According to Deloitte, the shift from “jobs to work” is just one reason companies like Cisco, GE, IMB, and Atlassian are shifting from annual reviews to real-time feedback. It’s no secret that annual reviews are problematic: de-motivating, time-consuming, and plagued by bias.
95 percent of managers are dissatisfied with their organization’s performance management system. #InnovateHR https://t.co/5EJmTC8OIp
— Muhammad Qasim Iftik (@Qasimifti) January 9, 2018
The question we hear frequently is: Does it actually work?
According to NeuroLeadership Institute, the answer is yes:
“90 percent of companies that have redesigned performance management see direct improvements in engagement, 96 percent say the processes are simpler, and 83 percent say they see the quality of conversations between employees and managers going up.”
“Nothing drives employee engagement more than feeling like a valued member of the organization and being empowered to take ownership of your own success..When a work culture can do that, it goes a long way towards better retention.”#InnovateHR https://t.co/VA359rCxUF @MeghanMBiro
— Harold Sinnott ☄️ (@HaroldSinnott) January 9, 2018
Reflektive presented a webinar with TalentCulture founder Meghan M. Biro on the top performance management trends of 2018 to further explore how companies can update their current programs to capture the value of regular check-ins and ongoing feedback, and what organizations need from technology providers.
During the webinar, we surveyed the audience on the purpose of performance management in their organization:
- 17.6% – To support accountability
- 26.4% – To rate employees
- 30.1% – To inspire better performance
- 25.9% – To better align employees with company goals
All of these are great reasons for a performance management program and should be considered when updating or redesigning your program. We were not surprised that improving performance had a slight lead, though. Developing employees is key in the current business climate and talent market.
“Feedback is absolutely key to a positive company culture in terms of driving high performance.” – @MeghanMBiro #InnovateHR #WorkTrends
— Reflektive (@reflektive) January 9, 2018
Watch the webinar on-demand here, or check out the trends following the hashtag #InnovateHR on Twitter.
“When an employee sees opportunities to grow both as an individual with a career and as an employee, that’s a motivation to stay.” #InnovateHR https://t.co/qr2Pzk17k9
— TalentCulture (@TalentCulture) January 9, 2018
Will 2018 be the year you elevate your performance management? Contact us to learn how Reflektive can help.