Why is it important to redefine performance management? Because, it can give us a better way to manage employees, improve their productivity and increase overall organizational effectiveness.
According to Josh Bersin, only 8% organizations believe that their performance management process is worth the time they put into. Deloitte found that many organizations were struggling to fix their complex, unclear and vague performance management process throughout 2016. Organizations want to make it simpler and focus more on employee development.
Have you ever thought what made organizations redefine their performance management systems? How has the existing process become obsolete suddenly? The arrival of younger workforce (millennials) and their need for skill improvement & continuous feedback have made companies think more about employee feedback, development and coaching. Numeric ratings, formal evaluations and traditional ranking system are no longer going to help companies in improving business outcomes.
Let’s look at this infographic to understand why traditional employee performance management has failed and what can be done to improve it.
