Why the Status Quo May Be Hurting You—and What You Can Do About It
Today, plenty of experts and studies confirm what we already know: traditional performance management is broken. But it’s not just slightly flawed. It’s seriously damaged. So much so, that it’s actually creating disengagement and turnover — exactly the opposite of what organizations hope to achieve. According to a 2014 Deloitte article, only 8% of companies believe their performance management process is highly effective in driving business value, while 58% say it’s not an effective use of time.
Other statistics confirm high levels of employee dissatisfaction — largely related to lack of career growth, pay or recognition. These are the very things that should be addressed as part of the performance process. According to a December 2014 Harris Interactive/Nielsen study,2 nearly half (47%) of American employees searching for a new job say they are looking for more growth opportunities. More than two in five (43%) cite unhappiness with their current level of pay. And one in five feel they are not currently being recognized for their achievements or organizational impact.
This eBook takes a hard look at why the traditional performance management process no longer works — and what today’s organizations can do to fix it. It outlines the five problems with the current process, while providing four steps toward a better performance management paradigm. All so today’s organizations can boost retention, engagement and employee performance.