As a leader, performance management is a significant part of your job. You need to deliver high productivity by using your team to reach its potential. Despite your best efforts, there will be times when an employee fails to meet performance expectations. It is then that you need to confront them about their performance and develop a plan to improve. For help finding high-performing accounting and finance professionals in Orange County and L.A., contact the finance recruitment experts at Alliance Resource Group.
Organize examples and proof of the employee’s poor performance. Prepare enough facts and materials to clearly demonstrate which areas they are lacking in. Be as specific as possible in measuring and coaching their performance. If the issue is not reaching targets, have figures ready to show. If the employee is not complying with company policy, have the policy on hand. Explain your concerns in a clear manner that leaves no room for misinterpretation.
Uncover the Cause
Ask questions to understand the employee’s reasons for poor performance. They may include external factors such as relationship issues in their personal life, moving, having a child or a family illness. If the employee has been in the same role with the company for an extended period, they may be looking for recognition or advancement.
Provide support for the employee to improve their performance. For instance, make sure they have the necessary resources to complete their work. Provide additional training to add to their knowledge and skill set. Find out if there are areas the employee would like to learn more about to enhance performance. Reassign job functions if needed, or find the employee a role they are better suited for. If those two options are not viable, consider letting them find employment elsewhere.
Work with the employee to improve their motivation. For instance, clearly explain what is expected of them and what the repercussions of underperformance are. Find out what their long-term goals are, where they see their career headed in the next 12 months, and how you can support them. Show where they fit with carrying out the company mission and how their contributions affect the team and overall business.
Set Performance Goals
Help the employee set performance goals. Create dates by which milestones and objectives need to be achieved. Provide ongoing feedback in real-time so the employee knows how their performance is impacting long-term expectations. Give rewards and recognition to acknowledge the employee’s success.
Work with the employee to create a process for monitoring progress. Ensure that tasks are finished and milestones and goals are reached at the agreed-upon times. Structure and follow-up are necessary for holding the employee accountable for improving performance. Provide praise and monetary recognition for accomplishments.
Find High-Performing Finance Professionals
Find high-performing finance professionals through Alliance Resource Group. Our finance recruitment experts bring our sophisticated screening process and unparalleled industry knowledge to every search. Looking to expand your team this fall? Contact us today.