Social performance management may address the collaborative needs of modern businesses in a way that employees enjoy rather than fear. There are few rituals as universally dreaded in companies as the performance review. While reactions range from being merely annoyed by the process to detesting it, overall the traditional annual review—like some of the employees gauged by it—consistently fails to meet expectations. Managers complain about how time-consuming performance reviews are. Meanwhile, employees are unsatisfied with the paltry feedback and support they receive and the lack of a line of sight between their goals and the broader objectives of the organization. Many workers—particularly those among the feedback-conditioned Millennial generation—want more-frequent dialogue about their performance. As the workplace evolves, we need to find new processes that support contemporary business challenges. A handful of employers are pioneering a new technology-based approach called social performance management SPM.
EIN: Through SPM, we are expanding our collection of data on who we serve and how their lives are changing. That data is then analyzed to assess how well we are aligned in our mission and how we can perform even better. As part of the SPM process, we have adopted the Universal Standards for Social Performance Management, a set of industry best practices that help us continually define, monitor and improve our social goals. Discover more in our most recent Social Performance Management Report. When you sign up to receive email from Opportunity International, we'll keep you informed with updates, news, and stories from our work around the world. We will never sell, rent, or exchange your email address with a third party.
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Social Performance Management is an approach that puts clients at the center of all strategic and operational decisions in a microfinance institution. It begins with a clear social strategy which is carried out by the board, management and employees. MFIs with strong SPM design products that help clients cope with emergencies, invest in economic opportunities, build assets and manage their daily and life cycle financial needs. As a result, MFIs that actively manage their social performance hold themselves accountable to their social mission, facilitate greater social impact and can even boost their operational and financial performance in the medium-term.
Integrating the power of social networking into the modern workplace is a process that has only just begun. The near-future result will be a complete makeover of the way modern corporations work. Traditional management styles and hierarchies will give way to a new way of doing business that is chaotic, collaborative, highly productive and very fast. Social Performance Management is new enough that many executives are still unfamiliar with the term. The power of SPM will be impossible to ignore, resist or undo. SPM is the future of workplace productivity, and the future is arriving now. The first SPM providers began popping up five years ago. Yammer, now owned by Microsoft, and Rypple, acquired by Salesforce. Saba began merging its traditional HR software with social networking in In , MangoSpring released Mango Apps, and 7Geese introduced the first social version of its performance management solution.