major milestone in a project plan, and in essence, breaks the goal down into several major steps. For example, the goal “manage the employee department newsletter to enhance communication among department members” could be broken down into the following tasks: • Solicit input for major project updates • Collect information on professional achievements outside the firm • Interview employees for feature articles • Edit information received and organize into newsletter • Reproduce and distribute newsletter Note that each of these tasks could be further broken down into several steps. Make sure you note the month or quarter when each major task is to be completed. -4-
  7. 7. After the tasks have been identified for each goal, the written goals and associated tasks can be incorporated into the Performance Appraisal form. The form becomes the official list of goals at the interim and year-end times of the performance management cycle. You and your manager should acknowledge that you have mutually agreed on and understand the goals. Using Goals All Year You and your manager should refer to the established goals throughout the performance management cycle. Periodically review your progress and ask for feedback and support. Throughout the cycle, especially at the interim point, goals and tasks should be reviewed and updated as necessary. -5-
  8. 8. ONGOING FEEDBACK AND INTERIM REVIEW Ongoing feedback is a critical component of the performance management cycle. You need to be open to, and willing to ask for, feedback when you believe you are not receiving it. The interim review is an important time to evaluate your progress. It may provide an opportunity to change direction or alter how the performance and development goals should be achieved. You should review your own performance against: • What results are/were expected • How the results are being or were achieved • When the results will be or were realized Your manager will schedule the interim performance appraisal meeting with you in advance, and you should come to the meeting prepared to discuss your progress. -6-
  9. 9. PREPARATION FOR THE ANNUAL APPRAISAL Overview Adequate preparation for the performance appraisal discussion can go a long way toward making the process more efficient and effective. The process provides an opportunity for you and your manager to prepare for the meeting. Do not anticipate what the news will be. The meeting itself will focus on an analysis of performance by both parties. The compensation discussion may be scheduled at a separate meeting so both of you can focus solely on performance, feedback, and development. Gather Data Here are some suggested ways to gather data regarding performance. • Offer a suggested list of internal clients who can provide feedback on your performance. • Offer a list of suggested internal/external clients who will use the Client Feedback form (see Appendix B) and provide feedback on your client interaction skills. • Review and reflect on the Development Goals. Be prepared to take responsibility for your own development by suggesting various kinds of developmental opportunities, i.e., on-the-job-training, formal training or mentoring. Complete the Performance Appraisal Form as a Self-Assessment (see Appendix A) • List mutually agreed upon goals and the results you achieved. • Assess your job performance based on your primary job responsibilities. • Review the core competencies required for your position (see your Job Description) and your command of each competency. • Formulate your ideas about an appropriate development plan for the next review period (refer to Section V “Goal Setting and Development Planning”). Schedule the Meeting • Agree to a mutually convenient date and time with your manager. -7-
  10. 10. PARTICIPATING IN THE PERFORMANCE APPRAISAL DISCUSSION Participating in the performance appraisal discussion with your manager is an essential part of the Performance Appraisal process. This section of the Guide deals with how to have an effective meeting, with guidelines and suggestions that will help your meeting be more productive and successful. About the Meeting The appraisal discussion should be a positive exchange where you and your manager come together to evaluate individual and unit business goals in a thoughtful, constructive way. • Use a friendly, sincere tone – be yourself • Ask your manager to clarify how the meeting will be structured Provide Your Self-Assessment Your manager may ask about your self-assessment first. Be prepared with your comments and/or your written review. Stick to the facts. Both you and your manager need to apply the skills of active listening throughout the discussion. • Restate your goals for the period being reviewed and, where applicable, acknowledge how the goals have shifted. • Present each goal and the results obtained. • Answer any questions for clarification and periodically summarize what you have said up to that point. Listen to Feedback This is a very critical part of the performance appraisal meeting. At this part of the meeting, your manager will present his/her observations on your performance. Listen for descriptive, objective data on your performance. Your manager will most likely provide feedback on the following elements: • Quality of projects completed • Quantity of work produced • Timeliness of productivity • Budget considerations • Customer service Discuss any points that arise from your assessment and confirm those points where you agree with your manager, and those where you differ. This two-way dialogue will help your understanding of the performance areas of accomplishment and where improvement is needed. In formulating your reactions consider: • Internal and external factors over which you had little control -8-
