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what are the five best tools for performance management in this video I want to look at some of the best tools you can use to manage the performance of your business and the people within it I help companies improve their business performance management processes and I see that lots of performance management processes are not working very well so I thought I'd do a video of what I feel are the five that organizations should be using that will make a real a real difference for your company for me it has to start with a goal framework where you basically lay out what's the vision of the business where do you want to go and then a small number of strategic goals that you in an ideal world put on one piece of paper that then outlines here are the five 10 15 things we really need to sort out as a business in order to be successful what this will do is that this is then becoming a really powerful communication tool that everyone in the business can understand what the goals are where the organization is going in there they can align with this once you've done this the second step is then that you need to define objectives and for me this has to be a regular process where you start at the top of the organization and you say okay in order to help us achieve our goals we need to set some objectives and these objectives need to be clearly defined and then cascaded into the organization not necessarily cascaded right from top to the bottom sometimes it's better to actually have this as a more natural process where everyone in the organization almost simultaneously defines their objectives but making sure that they're aligned with the goal framework the third thing is that we need metrics or KPI so we need to measure the results measures basically help you to also identify what you mean by some of your your objectives they help you when success will look like so everyone needs to have metrics but again what I see in practice is that lots of metrics are not particularly well designed where organizations simply measure everything that is easy to count rather than what really matters so I use a tool called key performance questions where we go back into actually what is the question you want of an answer to before you develop indicators and then you try to define indicators that really help you track your objectives and your goals the fourth part of a good performance management framework in organizations is to have regular performance discussions in practice what I see is that this process is usually very broken that organizations have these annual performance review meetings where individuals sit with their line managers to go through a script or you have these personal development reviews for me what has to happen is that these meetings have to be done more frequently so it should really be a weekly or monthly check and where you have discussions where again hopefully the goal framework comes out where you look at your own objectives and you refine them and you said ambitious goals for the future and this discussion has to be two-way way so here this is what I would like to achieve this is what the company would like to achieve how do we now align them how can the manager and the team support you in achieving some of these goals so these really meaningful regular discussions about performance and the fifth part is that we have a good reward and recognition system in place what I don't mean by this is that we simply align or hardwire some of the indicators that we've designed with a reward system saying hey if you achieve our revenue target you will get a bonus this for me doesn't work and practice and what I mean by reward and recognition systems is that you actually have a process where you showcase good performance where you think people for their good performance where you have those regular discussions you say this is great let's celebrate success between individuals where you have those discussions but also as a business you celebrate success and this is for me one of the most powerful ways of rewarding people and actually the financial reward should come automatically should get paid well for the job you do but not not necessarily for hitting all the KPIs so these are the five things so when I help businesses improve their performance management processes we look at those usually in that order that we start with the golf framework then set the objectives then the metrics then the performance review processes in the organization and finally making sure that there's a good way of rewarding performance and celebrating success if you want to know any more about any of this I have a lot of other videos that are relevant to all of this and I have lots of articles on my website on all of those topics so you can dive in and learn a lot more