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PERFORMANCE MANAGEMENT Presenter:  Bernard Liebowitz, PhD CMC Liebowitz & Associates October 29 th , 2008
AGENDA <ul><li>Introduction </li></ul><ul><li>What is Performance Management (PM) </li></ul><ul><ul><li>The value of PM </...
INTRODUCTION <ul><li>A bit about me </li></ul><ul><li>More about you: </li></ul><ul><ul><li>What would make the session wo...
WHAT IS PERFORMANCE MANAGEMENT? Liebowitz & Associates, PC <ul><li>How do you know if people who don’t have specific goals...
VALUE of PM to the FIRM <ul><li>Clear and strong positive correlation with financial performance/ margins </li></ul><ul><l...
HOW DOES THAT HAPPEN? <ul><li>Identification of talent </li></ul><ul><li>Succession planning </li></ul><ul><li>Teambuildin...
THE BALANCED SCORECARD Liebowitz & Associates, PC
A WAY OF THINKING ABOUT CASCADING GOALS. Liebowitz & Associates, PC Financial Customer  Internal  Learning Department #1 D...
Liebowitz & Associates, PC TABLE #1: CORPORATE GOALS (A) FINANCIALS/ PROFITS, MARGINS, ETC. (B) THE CUSTOMER (C) INTERNAL ...
Liebowitz & Associates, PC TABLE #2:  DEPARTMENTAL CONTRIBUTION TO CORPORATE GOALS (A) FINANCIAL (B) CUSTOMER (C) INTERNAL...
Liebowitz & Associates, PC TABLE #3:  DEPARTMENTAL GOAL ...... (A) FINANCIAL (B) CUSTOMER (C) INTERNAL  (D) LEARNING  CORP...
YOUR TURN <ul><li>Volunteer a business. </li></ul><ul><li>Sketch out the org chart, going down 3 levels  </li></ul><ul><li...
AUTOMATING A MONITORING SYSTEM <ul><li>More effective and efficient  </li></ul><ul><li>Speeds completion of goals </li></u...
THE CHOICE OF SOFTWARE  <ul><li>The monitoring process from CEO on down is easy. </li></ul><ul><li>It is web-based, elimin...
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Performance Management

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This workshop introduces performance management as a way of ensuring that corporate goals are cascaded down throughout the firm so that everyone is heading in the same direction. To ensure this process, a web-based software monitoring app is described. The app is based on a series of planned meetings between supervisor and direct report during the course of the year that reviews progress.

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Performance Management

  1. 1. PERFORMANCE MANAGEMENT Presenter: Bernard Liebowitz, PhD CMC Liebowitz & Associates October 29 th , 2008
  2. 2. AGENDA <ul><li>Introduction </li></ul><ul><li>What is Performance Management (PM) </li></ul><ul><ul><li>The value of PM </li></ul></ul><ul><ul><li>A view of a firm’s strategy, its translation into goals and the cascading of goals down throughout the firm </li></ul></ul><ul><li>“Your turn”: an exercise in developing a PM process </li></ul><ul><li>Software demo </li></ul>Liebowitz & Associates, PC
  3. 3. INTRODUCTION <ul><li>A bit about me </li></ul><ul><li>More about you: </li></ul><ul><ul><li>What would make the session worthwhile? </li></ul></ul><ul><ul><li>What does “performance management” mean in your firm? </li></ul></ul><ul><ul><li>How is it related to “pay for performance” in your firm? </li></ul></ul>Liebowitz & Associates, PC
  4. 4. WHAT IS PERFORMANCE MANAGEMENT? Liebowitz & Associates, PC <ul><li>How do you know if people who don’t have specific goals are contributing to the firm’s strategy? </li></ul><ul><li>If they do have goals, how do you know that what they are doing is in fact contributing to the firm’s goals and strategy? </li></ul>
  5. 5. VALUE of PM to the FIRM <ul><li>Clear and strong positive correlation with financial performance/ margins </li></ul><ul><li>Quicker execution of strategy </li></ul><ul><li>Exposes duplicate/redundant initiatives </li></ul><ul><li>Effective deployment of people </li></ul><ul><li>Ensures accountability </li></ul><ul><li>Keeps all employees on track with firm’s strategy </li></ul>Liebowitz & Associates, PC
  6. 6. HOW DOES THAT HAPPEN? <ul><li>Identification of talent </li></ul><ul><li>Succession planning </li></ul><ul><li>Teambuilding </li></ul><ul><li>Makes performance reviews more meaningful and productive </li></ul><ul><li>Links pay with performance </li></ul><ul><li>Higher employee morale </li></ul><ul><li>Reduces employee turnover and absenteeism </li></ul><ul><li>Greater identification of employees with firm/goals/higher employee engagement </li></ul>Liebowitz & Associates, PC
  7. 7. THE BALANCED SCORECARD Liebowitz & Associates, PC
  8. 8. A WAY OF THINKING ABOUT CASCADING GOALS. Liebowitz & Associates, PC Financial Customer Internal Learning Department #1 Department #2 Department #3 Department #4
  9. 9. Liebowitz & Associates, PC TABLE #1: CORPORATE GOALS (A) FINANCIALS/ PROFITS, MARGINS, ETC. (B) THE CUSTOMER (C) INTERNAL PROCESSES (D) ORG’L LEARNING & DEVEL’MENT (1). (1). (1). (1). (2). (2). (2). (2). (3). (3). (3). (3). (4). (4). (4). (4). (5). (5). (5). (5). (6). (6). (6). (6).
  10. 10. Liebowitz & Associates, PC TABLE #2: DEPARTMENTAL CONTRIBUTION TO CORPORATE GOALS (A) FINANCIAL (B) CUSTOMER (C) INTERNAL (D) LEARNING CORPORATE GOALS SALES ACC’TING ENGIN’ING OPERATION SERVICE/QC PURCHASING
  11. 11. Liebowitz & Associates, PC TABLE #3: DEPARTMENTAL GOAL ...... (A) FINANCIAL (B) CUSTOMER (C) INTERNAL (D) LEARNING CORPORATE GOAL Dept’l Goal How Measure Start value Aim or goal Resources needed? Action steps Dates
  12. 12. YOUR TURN <ul><li>Volunteer a business. </li></ul><ul><li>Sketch out the org chart, going down 3 levels </li></ul><ul><li>Compose a strategy and a goal (e.g., “we want to increase revenue by 10%; we will do it by .....”) </li></ul><ul><li>Decide the two departments that would be most important in reaching that goal. </li></ul><ul><li>Set the sub-goals for each of the two departments </li></ul><ul><li>Cascade these goals down several layers. </li></ul>Liebowitz & Associates, PC
  13. 13. AUTOMATING A MONITORING SYSTEM <ul><li>More effective and efficient </li></ul><ul><li>Speeds completion of goals </li></ul><ul><li>Boosts employee cooperation </li></ul><ul><li>Accelerate performance improvements </li></ul><ul><li>Gain powerful insights </li></ul><ul><li>Improves quality and relevance of feedback </li></ul>Liebowitz & Associates, PC
  14. 14. THE CHOICE OF SOFTWARE <ul><li>The monitoring process from CEO on down is easy. </li></ul><ul><li>It is web-based, eliminating the need for software and IT involvement. </li></ul><ul><li>It allows for goals to be clearly viewed. </li></ul><ul><li>It requires continual discussion between manager/supervisor and direct report about action steps and goals. </li></ul><ul><li>It is very compatible with the BSC. </li></ul><ul><li>Data on employees (360 degree, evaluations, etc.) can be incorporated. </li></ul>Liebowitz & Associates, PC

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