Performance management is like going to the dentist, we know we need it, but don't like it.
82 % of upper managers say that performance management doesn't work well at meeting its goal.
95 % of managers aren't happy with the review process.
67 % of employees don't think they are being heard.
Performance management is the thread that connects your employee engagement strategies, compensation and success planning to mentoring, recognition, and career development. If you do performance management wrong, it can make it hard for you to do all of the good things you're trying to do as an employer, which in turn can hurt your business. But if you get it right, people will know what their job is, how to get there, and how important they are to the whole company.
Two things can help you make sure that you're getting more value out of your performance evaluations: Do them more often & turn managers into coaches.
The Issue with Annual Performance Reviews
The process of setting up a performance review takes a lot of time, organization and planning. Thus, it can be hard to do this more than once or twice a year. But this approach puts too much pressure on those few conversations, making them both scary and useless.
If employees only get feedback once or twice a year, no matter how good or bad the feedback is, "the issues are history." Either the issues have been solved or are in the distant past. Employees won't be able to do much with feedback that is too old.
Too much: Managers can't tell their employees everything they need to know about how to improve, how their pay will change, how their careers will grow, or how they'll be promoted in one meeting.
What if we were to tell you that there are tools on the market today that can alert you if there is a cause for concern in your organization?
What happens when corporate culture begins to deteriorate, and you don’t even know about it, because the reviews are yearly…
ELEFense can help. ELEFense analises company sentiment & keywords to reveal Enterprise Cultural Health and quantify how people feel to give you an unprecedented insight of trends and events.
So companies can understand, manage & prevent:
• Toxic work environments
• Employee burnout & motivation
• Employee and customer loyalty
• Team compatibility & performance