Extensive research in the past few years has focused on improving and gauging success of traditional performance management methods.
But even with upgrades like 360 reviews and calibration, performance management falls short of accurately measuring performance due to persistent bias.
Even worse, it fails to improve performance. Most often, the painful, time-consuming process is counterproductive, as it demotivates the workforce.
Yet, so many companies are stuck in their ways.
Why? Our recent study discovered the answer. Executives, who are still decision-makers on implementing a change, think the process is working just fine (94 percent). In contrast, employees (61 percent) say the process is outdated and feel they would be more effective with more frequent feedback (74 percent).
This phenomenon, Growth Divide, is a 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.
See more key findings in the infographic below.