OVERVIEW – Deloitte’s Performance Management and its Vision, Mission Strategy and Values

Deloitte recognizes that performance management and talent management needs to be agile in the times when mobile and global workforce are gaining strength and importance as a result of enabling functions such as technology which has transformed the way people work, communicate and engage with each other. Hence, Deloitte establishes that it needs to have less formal and frequent progress review points. This is in line with Deloitte’s Vision and strategy which focuses on people working together as one geographical and functional business.

Now we will study various components of Performance Management System and how they are related with the Vision, Mission, Strategy and Values of the organization. It discovers unearthing the underlying relationships between the two and how the performance management system is enabling the organization to achieve its vision and mission, along with laying importance on its strategy and values.

PERFORMANCE CULTURE

Also, Deloitte aspires to be a standard of excellence and the first choice of the most sought after clients and talent. It aspires to deliver excellence in all of the services provided by the member firms. To achieve this Deloitte:-

Establishes Performance Culture which clearly articulates the expectations and consequences from one. It holds the people accountable for organizational results.

It differentiates performance and lays emphasis on providing quality feedback on individual performance.

Incorporate appropriate and suitable reward strategies It focuses on employee development and training.

This can also be reflected through the how Deloitte defines performance culture:-“For Deloitte, a performance culture is about delivering on our promises and striving for results to create business and individual success”.“Our employees make promises to the firm (“Your Promise”) and our leaders and the firm make promises (“Our Promises”) to enable our employees to excel and deliver on their promises.” To achieve this, a project team was established in 2007 to develop a framework for a sustained improvement in Deloitte’s performance culture.

Also, as Deloitte’s mission is to enable its employees to develop insight, expertise, problem-solving skills, and deep knowledge of globalized marketplace, it promotes a performance culture which signifies self-directed individuals and nurtures them through coaching. It fosters performance management based on Quantified outcomes – Competencies, Values and KPI’s. This is also achieved through its performance evaluation system which determines the gap between actual and expected performance and facilitates establishment of training needs, career and succession plans, improvement plans and performance based compensation structure adjustment.

PERFORMANCE OUTCOME COMPONENTSDeloitte aims to strengthening their daily efforts which will come together exponentially to benefit a world that needs continuous infusions of integrity, business acumen, innovation, enthusiasm, thoughtfulness, and most of all, meaningful actions.

This is achieved through the division of Performance outcome into 3 parameters-

1) Business Objectives – These are tangible and measurable business outcomes that contribute to firm’s success. Hence business acumen and meaningful actions collaborate to deliver these business objectives.

2) Competencies – These are the skills and knowledge you require to deliver upon the business objectives. It enables its employees learning and growth opportunities which nurtures their skills and boosts innovation abilities.

3) Signals – These are the behaviours you display during the course of achieving your business objectives and developing competence. These are clearly defined in the shared values which distinguish Deloitte’s culture:-

Integrity Outstanding value to markets & clients Commitment to each other Strength from cultural diversity

DESIGN THINKINGAs Deloitte acknowledges its critical role in helping both the capital markets and its member firm clients operate more effectively, Design thinking can be termed as one the firm wide approach undertaken by Deloitte to achieve the said objective. It is a creative, iterative process relying on a ‘human centered’ discovery process, followed by iterative cycles of prototyping, testing and refinement. Its characteristics are:-

Ability to combine empathy, Creativity, Rationality to meet users’ needs and drive business success

As one of Deloitte’s values is providing outstanding value to the customers, Design thinking helps in it as it is a people-centric approach. It looks at the people needs and generates alternatives to satisfy its customers.

The four elements of Design thinking come together to accomplish this:-

1. Insight – recognizing what is important, reframe and seeing the world with fresh eyes (heart of innovation)

2. Iterate – cycle through a robust process (to transpire solutions and strategies)3. Empathy – understanding people deeply (to lay a strong foundation)4. Diverge/Converge – a mode of creative ideation used throughout (building creativity by

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