What's Trending in Performance Management?

Whether technological, societal, or even fashion related, it’s easy to spot trends that affect us all. What is less easy to see are trends that happen in our professional life. Performance management, like any discipline, has its trends, shifts and changes over time. If we ignore these trends, it can adversely affect our recruitment and retention of top talent. So what’s happening in the world of performance management? Let’s find out:

Professional Development

As Millennials continue to join the workforce, they are going to continue actively changing the way we handle professional development. According to a recent Deloitte survey, 63% of workers ages 34 and below (from all over the world) are concerned they aren’t being properly trained for commanding positions at work. Employers who take the time to train and develop their workforce will likely see a lower turnover rate as they invest more into employees.

What does this mean for employers? It’s time to start considering, not only the onboarding and training being offered to new hires, but the training and development employees receive throughout their tenure at the company, as well.

Learn how you can use employee development to see into the future.

Short-Term Goals Taking Over

Annual performance reviews are trending downward and the extended long-term goal is as well. When is the last time you heard someone mention their five-year plan? Large companies like Netflix, Adobe and GE are getting rid of the annual performance review as it’s not enough for today’s workforce anymore.

Vague, long-term goals with no check-in points have a tendency to fade over time and be forgotten about. Set project-specific goals for the short-term to give managers and employees a better idea of what is expected and when they should be completed. Use short-term goals as checkpoints along the way to help achieve long-term goals and point employees in the right direction. Specifically, in Trakstar, you are able to set constant email reminders, as well as utilize our tools such as notes and measurements for more consistent check-ins between employees and managers.

What does this mean for employers? Tracking these goals is going to be the key to success! Ensuring employees and leadership knows where to find the goals that are set, how long they should take to achieve, and have the ability to update progress will be vital to achieving these goals.

360-Degree Feedback

The idea of 360-degree feedback is not a new one, but many companies are now starting to take notice of the benefits this type of system has. 41% of companies who use peer-to-peer recognition have seen positive increases in customer satisfaction. 360-degree reviews give a more detailed picture into the feedback being sent to the employee. Along with more insight into their performance, employees are allowed a two-way street to have more of a conversation about their work rather than just hear about it.

What does this mean for employers? Making it easily accessible for anyone to have to ability to leave feedback will be important in creating the whole picture for employees when it comes to the feedback they receive. Providing a way to invite others into the process and involve the employees more will be the most successful route to making this system work for your team.

Want award winning performance from your team? Start incorporating 360-degree feedback.

Want to stay up-to-date with the latest trends? Or have some we might have missed? Share it with us @Trakstar_hr!