Re-engineer Performance Management To Build A More Competitive Workforce

Many organizations have been planning to move away from traditional performance management process and annual performance ratings, since a few well-known companies publicly made the shift.

In the year 2016, a few large organizations, like Accenture, Deloitte, GE and others, abolished rating-centric performance management to focus more on employee development. Changes in performance management process are taking place frequently,and by now, we have understood that companies are not going to completely move away from annual reviews, rankings and ratings. Instead, they are more likely to bring improvements in the performance management techniques.

Re-engineering the way a company manages employee performance and develops top talent can be a wise step towards making performance management more effective. Managers need to emphasis more on ongoing performance feedback while giving enormous training and development opportunities to employees. This will surely develop top talent, improve workforce productivity and increase organizational effectiveness.

Here’s an infograph showing few shortcomings in the traditional performance management process and ways to improve it.

Infographic Source: https://empxtrack.com/blog/re-engineer-performance-management-process/