FEGO offers tools, process and methods to have an effective performance management. Various organizations follow different ways based on their need and sponsor. The industry also uses various comparable terminologies with respect to performance management and appraisals. There are different kinds of methods, process, techniques and frequency (yearly, half yearly or quarterly). This collectively is called performance framework. FEGO provides a flexibility in the choice of methods, process, frequency and workflow to suit the needs of different kinds of business and maturity of the organization. Let's see some of the common themes in performance evaluation or appraisal scenario, these are commonly practised.
- Some companies use KRA (key responsibility areas) as parameters and they are measured by KPI ( key performance indicators). These KRA/KPIs may have been predefined for some of the roles.
- Few other organizations use goals and objectives driven method, these are set by the individual employees based on the corporate goals and their immediate supervisors or their department. This enables them to align with their department's or corporate goals providing line of sight.
- The new age companies follow a method called OKRs (Objectives and Key Results), as in previous method, here as well employees define their objectives, and a maximum of 3 -5 key results associated with objectives - these are essentially outcomes.
- The process framework defines the character of the organization. There are companies who drive top down based on their nature of the business or maturity of the organization and the KRA/KPI or Goals and Objectives defined by organization. Few organization let the employees define their goals/objectives and key results based on the organization wide goal or their department's goals, which can be subsequently reviewed and approved by the immediate supervisor.
- The frequency which may be called 'Cycle' or 'Period' is another variation in the performance framework. The organizations use from yearly to monthly review cycle. Even though monthly may be too frequent for someone, half yearly and full year is common and widely used. However there can be feedback provided in more frequently say monthly or quarterly.
- The process can be matured with the use of 360 degree feedback or multi-rater feedback. The traditional appraisal or performance evaluation is performed by the immediate supervisor, which could miss the vital inputs from the key stakeholders the individual work with regularly during the period. So it is imperative to receive and consider them for evaluation or at best provide an opportunity for the individual to review and improve.