Why Performance Reviews Will Soon Be a Thing of the Past
Business as usual has become extinct like the dinosaurs as companies are evolving constantly. And this is not just in respect of their business, but also in respect of managing their human resources. HR Technology is helping us change the ways in which companies interact with their employers, but the heart of it is still to find relevance and transparency in talking to them. And it’ll look a lot more like two colleagues talking than company and employee.
1. OKR – Google, Intel, LinkedIn, Twitter, and others are leading the way in moving from annual performance reviews for set goals for employees, to using OKRs. Objectives and Key Results (OKR) are transparent and aligned with the company’s objectives and also between colleagues. By allowing employees to see others’ OKRs, the system becomes dynamic and can react to changes much better than annual or semi-annual reviews. Clarity is key here, and OKRs should be decided with the employee and not for her/him.
2. Analytics – Nothing sounds more mechanical than saying employees’ performances will be measured and plotted on a graph. But, really, that’s how analytics are influencing HR actions. And data science is bringing huge rewards in terms of personalising how performance is tracked to the individual and then setting the right goals for the right kind of employee. Think of it like monitoring a person’s vitals and recommending exercise that takes their health into account. This will be facilitated by using smarter devices, gamifying tasks and actions, and by thinking of development of employees as the end goal, not just measurement.
Related: How to Retain Your Best Employees
3. Feedback – Millennials are not as easy to impress as one might assume. It isn’t all about funky offices with video games and skateboards. Recognition for work, transparency, and the feeling that work is being recognised and driven in real-time is becoming a greater priority day-by-day. Tracking activity as mentioned in the previous point, digital feedback, even gamification of performance management, that’s where the cutting edge of employee engagement lies. In a world of abundance of choice and frequent alienation of employees in a company structure, bringing people closer through communication is essential. Company culture and inclusiveness can be directed towards business objectives through healthy feedback channels.
Businesses now need to be nimble, and the days of pontificating before acting are long gone. Performance reviews that evaluate past activity, annually or semi-annually, to set the course for the future, is a method that doesn’t work for most new companies. But, by making reviews more frequent, tracking more efficient and transparent, the capacity for teams to pivot are greatly enhanced.
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