  11. 11. • Communication breakdowns which may have occurred • Your own behavior during this period of time. Ask yourself: “What could I have done more of, less of, or differently?” Summarize • Be sure that you understand the review and rating of your performance and competencies. Remember, complete agreement is not necessary. The emphasis at this point is to focus on the future rather than belabor past results and events. • Offer the areas that you know you can improve upon and the reasons why. • Ask any questions where further clarification is needed, i.e., the overall performance rating. Establish Goals and Prepare Development Plan for Next Performance Management Cycle This part of the appraisal meeting could be deferred to a later date; refer to Section V for guidance. This is the time to put your development plan into action. Review the major points of it with your manager, and take responsibility for your own career and personal growth. Explain your plan for development including a possible combination of on-the-job-training, formal training and mentoring. The emphasis at this point is to focus on the next review cycle. • Jointly problem solve as to what changes must be made to improve your performance and define the benefits from doing so. • Be prepared to answer: “What caused these results?” “What other approaches could I have taken?” “What have I learned from this?” “How can my manager help me?” • If your performance must be turned around by a certain date, make sure you understand what performance changes are expected, and set a new performance goal. • Jointly agree on a development plan and what you will do to implement that plan. Talk with your manager about whatever help you need from him/her to achieve good results through the next review period. • Ask your manager for any specific information regarding organizational/departmental objectives, conditions, etc., in months ahead. Meeting Conclusion This is now the “wrap-up” of the process. It enables you to check your understanding of what was discussed and agreed to with your manager. You and your manager may want to do the following: • Summarize what was discussed and mutually agreed to. • Review action plans for improvement and what each person will do. • Ask for the final copy of the Performance Appraisal Form in order to add your comments and signature. • Set follow-up dates to review progress. -9-
  12. 12. INTRODUCTION TO THE PERFORMANCE APPRAISAL FORM An overview of the key steps in the performance management cycle was provided in previous sections of this Guide. This section provides a sample of the Performance Appraisal Form. Part I: Goals Assessment: This section is where the agreed upon performance and development goals for the past 12-month cycle are documented. Part II: Job Performance Assessment: This section lists the key responsibilities for your position. Part III: Competency Assessment: This section identifies nine (9) core competencies (knowledge, skills, abilities, and behaviors) applicable to many jobs. Review your job description to verify competencies for your particular position. Part IV: Overall Performance Assessment: In this section, your manager will summarize your overall performance with the appropriate rating. Part V: Goals and Development Plans: This section is for new goals and objectives for the next appraisal period. - 10 -
  13. 13. Company Name Performance Appraisal/Self-Assessment NAME REVIEWING SUPERVISOR/MANAGER POSITION/TITLE DATE OF LAST REVIEW DEPARTMENT/BRANCH CURRENT REVIEW DATE Definition of Performance Ratings When completing Sections I (Goals), II (Job Performance) and IV (Overall Performance), use the following definitions to indicate the employee’s level of performance: Far Exceeded Consistently exceeded all established performance and developmental goals and client expectations. Expectations Other factors may include: (FE) Achieved measures that were extremely difficult Achieved results under difficult circumstances (i.e., revenue, resource, market constraints) Generated substantial cost reductions and/or revenue enhancements Successfully identified and pursued unforeseen opportunities to make a contribution The (FE) rating is an unusually high rating of performance that is used only for top performers. Exceeded Exceeded expectations in many of the established performance goals, and achieved performance Expectations expectations in all others. Overall job performance was excellent. In addition, consider factors listed (EX) above. Met Consistently achieved all agreed upon performance expectations except for those with significant Expectations unexpected constraints that prevented him/her from doing so. Overall job performance was good. (M) Needs Did not achieve established goals or perform job responsibilities fully. Met expectations relative to some Improvement to established goals but did not meet expectations with respect to others. This rating is an indication that Meet further development is needed. The employee could be new to the job and not yet fully performing all Expectations aspects of it. (NI) Failed to Meet Consistently failed to meet established performance goals. Overall job performance is below average. Expectations Further development and/or disciplinary measures are needed. (FM) When completing Section III (Competency Assessment), use the following definitions to indicate the employee’s level of performance: (This is ongoing and in the present tense.) Strength (3) Performs exceptionally well in all or most areas of this competency and serves as an example to others. Results consistently surpass all defined expectations by a wide margin. Routinely demonstrates an ability to excel in a large variety of assignments. On new assignments, learning progress frequently exceeds expectations. Fully Performs effectively in many areas of this competency with few areas of improvement needed. Results Competent (2) consistently meet the defined expectations. On new assignments, learning progress meets expectations. Development Does not perform effectively in most of this competency, and improvement is needed in several aspects. Needed (1) Results fall short of defined expectations to a degree that cannot be allowed to continue. On new assignments, learning progress does not meet expectations. - 11-
