Performance Management Processes

Many businesses I work with have a hit and miss performance management strategy and it goes something like this:

  1. I’m not sure my team member is performing well
  2. I seem to be getting lots of complaints, I’m pretty sure they aren’t doing their job properly
  3. I’m getting landlord terminations now, I’m confident that team member has to go

Does the above sound like you? Does this unfold over 2 or 3 months?

We need to have a mechanism to quickly identify which team members are underperforming so we can either upskill them back into their role or exit them quickly from the business.

What mechanisms do you use to quickly identify these underperforming team members?

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This is such an interesting topic, because as business owners we tend to rely heavily on our “Gut Feel” and I know personally from running our business, I am defiantly on the lenient side of things, I used to put up with poor performance for too long.

We are seeing some amazing data metrics coming out that literally allow us to rank our Property Managers performance. There is one LPMA member office here in NZ that has built a platform for this and this is some of the demo data.

It tracks all of the KPI metrics including financial, growth, retention and in their NPS scores to give an overall rating. This office is even showcasing this dashboard directly to their staff to encourage healthy competition and growth between their team members.

It’s an interesting approach, and one that I think we will see more and more of over time as partnering business (Like our sister company Ailo) find ways to explore our data and turn it into meaningful insights. I cannot wait!

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