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Two reasons why successful companies have a performance management system in place for executives

by , 04 July 2014
Executives need clarity on what their goals are. They also need to know if they're on course or not and how well they're doing.

This is just one of the reasons why successful companies have a performance management system in place for executives.

Successful companies recognise that leaders need to set an example from the top by practising what they preach.

Take a look at two more examples of why successful companies have a performance management system in place for executives so you can adopt a similar approach to ensure your business continues to thrive when it comes to performance.

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THIS is why successful companies have a performance management system for executives

#1: Successful companies have a performance management system for executives because they acknowledge that leaders in the company shouldn't only ensure they're doing the right things, but also that they're doing things right, says the Practical Guide to Human Resources Management.

As you know, in some cases an executive may be achieving what they need to achieve on the bottom line, but they might be doing it in a way that makes it impossible to sustain performance in the long term.

A performance management system provides successful companies with the checks and balances needed to assess the company's methods and effectiveness on an ongoing basis.

#2: These successful companies have a performance management system for executives because this integrated and formal system ensures that the executive team functions as a high performance team.

This means each member of the team clearly knows what's expected of them, what their respective roles are in the overall business plan of the company and what constitutes success in the company.

Here's the bottom line: Executives are the navigators of your company and are responsible for driving company performance. That's why it makes sense to have a performance management system in place for them – so take a leaf from successful companies who already have this system.

Be sure to check out this article. It's the first installment of why you should have a performance management system for executives.

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