  14. 14. PART I: Goals Achievement Assessment List below the job goals, projects or developmental plans agreed upon during the last performance appraisal. Check the rating box to indicate the actual level of performance and write comments describing the specific results to explain each rating. Use the following to rate the level of performance: Far Exceeded Exceeded Met Needs Improvement Failed to Meet Expectations Expectations Expectations to Meet Expectations Expectations (FE) (EX) (M) (NI) (FM) Goal: Rating Results Achieved: Goal: Rating Results Achieved: Goal: Rating Results Achieved: Goal: Rating Results Achieved: Goal: Rating Results Achieved: Goal: Rating Results Achieved: - 12 -
  15. 15. PART II - Job Performance Assessment List below the key responsibilities for the position. If there is a job description, use the duties outlined in the job description to complete this section. For each, select the rating that represents the level of performance and ability to get the job done (knowledge, quantity and quality of work). Support each rating by describing the performance results. Far Exceeded Exceeded Met Needs Improvement Failed to Meet Expectations Expectations Expectations to Meet Expectations Expectations (FE) (EX) (M) (NI) (FM) Key Responsibility #1 Rating Performance Results: Key Responsibility #2 Rating Performance Results: Key Responsibility #3 Rating Performance Results: Key Responsibility #4 Rating Performance Results: Key Responsibility #5 Rating Performance Results: Key Responsibility #6 Rating Performance Results: Key Responsibility #7 Rating Performance Results: Key Responsibility #8 Rating Performance Results: Key Responsibility #9 Rating Performance Results: Attach a separate sheet if needed. - 13 -
  16. 16. PART III – Competency Assessment Record the rating below which indicates the level of competency the employee demonstrated in each area. A competency is generally defined as a group of behaviors (knowledge, skills, attributes, etc.) that distinguish excellent performers. The following reflects the firm’s core competencies and expectations for its employees. Write N/A if a competency is not required for the employee being evaluated. Record specific examples and comments to support each rating. Strength Fully Competent Development Needed (3) (2) (1) Business Knowledge Demonstrates a strong knowledge of the business. Examples include: Assessment: • Has fundamental knowledge of types of investments • Understands his/her role and its contributions to the department/company • Has knowledge of operations, business systems and processes • Has solid understanding of compliance and correspondence policies • Recognizes business development opportunities Examples/Comments: Communication Skills Demonstrates strong verbal and written communication skills. Examples include: Assessment: • Clearly articulates thoughts and ideas • Is diplomatic in communication • Listens to ensure understanding prior to making decisions or taking action • Uses professional language • Creates clear and concise written communications • Uses electronic communications appropriately • Extracts and communicates necessary technical information • Follows appropriate business protocol and phone skills Examples/Comments: Client Service Orientation Demonstrates a strong service orientation when interacting with customers. Assessment: Examples include: • Conveys a “welcoming” attitude to internal and external clients • Demonstrates a sense of urgency around meeting client needs • Responds quickly and appropriately • Takes ownership/accountability of issues • Demonstrates professional demeanor in all situations (e.g., high stress, down market) • Builds rapport with clients • Knows the client (internal and external) and delivers personalized services based on that knowledge Examples/Comments: - 14 -
  17. 17. Leadership Demonstrates strong leadership skills. Examples include: Assessment: • Sets and communicates job requirements, performance goals and expectations to staff • Supports employee development with ongoing coaching and feedback; ensures subordinate supervisors are providing feedback • Has knowledge of Human Resources and Compliance policies and practices; applies them with consistency and good judgment • Values diversity • Encourages employees to be innovative and share ideas • Delegates effectively • Demonstrates effective budgeting and fiscal responsibility • Mentors others and “models the way” Examples/Comments: Personal Resilience Demonstrates resilience when pressed or stretched. Examples include: Assessment: • Demonstrates emotional and intellectual flexibility • Stays calm and focused when under pressure • Does not take things personally • Has the ability to deal with multiple personalities • Has a good sense of humor, perspective and self-awareness • Maintains objectivity Examples/Comments: