Research has shown that managers who engage in effective performance management produce extraordinary business results compared with those who do not. One study demonstrated 50 percent less staff turnover, 10 to 30 percent higher customer satisfaction ratings, 40 percent higher employee commitment ratings and double the net profits.
They also exhibit enthusiasm for the accomplishment of challenging goals and demonstrate how to overcome hurdles that can get in the way of team execution. For example, a leader who works hard to exceed sales goals or learn a new process will inspire their employees to do the same. Leaders of high-performance teams motivate employees and inspire them to give their best to the projects at hand. They are both cheerleader and coach, creating an environment where employees feel engaged and inspired. In setting goals and giving feedback, leaders in a high-performance culture communicate clear, measurable, and action-oriented goals. They communicate with empathy and give feedback that builds trust and encourages employees to perform to their potential.
However, a strong culture is beneficial to the firm as it helps it achieve its set objectives through constant motivation.According to exhibit 5 in the article, my company values are embedded in day-to-day operations (Rosenthal & Masarech, 2003). The management is responsible for the communication of company mission and values to the employees. By the banking firm, I am currently working with, workshops are undertaken to orientate the new employees on the mission and values treasured by the firm. Also, the assigning of roles is by individual expertise is done. The firm has also empowered different departments to nurture values that are in line with the company’s objective to help achieve the company’s main goal of making profits and maintaining its competitive edge.
Organizations that seek further development in its core competencies and total output must turn their attention towards this growing trend of High Performance working system.
Rosenthal, J. & Masarech, M. A. (2003). High performance cultures: How values can drive business results. Journal of Organizational Excellence, 22: 3-18.
Schein, E. (2010). Organizational culture and leadership. Washington: John Wiley and Sons.