Annual Appraisal giving way to Regular Feedback
The Changing face of Performance Management
According to a survey, employers are gradually moving away from the process of annual performance reviews and adopting the Regular Feedback system. These are findings of the Top Employers HR Best Practices Survey. The global survey assesses an organisation’s HR environment in the areas of: strategy, policy implementation, monitoring and communication of employee conditions and development.
According to the report, “We are definitely on the verge of a paradigm shift in the way we look at Performance Management.”
“Performance Management is one of the more mature HR practices, for which most participants have implemented fairly sophisticated systems and processes in recent years. Now is the time for further development though as organisations seek to improve their business performance, and gain competitive advantage, through better understanding and measurement of employee performance and motivation.”
Four key trends have been identified as shaping the future of Performance Management:
– Performance culture as a fundamental
– On-going coaching and feedback
– Agile and transparent goal setting
– Focus and collaborative evaluation
One great example of this we have seen is from Microsoft, who completely overhauled their existing approach by removing all ratings in favor of a new, conversation-based approach to performance and development.
Against the backdrop of fast evolving business dynamics due to new technologies and working practices, Performance Management has a key role to play. The shift towards regular and transparent feedback will help organisations become a more dynamic, responsive and valuable part of the business performance cycle.
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