Credit union management and human resources have plenty to juggle these days, including developing leaders, aligning employee retention and performance and creating and maintaining a performance culture. Out of all of these, aligning performance with compensation can be the biggest struggle.
Performance management works best when it’s viewed as a process instead of a once-a-year event. Using a performance management program that guides, grades and records monthly goals, in addition to the typical year-end goals, can help your credit union and its staff realistically reach performance objectives. Linking a performance management system with a compensation program can motivate employees by more directly linking performance with compensation.
Research shows that high achievers are motivated to be high performers if they know they’ll be rewarded accordingly. Plus, many average and below-average performers will improve their performance if they see it being linked directly to financial rewards.
HRN Performance Solutions, which is already well known for its popular Performance Pro and Compease programs has good news – soon your credit union will be able to link both of these programs online. HRN is currently beta testing the new online Compease program and plan to get new clients online in early 2014. Once Compease is online, it will be integrated with Performance Pro – simplifying performance and compensation management for credit unions nationwide.