• bookmark
  • print
  • 0

  • share

    0

Managing Employees (2 of 6): Managing Staff Performance

The Singapore Workforce Development Agency (WDA) offers workshops and guides to assist SMEs in implementing Performance Management Systems in their companies.


Publisher Image

Published by Enterprise Singapore
on 14 Oct 2019

What Is Performance Management

  • It is the process of managing your employees to achieve results for the company and tying their individual efforts to rewards and benefits.
  • Performance Management helps harness the skills and potential of your employees and enables you to adopt a more flexible wage system.

 

Steps Involved In Performance Management

  1. Establish the Key Performance Indicators (KPIs) for your company. The KPI is a tool to help your company track and measure its performance.*
  2. Get the buy-in of all levels of employees.
  3. Communicate company's performance to all employees regurlarly.
  4. Keep proper documentation to track employees' performance.
  5. Review and monitor your employees' individual performance closely.
  6. Make decisions on wages and bonuses based on performance.

*The KPIs for each company may be different depending on the company’s nature of business and operating environment. The 2 common categories of KPIs are Financial Indicators and Operational Indicators.

 

Getting More Information

  • National Wage Guidelines
    The National Wage Guidelines help businesses benchmark their salaries and wages on a national level.

Last Modified Date: 14 Oct 2019