A number of surveys point to the widespread disappointment with traditional performance appraisals. Listed below are a few recent findings that point to key changes that are transforming the performance management landscape.
1. Most organizations are moving away from traditional performance appraisals and reinventing their performance management process. According to Deloitte’s Global HR Trends, 70% of companies are reinventing their performance management process.
2. More and more businesses are focusing on improving employee experiences in the performance management process since research denotes that a highly engaged and motivated employee is 125% more productive than an employee who is merely satisfied.
3. John bresin’s speech at a HRD summit stated that companies are losing approximately £42 billion a year because of stress at work. As a result, most top performing organizations have started to make employee wellbeing a part of performance reviews.
4. Since, most millennials demand professional development and career growth opportunities, learning and employee development has taken the centre stage.
5. As organizations have started providing more feedback on a continuous basis that will help in mentoring employees rather than reviewing past performance.
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