Are your company’s executives and employees aligned on growth? The word alone—“growth”—can mean different things to different people, and that gets to the heart of the Growth Divide. How do you bridge the gap when managers and employees have different definitions and metrics for success?The word alone—“growth”—can mean different things to different people. Click To Tweet
In our recent webinar, The Growth Divide: Aligning Employee Needs with Company Value, speakers Erick Mott, Reflektive’s Head of Communications, and Nathan Richter from Wakefield Research examined the Growth Divide and offered key strategies for aligning business leaders and employees.
You can watch the full webinar here.
The Problem with Performance Reviews
The performance review process epitomizes the Growth Divide. Reflektive recently partnered with Wakefield Research to conduct a survey of 500 U.S. executives and 2,000 U.S. employees across industries.
The survey found that 94% of HR and VP-level operations executives are confident in their review process, but 61% of employees believe that their company’s review process is outdated. Many of these employees feel that the process is either too generic, too slow, or that their company’s performance review technology is old or outdated.61% of employees believe that their company’s review process is outdated. Click To Tweet
This stark contrast between executive and employee perceptions is enhanced even further when you consider that nearly 70% of companies only conduct biannual or annual performance reviews, but more than half of employees would prefer monthly or weekly performance check-ins.
Considering those numbers, perhaps it’s no surprise that more than one in three U.S. employees say that they don’t understand how their role impacts the company’s success. This is a recipe for employee disengagement.
What is the Growth Divide?
The Growth Divide is defined as “the gap between what business leaders believe is necessary to compete and grow market share and revenues and what employees believe is necessary to contribute, grow professionally, and thrive.”
The company is focused on macro-level growth—productivity, operations, meeting customer demands, staying ahead in a competitive marketplace—while employees are focused on micro-level growth—succeeding in their current roles and establishing their career paths.
Technology is a driving force behind the Growth Divide. Employees are more empowered than ever before: They expect certain benefits, such as remote work policies. At the same time, executives must do what they believe is best for the organization. When these beliefs and expectations don’t align, it can cause friction, disengagement, and high turnover.
How do you cross the Growth Divide and align the entire organization? It starts with clarity and communication.
Executives need to clarify the company’s goals and expectations, define their vision of success, and ensure that employees understand how their roles fit into the big picture.
Managers need to conduct regular check-ins with their team members. 94% of employees want their mistakes to be addressed immediately, believing it’s easier to course-correct in real-time. Frequent check-ins open the door for managers to recognize great work and provide coaching feedback, while also eliminating stress that employees may feel about the “performance review.”
Every day presents another opportunity to take steps toward sustained success. Bridging the Growth Divide is one of the most important steps a company can take to set itself up for a strong future.
Watch the full webinar here.More than half of employees would prefer monthly or weekly performance check-ins. Click To Tweet