3 Pillars of a Timeless Performance Management Strategy

Last year Millennials rose to make up the largest population of the workforce causing quite the stir. Other generations were quick to reprimand Millennials for being “entitled” or “needy”, but as the bashing becomes tiresome, HR professionals like Tim Sackett (@TimSackett) are speaking out.

“All of us are people. All of us are in the workplace. All of us have to work together and get along. Focusing so much on one group over another just perpetuates dysfunction and confusion.”

Sackett’s commentary sheds light on the fact that Millennial workers’ values aren’t really all that different from previous generations. Continuous performance feedback, career development and employee appreciation are all things employees desire, regardless of what generation they belong to. Therefore, it’s these three things that can be the pillars of a timeless performance management strategy to accommodate all generations.

 

Constant Feedback isn’t just a Millennial Thing

Constant feedback has become a big conversation in the HR industry because employees are responding well when companies implement it within their performance management strategy, regardless of the employees’ ages.

  • 71% of employees would prefer immediate feedback
  • Companies with quarter performance appraisal goals generate 31% greater returns than those that review annually
  • 72% of employees said they thought their performance would improve if their leader would provide corrective feedback
  • 43% of engaged employees receive feedback at least once a week compared to only 18% of employees with low engagement

Feedback is timeless, employees of all generations appreciate immediate feedback, and they believe their performance improves when their leaders provide it. It’s not just a Millennial thing to want constant reassurance, and it’s weekly feedback that keeps employees engaged.

 

Career Development isn’t just a Millennial Thing

Another trend often associated with Gen Y is their lack of loyalty. The myth is no matter how great the organization is, lacking the right perks will still lead to a job search in a few years. While there are probably some employees leaving for pinball machines and free lunch Fridays, you can bet they are staying for far more important things like management positions, stability, career growth opportunities, flexible scheduling and better cultural fit. If high turnover is a problem, the cause probably runs far deeper than Millennial loyalties.

  • 76% of employees want opportunities for career growth
  • 25% of employees would be more satisfied at work if they were given the opportunity to work in accordance with their strengths
  • 40% of employees who receive poor job training leave their positions within the first year

 

Development is timeless, employees are far more satisfied and loyal to their employer when career paths are clearly defined and ways to attain success in addition to adequate compensation.

 

Appreciation isn’t just a Millennial Thing

Patting employees on the back should be happening right now, whether your performance management process has a specific employee appreciation strategy or not.

Appreciation is timeless, while the preferred methods vary based on personality, all employees need to feel their time and work are appreciated and benefiting the company.

 

Navigating through the ever-changing best practices in performance management is tough, but if your performance management strategy is formed with feedback, development and appreciation in mind, all workforce generations will be acknowledged.

There is so much more to performance management, which is why we’d like to invite you to sign up for a live demo of our performance management solution! See how our comprehensive approach is helping companies, like yours, improve their performance management strategy!