New Era of Performance Standards


GOLDEN BUSINESS IDEA

Gone are the days of performance checklists, hastily reviewed during an employee’s annual review. Companies now use performance standards to design orientation and training plans, research customer service and development needs, and award performance bonuses.

The National Federation of Independent Business ( www.nfib.com ) provides guidelines for creating effective, objective standards. Design your company’s performance evaluations to meet the following criteria:

Identifies a distinguishable line between unacceptable and outstanding performance.

Is challenging but manageable.

Sets specific, measurable and objective guidelines.

Covers only functions controlled by the employee.

Benefits clients or customers.

Uses precise language and terms.

The final key for effective performance standards lies in communication—make sure the terms are settled upon by both the employee and manager.

SPONSORED REPORT

Tax reform complicates year-end tax planning

Get your clients ready for tax season with these year-end tax planning strategies, which address how to make the most of recent tax law changes, such as the new deduction for qualified business income and the cap on the deductibility of state and local taxes.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.