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Establishing Performance Standards There are two primary reasons why it is essential to have in place realistic performance standards for each position in your organization. First, the performance standards provide management with a fair, accurate, and objective method for evaluating each member of the staff. Secondly, the standards are helpful to the employees in that, it affords them the opportunity to always know "how" they are doing and, if necessary, to take corrective action if the standards are not being met.

Properly established and monitored, performance standards provide an accurate assessment of the employee's capability and developmental needs, while helping to avert performance problems before they become severe.

The following outlines the process utilized for establishing performance standards.

I. Collect and evaluate the historical performance data for the firm, each department, and for each individual position.

II. Gather and evaluate historical performance data on each individual that is currently employed by the firm.

III. Compare firm, departmental, and individual performance data with industry norms.

IV. Based on comparisons, establish performance standards for each position in the organization while adjusting for specific anomalies.

V. Establish mechanisms for communicating the performance standards during the hiring process, as well as on the job.

VI. Implement an on-going process for collecting, monitoring, evaluating, and utilizing performance data for each position in the organization.

Contact us for more information on how this can work for you and your firm.