The Future of Performance Management – Trends to Watch
Workplaces are becoming more demanding, and employees want better, more efficient ways to accomplish their goals. They don’t think their companies realize this, however.
Luckily for them, improvements in technology and some new trends seem to be moving in the right direction. Here are five things that could easily reshape performance management as we know it: 1. Feedback customization.
1. Real-time tracking
There’s no doubt that businesses will have to evolve their performance management methods along with their workplace environments. We can already see this happening with annual reviews going out of style for real time tracking tools and flexible goals.
Engagedly offers a feature for supervisors to provide employees with timely, targeted advice on how they can achieve and succeed in their work using real-time feedback. Engagedly also makes it easy to share all of the important stuff like goal tracking, OKR’s and 360 degree performance reviews from one app.
While appraisal scores are meant to clarify an employee’s specific outcomes and make them accountable at Medtronic, other places would disagree. Regardless of which mindset you side with, real-time monitoring works wonders when it comes to keeping track of your employees’ progress.
2. Personalized feedback
More often than not companies are ditching the annual performance review system for informal ones that allow managers and team members alike to offer ongoing feedback at any given moment – a much more fitting approach when you think about how work gets done today.
Developers have created apps that allow anyone from any level within an organization to give (and receive) feedback whenever they want – like General Electric’s PD@GE app.
Picking up on what your employee is lacking or needs improvement in is crucial for a healthy development process centered on your individual team members’ growth.
3. Employee-centric approach
Companies now look at each employee’s personal development needs rather than just lumping everyone together with goals. This might mean allowing flexible hours or supporting mental health initiatives.
If this is going to work in the long run, managers and employees will need to be regularly checking in rather than waiting for the full year review.
Adopting these trends and adopting effective performance management tools will enable companies to create a high-performing culture that attracts and retains top talent. Focusing on continuous feedback, personalization and connection ensures their business remains attuned with an ever-evolving workplace environment.
4. Peer-to-peer feedback
Peers often provide feedback to one another in some cultures, often through informal dialogue and formal reviews like 360-degree reviews. Peer feedback can also be included into performance review cycles or be conducted independently of them.
Peer-to-peer feedback can be an effective means of self-reflection and development. Unlike managers who typically operate from afar, peers can offer more intimate insights into daily work experiences while helping uncover blind spots.
Many organizations are shifting away from traditional performance management practices, moving away from annual reviews towards continuous assessment and feedback. With the right technology in place, this process can become simpler and more effective for all parties involved – giving employees access to monitor their own progress 24/7 and receive instantaneous feedback from anyone.
5. Adaptability
The ability to adapt quickly is essential in any workforce as things change everyday
Workers who can shift gears when things get unfamiliar or stressful are vital when things go wrong like they do on the production floor. They can assess a problem quickly and find the best solution to minimize downtime.
Being adaptable means being open to other people’s ideas and being able to take criticism. It’s important in building collaboration and teamwork – it is a key leadership quality which ultimately results in better overall work performance.