Problem Solving / Critical Thinking Demonstrates strong reasoning skills and judgment when solving problems. Assessment: Examples include: • Differentiates between when supervisory input is needed vs. when it is not • Identifies the issue and thinks it through sequentially • Differentiates symptoms from causes • Identifies problems; gathers facts and other appropriate resources needed to resolve issues • Understands available options and recommends/implements solutions • Follows established processes and procedures Examples/Comments: Productivity Demonstrates initiative and a strong work ethic; produces results. Examples include: Assessment: • Manages time appropriately • Plans and organizes • Works well under pressure to meet daily deadlines and client requests • Reacts quickly and responds appropriately • Has ability to multitask and prioritize • Sees the big picture • Demonstrates initiative • Is proactive and accountable Examples/Comments: - 15 -
  18. 18. Team Player Demonstrates a strong sense of teamwork and works effectively with others. Assessment: Examples include: • Develops effective working relationships at all levels across all departments • Fosters a trusting, empowered environment • Encourages information sharing, constructive criticism and cooperation • Values differences and diversity • Fosters innovation through sharing ideas • Is skilled in negotiation and conflict resolution • Is committed to obtaining firm-wide, department and unit results • Respects and supports the ideas of others • Displays a willingness to mentor others Examples/Comments: Technical Skills Demonstrates a solid understanding of the technology and technical skills needed to Assessment: perform the job. Examples include: • Uses current technology and tools to solve customer issues (internal and external) and maximizes productivity • Has ability to learn software packages • Demonstrates strong mathematical skills (e.g., numeric, computational, logic, analysis) Examples/Comments: Additional Comments - 16 -
  19. 19. PART IV - Overall Performance Assessment Based on the employee’s performance, results and demonstrated competencies during the appraisal period, circle the rating below that most closely summarizes his/her overall effectiveness. Additionally, provide a statement that summarizes the employee’s overall performance. Far Exceeds Exceeds Fully Meets Needs Improvement Fails to Meet Expectations Expectations Expectations to Meet Expectations Expectations (FE) (EX) (M) (NI) (FM) Supervisory Summary: PART V - Goals and Developmental Plans Step 1: List below any new goals and objectives for the employee to complete during the next appraisal period. Goals may include job goals (focusing on tasks, knowledge or projects which are measured by achieving specific results) or developmental goals (focusing on skills which are measured in terms of competency). For each goal, be specific when describing action plans, check points, target dates and results expected. Step 2: At mid-year, describe the employee’s progress and revise goals as necessary. Goal: Mid-Year Comments: Goal: Mid-Year Comments: Goal: Mid-Year Comments: Goal: Mid-Year Comments: Goal: Mid-Year Comments: Goal: Mid-Year Comments: Employee Comments: ____________________________________________ ____________________________________________ Employee’s Signature Date Supervisor’s Signature Date I have discussed this evaluation with my supervisor and have I have discussed this evaluation and developmental been provided a copy of my performance appraisal. plans with the employee. - 17 -
  20. 20. Client Feedback Form Completed by: Business Unit: Employee: Date: Describe the work being evaluated. Please identify your performance criteria for the work completed and assess your satisfaction: Performance Criteria Assessment What are the employee’s demonstrated strengths in supporting your business? (Cite specific examples.) What could the employee have done to more effectively support your business? (Cite specific examples.) Can we use your name when providing this feedback? Yes ____________ No ______________ Thank you. Please return or fax this form to: ____________________. - 18 -
  21. 21. Client Feedback Form Completed by: Business Unit: Employee: Date: Please rate your satisfaction: 1. Does the employee meet agreed upon objectives and commitments? Highly Satisfied Satisfied Not Satisfied Not applicable 2. Does the employee demonstrate a sense of urgency around meeting deadlines? Highly Satisfied Satisfied Not Satisfied Not applicable 3. Does the employee demonstrate ownership and accountability? Highly Satisfied Satisfied Not Satisfied Not applicable 4. Does the employee identify issues and recommend solutions to improve results? Highly Satisfied Satisfied Not Satisfied Not applicable 5. Does the employee develop effective work relationships? Highly Satisfied Satisfied Not Satisfied Not applicable 6. Does the employee demonstrate the required knowledge and skills? Highly Satisfied Satisfied Not Satisfied Not applicable 7. Does the employee demonstrate the required knowledge of your business area or function? Highly Satisfied Satisfied Not Satisfied Not applicable 8. Please identify the employee’s demonstrated strengths in supporting your business. (Cite specific examples.) 9. Please identify what the employee could have done to more effectively support your business. (Cite specific examples.) 10. Please provide any additional comments: Can we use your name when providing this feedback? Yes No Thank you. Please return or fax this form to:_______________________. - 19 -

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