Record | Relay | Reward | Repeat
One of the things that the C-suits is concerned about is the 'Speed of change' - never has business moved so rapidly. To help keep up, digital technologies and innovations are expeditiously evolving to create disruption in traditional Human Resource (HR) practices and bring a tsunami of changes at the workplace. Business leaders and HR experts have begun to understand the importance to collaborate HRTechnology, creating a direct impact on business outcomes.
One important aspect of how user-centricity is changing is through the Millennials, who will represent half of the workforce by 2020 and three quarters by 2030. They expect more flexibility in working environments, they learn faster and their use of technology sets them apart. But what can companies do to maximize their potential?
Unlike traditional annual or half-yearly appraisal cycles which are a post-event analysis, Real-time Performance Management is about recording and relaying the performance in the moment. Cascading goals, fitting goals with rapidly changing business needs, tracking the performance of these goals for each employee, identifying high-performers and reducing the appreciation and reward time significantly to create ‘Repeat’ behaviour. Not forgetting the red-flags coming from under-performers and implementing corrective coaching plans to prevent lasting damage to the business.
#Real-time Performance Management is still an evolving space and a lot of precious deliveries are waiting to amaze us in times to come. It will be worthwhile to see the results of a few companies that are using #Real-Time Performance Management tools.
On what is considered as one of the biggest moves in 2015, Accenture got rid of annual performance reviews and ranking creating a massive revolution in its internal operations. A strategy survey conducted by Accenture reported that work was changing; it was faster, more networked, immensely collaborative and demanded ever-evolving skills. To keep pace, innovation in performance management was needed. Accenture implemented a more flexible system, in which employees share and receive timely feedback with and from their managers on an ongoing basis for their assignments and projects. This approach fits with employees’ demand for more regular check-ins on performance to aid their development and progression.
Another refreshing example of managing employee performance was administered by GAP, the Another refreshing example of managing employee performance was administered by GAP, the global retail giant we know. They responded to employees’ fears around the traditional annual performance review and replaced it with an altogether less formal, more conversational approach between manager and direct report. Called ‘Grow, Perform, Succeed’ this involves managers having monthly discussions with their employees, usually outside of the office environment. And, most importantly, it is treated as a conversation rather than a forced, ranked evaluation.
An area that most business leaders want to unlock is ‘how do we get the best value out of the time and money we are spending?’ And its answer is, performance management must change from trying to measure the value of employees’ contribution after the fact, rather, it’s needed to regularly support and position workers to perform better in the future. Hundreds of Tech companies and Startups are working in the direction of bringing advanced HRTech tools. Companies will need to adopt a change management approach whilst introducing these concepts, simply because businesses are no longer working in year-long cycles.
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