A company's performance management system is not just about annual reviews and bonuses. It is also essential to implementing corporate strategy
Reno, NV (PRWEB) May 19, 2008
M3 Planning, Inc, a nationwide leader in on-demand strategic planning tools and performance management software, announced today that they have added an employee performance review report to the impressive list of deliverables automatically generated by the company's award-winning strategic planning system, MyStrategicPlan. "A company's performance management system is not just about annual reviews and bonuses. It is also essential to implementing corporate strategy "says Erica Olsen, co-founder of M3 Planning and author of Strategic Planning for Dummies.
Olsen acknowledges that many organizations struggle with performance management because their system consists of little more than a form managers use to conduct annual employee evaluations. She says this doesn't work because performance management needs to be an ongoing conversation between supervisors and employees that supports the accomplishment of strategic objectives. Rather than only considering the process once a year, she advises managers to have a system in place that sets clear objectives, evaluate results and delivers continual feedback to employees about their performance on a regular basis.
Olsen adds, "An organization's strategic plan must give high priority to its performance management system because employees are the ones actually implementing the tactics necessary to achieve corporate objectives." To meet the growing demand for this integration of performance management and strategy, Olsen developed MyStrategicPlan, an online strategic planning system and business tool that ties many business systems and processes together and enables organizations to stay on top of them without a huge enterprise system or cost.
Executives can rely on the performance management software of MyStrategicPlan to guide them in crafting a balanced corporate strategy as well as managing performance management on a regular basis. Because it is based on the Balanced Scorecard and Strategy Map, MyStrategicPlan enables any organization, regardless of size and budget, to build a comprehensive plan in a matter of weeks (or even days) and monitor implementation all year long.
MyStrategicPlan was honored earlier this year with the 2008 award for Best Application Service Provider Interactive Application by the Web Marketing Association's annual Internet Advertising Competition. With more than 3,000 users, MyStrategicPlan has proven indispensable for developing a strategic plan, tracking goals, and creating professional reports. MyStrategicPlan also won the top honors in 2007 and was a previous Standard of Excellence award winner.
M3 Planning is a strategic planning firm that works with growth-oriented organizations to develop and execute their strategic plans. Strategic planning helps you pave the most direct path towards your vision while driving growth and saving you time and money.