There are numerous regulatory systems on the market designed to report on the senior management aspects of the SM&CR regulation. These regulatory systems often capture CPD or conduct requirements in a ‘tick-box’ way. However, stepping back, it seems obvious that evidencing and giving feedback on (conduct) behaviours fits logically within another annual process that should be pre-existing – the appraisal. This makes even more sense when we add in CPD.
Running parallel processes of SM&CR and appraisal could cause conflict. Both purposes are widely different. Appraisals are about enabling the individual to perform well, developing their skills, nurturing talent, increasing engagement and retention. These are key priorities for many businesses. Whereas SM&CR is a regulatory process there to eliminate risk. Perhaps most importantly, the senior people in the business will be culpable if processes aren’t put in place for SM&CR. Therefore, it is definitely NOT optional. Strategically, both are important – but let’s face it, in a fight between HR and Compliance we all know who will win every time!
Integration of Performance Management and SM&CR processes can bring huge value to both. It will likely improve take-up and commitment to appraisals, whilst also preventing SM&CR from becoming a ‘tick-box’ exercise. By improving the quality of behavioural conversations and aligned development the value to Performance Management and SM&CR processes may be seen.
We were approached to develop this module by a member of the Financial Services Industry as they could see that Actus Performance Management Software already met a number of the requirements and there would be huge synergy in bringing them together. If you would like to take a look at how Actus could provide you with a one-stop solution to SM&CR and talent retention and engagement then please get in touch below.