Performance Management: Then vs. Now
65% of business and HR leaders’ rate performance management as an urgent challenge, yet fewer than 10% of organizations knows what to do about it.
Performance Management has emerged from the annual reviews it once was into the critical way organizations view employee performance while giving timely feedback to meet company goals and increase employee engagement.
What it was THEN
Many businesses believe that performance management and annual performance reviews are the same thing. While performance management is an effective way to engage employees, annual performance reviews are an inaccurate evaluation of an employee’s performance and loyalty to the organization.
- 45% of HR leaders do not think annual reviews are an accurate appraisal for employee work.
- Employees are 2x more likely to be actively disengaged if they don’t get instant feedback from their managers and are likely to spread that negativity to others.
Annual performance reviews are a thing of the past. Learn how Performance Management has emerged and can keep your employees actively engaged and goal oriented.
What it is NOW
Performance Management today, allows team members to direct their own career development towards company goals and core competencies while employers better understand strengths and weaknesses of their team.
- 43% of highly engaged employees receive feedback at least once a week.
- There are 15% lower turnover rates in companies that implement regular employee feedback.
How to Adapt
Adapting what Performance Management is today can be as easy as implementing a Performance Management Strategy driven by ongoing feedback and communication.
- 78% of employees said being recognized motivates them in their job.
- Only 44% of organizations do an effective job of using technology to deliver the performance management process itself.
As you let go of the past and adapt the now of performance management, your employees and their work will flourish. Deliver the easy to use cloud-based solution that allows employers to give timely feedback and employee engagement to increase with the BirdDogHR Performance Management.