By; HOSEA YUSUF, Abuja
The Maritime transportation is a derived demand whose main purpose is to support trade, business and commerce – whether global or domestic, whether cargo or people. An estimated 89.5% of global trade is carried by sea. As per UNCTAD figures, in 2019, although the maritime trade growth and port traffic growth were down, world seaborne trade reached a volume of 11 billion tons with a predicted growth of +2.6% in 2019 and an annual average growth of +3.4% for the period 2019-2024.
In a statement by the lead Consultant/CEO Anthro Management Ltd. Mrs Dorcas James, said, an estimated 793.26 million TEUs were handled in container ports worldwide in 2019 and as of now there are 6,145 active ships carrying 23,657,724 TEUs around the world..The growth, numbers and the volume involved makes the maritime industry one of the most globalized industries in the world in terms of ownership and operations..Not just in terms of ownership, the Maritime industry also provides employment for an estimated 1.65 million seafarers working in the global merchant fleet across the world.
She highlighted that Maritime Transportation has been and still remains the backbone of global trade and has been so since the Egyptians, Greeks, Romans, Arabs, Indians, Chinese, Europeans all started sailing and improvising the sailing methods from sailboats, dhows, long boats, dragon boats, steamships to the current ULCVs, VLOCs, VLCCs amongst others.
She said,” Research shows that previous systems, such as yearly appraisals, are outdated and can even serve to decrease employee engagement and motivation. In light of this, more companies are turning to performance management than ever before.What is performance management? Performance management is a strategic approach to creating and sustaining improved performance in employees, leading to an increase in the effectiveness of companies.”
She underscored the importance of maritime transportation to Nigeria’s economy is an effort in assessing the extent to which maritime transportation has contributed to Nigeria’s economy through gross domestic product (GDP) output.
She identified some of the challenges include: insecurity, inadequate infrastructure, inadequate capital for investment and maintenance of ships, poor incentives for investors, lack of indigenous carrier vessels, sea unworthiness of such indigenous vessels where they are available, and poor integrated water transport systems.
Also said, that by focusing on the development of employees and the alignment of company goals with team and individual goals, managers can create a work environment that enables both employees and companies to thrive.Based on the definition of performance management, a system is built within an organization to measure and improve the performance of the people in that organization.In practice, performance management means that management is consistently working to develop their employees, establish clear goals, and offer consistent feedback throughout the year.
“In contrast to other systems of reviewing employee performance, such as yearly performance appraisals, employee performance management is a much more dynamic and involved process with better outcomes.It is increasingly understood that a yearly performance appraisal system does not effectively engage employees, fails to consistently set and meet company objectives, and does not result in a strong understanding of employee performance.”
She further said, ” Why is performance management important?In any organization, no matter the size, it is important to understand what your employees are doing, how they are doing it, and why they are doing it.Without a system in place to define roles, understand individual strengths and weaknesses, provide feedback, trigger interventions and reward positive behavior, it is much more difficult for managers to effectively lead their employees. “
” Smart organizations pair their performance management with an incentive management process. The two systems have a lot in common, from defining roles and setting goals to reviewing and rewarding employee behavior, and as such, do very well when run simultaneously. Using incentive management also means that the all-important ‘reward’ step of performance management is done properly.
Three of the main problems that organizations face are:keeping employees engaged retaining talent developing leaders from Within These are the issues that performance management very effectively targets.1. Keeping employees Engaged Engagement of employees is a focus of any management team. In a yearly appraisal system, goals would be given at the beginning of the year and then revisited 12 months later to see if they had been met.
This long stretch of time without feedback or check-in is an almost certain engagement killer.In fact, 94% of employees would prefer their manager gives them feedback and development opportunities in real-time, and 81% would prefer at least quarterly check-ins with their manager, according to the Growth Divide Study.Studies show that employees do best with feedback on a monthly or quarterly basis, with regular check-ins serving as a zone to problem solve, adjust goals as necessary, and to refresh their focus on the goal. In fact, companies where employees meet to review goals quarterly or more frequently are almost 50% more likely to have above-average financial performance.
When surveyed, employees had some negative feelings about a yearly appraisal system:62% of employees feel that their performance review was incomplete 48% did not feel comfortable raising issues with their manager in between performance reviews 61% feel that the process is outdated 74% feel that they would be more effective with more frequent feedback 68% of executives don’t learn about employee concerns until the performance review All of this adds up to a lot of missed opportunities to solve problems and increase employee performance and engagement.As employee engagement rises, nine key performance indicators show successful outcomes.
