At first glance you would consider SMCR and Performance Management Software to be unlikely bedfellows. However, the synergy between the two could be the key to the culture change demanded by the FCA through the newly extended Senior Management & Certification Regime (SMCR).
Culture Change and Actus Performance Management Software have long been synonymous. We were the first software to take the focus away from the annual appraisal to focus on meaningful, year-round performance conversations. We know that this is the only way to get people to take ownership and accountability for their performance and their behaviours. Old school appraisals won’t do that, it needs to be done through human interaction, honest feedback and enlightenment. But the problem is that people and performance management can be a soft target, seeming to be insignificant against the huge financial gains or losses of playing the stock market. Hard though HR try, many people in financial services businesses just don’t see the importance of “people stuff” therefore difficult or damaging behaviours are not addressed and appraisals are a tick-box exercise if they happen at all.
So where’s the synergy with the new regime? Well, of course compliance activities are also regularly considered tick-box exercises, however they are FCA regulated so that does mean that they tend to happen. So, we aren’t making things meaningful but at least the conversations have to happen. This is where we believe the magic could happen for the enlightened firm. By creating an annual SMCR & Performance Management timetable with the help of Actus, you can make performance conversations and compliance happen at the same time.
Actus offers integrated SM&CR, Performance & Talent Management Software. By introducing this into your firm you can focus individuals on performance and compliance at the same time. By integrating the SM&CR requirements with development, CPD and conduct, but breaking each aspect out over the year, you are able to use the compliance stick to drive conversations but the performance and talent management aspect to make them meaningful.
If you want to know exactly how to do this, why not get in touch? We’d be happy to show you how Actus can help you to achieve engagement and compliance using our uniquely integrated SM&CR and Performance Management Software.