PURPOSE
Enabling the creation of environments where employees can be autonomous, take on bold challenges, and performance can be evaluated with a high degree of fairness and transparency.
Overview of the Global Evaluation System Framework
Yokogawa has a global performance management system where all employees are assessed against their achievements and Yokogawa-specific behaviors.
Goal Setting through Objectives & Key Results
What are OKRs?
OKRs (Objectives & Key Results) are a goal management system.
It is a simple tool to create alignment and engagement around measurable goals. OKRs are frequently set, tracked, and re-evaluated — usually quarterly. OKR is a simple, fast-cadence process that engages each team’s perspective and creativity.
How do OKRs work?
OKRs are cascaded from the top of the organization at the beginning of each fiscal year. See more information under the process (1st Stage – Goal Setting).
Yokogawa’s Performance Management Process
PROCESS
There are 4 stages in our performance management system encompassing the entire fiscal year. This process includes goal setting, 1on1 communications between the employee and manager, 360-degree feedback (including self-assessment) and finally the annual review.
1st Stage: Goal Setting
The first stage occurs at the beginning of the fiscal year. Goals are cascaded from the top of the organization, OKRs (Objectives & Key Results) are set in reference to the goals cascaded from one’s manager(s), then the employee and manager agree on the OKRs and their respective weightage. Employees also set any additional competencies which they’ll be assessed on at the end of the year.
2nd Stage: 1on1 Feedback
The second stage occurs throughout the fiscal year. 1on1 feedback and communications on achievement and behavior will occur on a frequent basis. Not just between manager and employee, but also colleagues in the same peer grouping and any others the individual has worked with. Managers and employees also review the ongoing development plan throughout the fiscal year.
EVALUATION SYSTEM
3rd Stage: 360-degree Feedback
The third stage will occur at the end of the fiscal year. This is when the 360-degree feedbacks and self-assessments will take place. The purpose of the 360-degree feedback is to improve an individual’s awareness of their work related behaviors and performance within Yokogawa. 360s provide a mechanism for confidential feedback from others and for oneself (results compiled anonymously).
4th Stage: Performance Review
Lastly, the fourth stage will occur at the beginning of the next fiscal year. Final results will be calculated and agreed upon. Feedback will be given based off the final evaluation results. The development plan for the following year will also be decided upon. And the career progression plan will also be updated.
