Neste’s Performance Management Process plays an essential role in helping the Group attain its strategic goals and reinforcing its performance-driven mindset. Neste has taken a step change in developing its performance leadership towards a more agile model supporting daily operations.
Performance management comprises daily leadership, through which individuals, teams, units and the Company can achieve selected strategic priorities and develop organizational capability. Performance leadership is used to ensure that everyone knows the values and objectives of the Company, and their short- and long-term objectives, and what kind of competence is needed and developed to achieve these objectives.
Individual and team objectives are based on Neste’s strategy and way of working. There is a clear link between wellbeing at work and good leadership performance.
The key elements in the Neste daily performance leadership approach are:
- setting challenging objectives and following them through
- supporting the achievement of objectives with up-to-date feedback
- evaluating one’s own performance and results
- developing ways of working and taking responsibility for one’s own competence development
- holding regular personal development discussions and check-in discussions that support day-to-day work.
From a financial outlook and reporting point of view, the Neste Performance Management Process consists of long-term financial projections based on the strategy and Performance Planning covering the mid-term (3 years) outlook. During the year, performance is evaluated in weekly Management Reporting, the monthly Business Review, and the quarterly Common Functions Review.
Financials- and KPIs related , information in management reporting and reviews are compared to strategic goals and business plans, and to analyses and planned corrective actions throughout the year.