The start of the new year brings so many opportunities for HR teams. We may be biased here, but we think it’s a great opportunity for companies to assess their performance programs. Why? Per Gallup, only 14% of employees strongly agree that their performance reviews inspire them to improve. What’s more, when companies provide continuous feedback there are powerful business results. The same Gallup survey revealed that workers who receive weekly feedback are:
- 5.2x more likely to strongly agree that they receive meaningful feedback
- 3.2x more likely to strongly agree they are motivated to do outstanding work
- 2.7x more likely to be engaged at work
But best-in-class performance management isn’t only about driving continuous feedback for employees. It also incorporates:
- A focus on employee growth and development, rather than past performance
- The separation of performance and compensation conversations
- Feedback from peers and cross-functional stakeholders, in addition to managers
Many HR teams consult with Reflektive to build these crucial components into their performance management program. Based on our experience partnering with forward-thinking companies around the world, we’ve crafted “What is Best-in-Class Performance Management?” on the optimal ways for businesses to implement performance best practices.
This e-book includes the best ways to develop and execute all of your performance programs, from feedback cycles to engagement surveys to performance reviews. With a development-focused approach, companies of all sizes and industries can build programs that engage and retain their people. Snag, a Virginia-based technology firm, led a company-wide engagement survey and results share-out, leading to fewer employees looking for new jobs. Exabeam, a next-generation security tech company, implemented a cascading goals program, resulting in 90% of employees hitting their goals and an increase in company-wide retention.
Ready to learn how your company can boost engagement and retention with employee-driven performance management programs? Download the free e-book here.