How to Foresee the Future with Performance Management, Development, and Culture

Anticipating the unknown is a stressful job. Are we hiring the right people? Are we providing them the right resources and environment to succeed? Questions like these could really use a crystal ball but since that’s not an option, here are three ways to ease the unknown and take control of our future.

 

Give More Employee Feedback

You don’t know what you don’t know. The best way to keep your employees in the loop may be simpler than you think. How about employee feedback? In fact, according to PricewaterhouseCoopers, nearly 60% of survey respondents reported they would like feedback on a daily or weekly basis. That same number increased to 72% for employees under age 30. As a new generation enters the workforce, new ideas do as well, one study shows that Millennials want feedback 50% more often than other employees. The workforce is changing and so too should your processes and approach to performance management.

 

More than 75% of respondents believe feedback is valuable, yet less than 30% said they receive it. The desire is out there, but the question remains –  are the company and managers willing to provide the input?  Feedback is a two-way street, so both sides receive the chance to discuss ups, downs, ideas and learn from it. This is something all leaders should be excited for as it presents the perfect platform to get a feel for an employee’s current engagement status. Regular feedback will help you identify and extinguish fires in the performance management process before they set your entire workplace ablaze.

 

Read more on how to Make Performance Feedback Count

Always Develop Your Workforce

A dream employee is, in some ways, like a cactus. They don’t require a lot of nurturing or resources, yet they seem to provide both in return without tiring. The reality outside of that dream is a workforce that needs plenty of nurturing and resources to be able to thrive. We’re talking performance management and development. Executives cite a high level of education or institutional training as the most important employee attribute, yet only 23% say they offer development and training as a benefit. When training is offered employees feel continuously challenged while also seeing potential growth opportunities. The thinking is an employer wouldn’t invest in knowledge unless there wasn’t a plan to use it. Additionally, continued learning is a perk many job seekers are hoping to find.

 

Having just any type of training is not beneficial for anyone, though. When a business provides ineffective development, they lose a staggering $13.5M per year per 1,000 employees. That ends up being $13,500 per employee per year.

 

Read more on how to Continually Train and How a Performance Review System Can Help

Culture is Key

Having a cohesive company culture is a preventative measure for many problems that can arise in a workplace. From retention to productivity, an aligned culture is a game changer. Not only will your employees feel happier in a well-suited environment, but your organization may see financial bennifits as well. Companies with happy employees outperform the competition by 20%.

 

Company culture is a beast to tame and far more complicated than it first appears. The best way to approach building your own is to consider your employees’ goals in respect to your company’s. Feedback is a necessary tool in discovering your people’s goals and is a great way to make sure all levels of the organization are on the same page. An employee that enjoys working at your company generally feels confident in their work and empowered to push themselves. 64% of Millennials said they would rather make $40K at a job they love than $100K at a job they think is boring. There are a multitude of benefits from building a well-suited work culture.

 

Read more on how to Hire for Cultural Fit

 

The truth is there really isn’t a crystal ball for hiring and managing your people. The comfort comes from the processes and tools that can be used before a challenge arises.