It is a well-known phenomenon in modern talent management that traditional performance reviews do not help either employee development or business growth. Recent research by Deloitte shows that 58% of companies believe that their current approach to performance management is a waste of time.
After conducting in-depth research, Deloitte itself has taken a number of initiatives to move away from the tedious and complex annual performance review.
Here are the top 7 steps Deloitte has taken in the performance management process, which are shared here to help improve productivity and employee engagement while hopefully making your organization’s performance management effective.
1. Simplify management steps
Actively taking suggestions is the key to a successful feedback process. If your performance management tool is poor at even some basic functions, you’re missing out on a lot of employee-to-employee feedback. This leaves you without enough data to help your employees develop. Make your process as simple as possible and easy to follow for everyone in the organization.
2. Using performance management to boost employees’ skills
Focuses on implementing a flexible approach to performance management designed to provide employees at all levels with practical steps they can take to improve themselves. It is important to be clear about what skills are needed for each individual to achieve the set goals at work. Developing these skills appropriately will directly improve your organization’s performance. Communicate clearly to employees what these skills can bring to the table and make employee performance and long-term personal development evident to further identify and discuss opportunities for improvement.
3. Launch regularly 1 on 1 conversation
Regular “informal” performance-specific conversations can be a very effective way to improve employee engagement and performance. Scheduling regular 1-on-1 meetings between managers and individual team members can come to talk about the feedback employees are receiving and the progress of their goal completion records. To get the most out of the meetings, it is recommended that a meeting be scheduled specifically to discuss specific employee development skills, develop a clear plan to achieve and improve them, and reflect the results in the following meetings. Ultimately, these meetings are a powerful way to make feedback and your performance management process effective in your organization.
4. Create a clear employee development plan
Setting specific goals helps employees focus their efforts. There are tools that allow you to set both development goals and business goals. Help employees set specific goals with a clear way to measure results. This creates clarity of purpose and increases transparency. In most cases, development goals are set on a quarterly basis.
5. Develop the manager’s ability to give feedback
In many cases, managers often fail to provide useful feedback to their employees. This leads to employees being left behind without a clue, which is detrimental to their personal development. There are two reasons we often hear about this: first, managers lack insight into the skills and performance of their teams, and second, they are never taught how and when to give feedback. Enable your management to drive the performance of their teams by teaching them how to handle feedback and providing them with tools like the aTalent Performance Management System to gain insight into the skills, performance and coaching needs of their teams.
6. Decoupling monetary incentives from employee development
To stimulate honest yet effective feedback among colleagues, employees’ personal development should be separated from monetary rewards. Consider finding other compensation metrics, such as how hard it is to replace the person in the company. Another example is to reward employees who provide training based on how much a person contributes to the learning and development of others and the organization. In addition, find ways to reward employees by providing growth opportunities without involving money.
7. Actively mentor each individual and motivate colleagues to learn from each other
Show everyone how they can contribute to the success of the organization and make sure all know what it takes to get to the next level. Hold each employee accountable for their work while also helping them with their personal development and providing the appropriate coaching and training support.
There are tools, such as the aTalent Performance Management System, that allow colleagues, superiors and subordinates, internal and external, etc. to coach each other by providing effective feedback. At the organizational level, you can create a healthy corporate culture by clearly communicating the benefits of knowledge sharing. Organizations need to actively reward those who are willing to mentor others and provide easy-to-use tools to identify mentoring needs.
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