How visual data can improve business performance management
Nowadays, employees like to be recognized for the work they do. They want to know that the work they do is valued. One way to do this is to give them a detailed performance review and performance evaluation.
By ALAN MATHEW
But how do you know if your employees are really performing?
Job performance is a very subjective thing to measure for any employee. The usual way to do this is through an annual performance review. While this is a decent way to measure performance, it can often lead to situations where employees try to cheat the system or are afraid to tell the truth. There are currently many different tools for measuring performance in the workplace and one of them is using visual data for performance management.
This blog will look at some of the ways you can use visual data to improve your business performance management.
What is performance management?
Performance management is the ongoing process of setting goals, evaluating progress, and ongoing coaching and feedback to ensure that employees achieve their career goals and interests. The main objective of performance management is to promote and improve the efficiency of employees.
Performance management can be used to:
● Align employee goals with those of the organization
● Increase employee engagement
● Improve labor productivity
● Encourage continuous development
● Support the achievement of goals
Performance management is not just about annual performance reviews. This includes work planning and setting expectations, ongoing performance monitoring, performance capacity development, periodic performance appraisal in a summary manner, and rewarding good performance.
The primary goal of PM is to help employees understand how they contribute to the success of the organization through their individual roles and responsibilities.
Performance management is a step-by-step process for managing performance and improving employee performance. It includes the following steps:
● Set clear expectations
● Track progress against these expectations
● Provide regular feedback
● Celebrate successes and address failures
● Reward excellent performance
The performance management process has four steps:
This step is about setting goals that align with your business goals, helping employees understand their role in achieving those goals, and making sure everyone is focused on the right priorities.
Employees need to know how they are doing. During this phase, managers should provide regular coaching and feedback on progress toward set goals.
When an employee needs help to achieve their goals, the development phase begins. During this phase, managers work with employees to identify opportunities for learning or skill development or offer training programs or other
Current trends in performance management
Current trends in performance management are changing this approach. They are moving away from traditional methods and towards more continuous feedback loops that aim to encourage employee development throughout the year.
There are several reasons for this change:
● Employees want more feedback – They want to know how they are doing, where they can improve and how they can develop further. They want their managers to spend more time with them, rather than just having an annual conversation about their progress (or lack thereof).
● Employers want more transparency – Especially in complex organizations with multiple teams working together, it’s important that leaders understand what’s going on at all levels so they can take action if necessary.
Current trends in performance management include:
360 degree feedback is growing in popularity because it draws on multiple sources other than direct supervisors. Employees can receive feedback from their peers, subordinates, suppliers and customers. These multiple perspectives help provide more accurate assessments of employee performance.
While annual or quarterly reviews are still commonplace, companies are moving towards providing continuous feedback to employees on their performance. This helps keep employees engaged and motivated throughout the year.
Performance vs potential
As companies move away from formal annual reviews to more frequent reviews, they increasingly focus on potential rather than past performance. This helps identify talented employees who may need additional training or coaching to advance their careers within the company.
How visual data can improve performance
Data is everywhere. It’s in your email, on your phone, and it’s all around you. But how can you turn it into something useful? The answer lies in visual data.
Visual data is any kind of information presented graphically – in a chart, diagram or picture. It makes sense of large amounts of seemingly random data and transforms it into something we can understand and use to improve our business.
Data visualization can range from simple bar charts to complex infographics.
A visualization is also a key tool in designing dashboards, presenting relevant information to users at a glance.
The right kinds of data visuals created using the data visualization tool can help decision makers use information more effectively and efficiently, but only if the visualizations are done correctly.
A good visual presentation can make all the difference. Many people understand things better when presented visually. Visuals help us understand something faster and easier. With the increased use of technology, companies are adopting ways to make their information more engaging and accessible to employees, customers, and partners by turning it into visual data.
As humans, we are naturally visual creatures. In fact, we process visuals much faster than text. 90% of the information transmitted to our brain is visual and we process this information 60,000 times faster than text.
What tools can be used for Visual Data?
Visual data is a visual representation of quantitative information or numerical data. It is also known as data visualization and is used to make sense of large sets of numbers.
Visual data can be represented as diagrams, graphs or tables. It is most commonly used in statistical analysis, business intelligence, data mining, and process control.
Some tools used for visual data are:
● Microsoft Power BI
● Chart Expo
The most common visualizations include:
● Bargraphs and histograms,
● Pie charts,
● Line charts
● Point Clouds
● Time series charts,
● Box plots,
● Heatmaps (or heat maps),
● Contour plots and 3D surface plots,
● Marimekko maps and mosaics.
To effectively manage performance, leaders need to understand what is happening at all levels of their organization. Data visualization can play a key role in this process by helping to identify patterns, trends, and relationships that would otherwise be difficult to discern.
When used correctly, visual data can help improve decision-making, identify areas of opportunity, and spot potential problems before they arise. It can also help businesses better understand their customers, employees, and operations.