Move over, annual review. There’s a new performance management model in town.

August 7, 2017 | BambooHR | HCI
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Apprehension, perhaps with a side of excitement (in disguise) sets in as you take a hopeful hike into your boss’s office lair.

Your boss awaits your arrival, polished and well prepared with a report, notepad and pen handy.

It’s time.

Each year, you recognize the familiar stomach twisting, last-minute confidence mustering and “please just let this go well, please!’ panicking. I mean, this annual performance review is no joke. It’s the meeting that takes place every 365 days in which your boss evaluates the excellent, good, fair and “needs improvement” contributions you’ve made to the company.

Traditionally, employees have worked through the year with lack of regular feedback, meaning they’ve lacked clear understanding of how they’re doing according to expectations, goals and performance standards. They undoubtedly figure they are excelling at work and passing every test with flying colors, but when that annual meeting calendar alert goes off, they might be in for an unpleasant surprise.

This scenario might sound all too familiar if your organization is stuck in the rut of annual performance reviews.

There’s got to be a better way. Only 39 percent of HR practitioners and leaders agree performance reviews are an ideal way to improve employee performance, and 41 percent say annual reviews help develop workers, according to an Oct. 2016 HCI Talent Pulse study.

Human resources leaders like Cindy Campanella are on a journey for a better performance management process, ultimately eliminating the annual review.

New and improved performance management methods are replacing annual reviews with conversations, frequent feedback, coaching and mentoring.

It’ll be a long road, but it’ll be worth it. If you’ve ever moved to a new city, you know challenges can come along: unfamiliarity, getting around, networking and even resenting the move when the initial going gets tough. 

Once the new metropolis becomes home, its lights and sounds bring such gratitude and evidence that in fact, you made the right move.

Getting executive buy in, training your front-line managers, and essentially turning on your existing performance management process comes with bucket loads of benefits.  Your employees gain a coach – someone who helps with training, analyzes job execution, provides helpful instruction and who’s there for encouragement. Your organization gets the benefit of increased employee engagement.

If the thought of empowered employees taking initiative and holding themselves accountable for maximum productivity sounds amazing, then it’s time to take flight!

Chinese philosopher Lao Tzu once said, “The journey of a thousand miles begins with one step.” Take your first step by joining us for the upcoming webcast, The Journey from Traditional Performance Management to a Coaching and Mentoring Mode, and get a firsthand look into a performance management redesign.