Key Trends in Performance Management
Performance management has been experiencing a seismic shift in thinking and effectiveness over the last several years. The millennial workforce now is a majority of the US workforce with almost 54% of the employee population1, and that has driven a lot of change in workplace behaviors. Once a year rigid ratings-based performance appraisals are slowing fading away to continuous bite-sized approaches to performance. While the once-a-year approach is still used in the majority of organizations, it is not necessarily popular or effective with a large majority of employees feeling that they provide very little value.
According to a research study by Deloitte, over 70% of organizations are evaluating their performance management processes or have recently implemented new processes and tools2. Several organizations are transitioning to a developmental and active engagement-driven approach to performance pioneered by platforms such as Engagedly.
Here are some of the trends in performance management that have seen success and adoption among progressive organizations.