“If employees see that their management team is putting in the work to develop them professionally, help them succeed with their goals, and reward performance on a consistent basis, then they are more incentivized to both stay with the company and work harder.3. Developing leaders from Within this consistent development and partnership between managers and employees allow for the development of leaders from within the company.”
Recruiting costs can be extremely high, as are costs for onboarding and training new employees. To be able to groom leaders from within the company means that there is already a proven culture fit with this individual and that training costs and resources spent developing this person into an asset are not lost.This leadership path also serves as a motivating force for employees, who can see that their hard work will be rewarded with promotions and other benefits.Performance management also creates a need for management to consistently focus on company objectives and goals, and to consider how best to achieve them.
According to Forbes, ‘companies that set performance goals quarterly generate 31% greater returns from their performance process than those who do it annually, and those who do it monthly get even better results.’There are five main objectives of performance management:
Develop clear role definitions, expectations and goals Increase employee engagement Develop managerial leadership and coaching Skills Boost productivity through improved performance Develop a performance reward program that incentivizes Accomplishment These performance management goals show a clear path from the developing of goals to the rewarding of increased accomplishment.
” If one of these performance management objectives is not done well, then the others will suffer as a result.The benefits of performance Management Performance management has a multitude of benefits for employees and managers, as well as for the company as a whole. If a company can successfully create an environment of engagement where customers are equally engaged by employees on the front line, their outcome is even better.
When organizations successfully engage their customers and their employees, they experience a 240% boost in performance-related business outcomes compared with an organization with neither engaged employees nor engaged customers.- GallupHaving well-defined roles and performance standards makes hiring an easier process, as candidates know what is expected of them, and HR can more easily understand if a candidate is a right fit for the role.
Employees who feel that their company is invested in their success stay with their companies, increasing employee retention.Consistent feedback and coaching from managers lead directly to increased engagement from employees while developing the ability to provide good coaching and feedback leads to more skilled managers. As employees become more skilled, they can move up through the company, creating a leadership pipeline. Productivity will increase thanks to increased engagement, clear goals and upskilling of employees.
Employees remain incentivized to perform long-term, as they are properly rewarded for their hard work.15 Employee performance management best practices 1. Identify the goals of your performance management Initiatives as you are creating your performance management program, you need to understand what you want to accomplish.Asking the following questions can help you:Is increased productivity a priority?Does your organization want to identify leaders from within and develop them?Do you want to streamline the compensation process?
The Performance Management Against the backdrop of the vastness of the Maritime Sector, the need for managing performance within the sector, just like other sectors cannot be over emphasized. Performance Management can be in terms of the organisation or employees. For the purpose of this discourse, we shall be considering employee performance.15 Employee performance management best Practices Increasingly, organizations are understanding that their management systems must be brought into the 21st century if they are going to be competitive in the current market.
Build a performance-aligned Culture Make sure your workplace has shared values and cultural alignment. A sense of shared values, beliefs and expectations among employees creates a more harmonious and pleasant workplace. Employees should be committed to the values and objectives outlined, and exemplified by, top management.
Following Up on Peer Reviews Discussing Praises and Areas that Need Work with the Team Recognizing Those Team Members Actively Meeting their Goals and Objectives with Rewards or Incentives Discussing Plans for The Next Phase of Projects Discussing Company Data: Revenue, Customer Involvement, Marketing and Campaign Success, Etc.You should never meet just for meeting’s sake. You want to have something relevant to address and something worthwhile to talk about.
“If you feel things are going smoothly, employees are receiving performance feedback and acting accordingly, and the company overall is on a positive road, meetings may be held less frequently and treated as checkpoints throughout the year.If there are issues, concerns, questions, or ideas you want to discuss, have meetings sooner rather than later. Keeping your team involved, up to date, and in the loop are important for ensuring the machine that is your organization runs smoothly.”
” These six strategies for effective performance management may seem simple, but they can work wonders when implemented into your company’s day-to-day life. Companies should be about the people involved. Making the most of their abilities, recognizing where they shine, encouraging them where they need work, and seeing them as full employees, not just cogs, are really how you can create the right work environment for success.”
