Latest Trends in Performance Management
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Check out the Latest Trends in Performance Management and How can we embrace this!
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Latest Trends in Performance Management
- 1. WINNER of Microsoft Code For Honor 2014 Large Enterprise Software Best Human Capital / Talent Management Solution
- 2. Adobe abolishes Annual Performance Review Source: Business Insider Microsoft axes its controversial employee ranking system Source: theverge.com How Deloitte is Redesigning Performance Management Source: HBR In a Big Move, Accenture will get rid of Annual Performance Reviews and Rankings Source: washingtonpost.com …………………………………………………………………………………………………………………………………………………………… ……………………………………………………………………… Latest News on Performance Management Synergita.com
- 3. Synergita.com Goals are set at the beginning Annual Performance Reviews Employees are Categorized into Grades Salary Increments Appraisal Meeting Normalization / Bell Curve Traditional Performance Management Process
- 4. In a survey that was conducted by Deloitte, more than half the executives questioned (58%) believe that their current performance management approach drives neither employee engagement nor high performance Recency Surprise element between managers and employees. Ranking employees and fitting them in predefined bell curve is a de-motivator. Too much paper work and time gets wasted on filling forms, normalizing etc., with no real “Performance” benefits . Performance reviews have become more like an annual ritual.. A check mark that it has been completed. Performance cannot be driven by just giving feedback once a year. Synergita.com Problem With the Current Performance Management Process…
- 5. No. You cannot throw away. You need some mechanism for classifying your employees into superstars, stars and not-so stars. You need to do “pay for performance” in some way. What you need to do is to overcome the negativities of annual reviews. Negativities are towards “lack of effectiveness” of annual reviews. Organizations are trying to bring in “effectiveness” and “higher level of employee engagement”. Synergita.com Can you throw-away your annual reviews?
- 6. Introduce Periodic Reviews (more than once in a year) Remove force fitting of the employees into a pre-defined bell curve Synergita.com What are organizations doing about it? Focus on Goals (KRA and KPI) Introduce Continuous Feedback and have managers coach their team members
- 7. Focus on Goals (KRA & KPI) Synergita.com What are organizations doing about it?
- 8. Synergita.com Define Smart Goals and track the achievement
- 9. Synergita.com Define Smart Goals and track the achievement
- 10. Synergita.com Define Smart Goals and track the achievement
- 11. Synergita.com Define Smart Goals and track the achievement
- 12. Synergita.com Define Smart Goals and track the achievement Sense of satisfaction Better employee engagement Aligned with organizational goals
- 14. The Value of Conversations Focusing on strengths reduces disengagement 40% If a manager primarily ignores a team member the team member’s chances of being actively disengaged are 4 in 10 or 40%. 22% If a manager primarily focuses on weaknesses the team member’s chances of being actively disengaged are about 2 in 10 or 22% 1% If a manager primarily focuses on strengths the team member’s chances of being actively disengaged go down to 1 in 100 or 1%
- 15. Why Continuous Feedback? People love to hear feedback about what they’re up to 01 Real time feedback helps you learn, grow and deliver results 03
- 16. Benefits of Continuous Feedback Continuous feedback minimizes the time taken to complete a given task/project. Continuous feedback gets the team member on the right track, before they complete their task Helps maintain a friendly atmosphere and culture in the organization. Continuous feedback boosts the team member to give their best. Continuous feedback increases the efficiency of the team member and the effectiveness of the job well done.
- 17. Provide Support without Removing Responsibility Ask for Help and Encourage Involvement Listen Actively and Respond With Concern Maintain and Enhance Self Esteem Principles of Effective Continuous Feedback & Coaching Team members want to know how you’re feeling about them in relation to their performance Team members who feel valued are more willing to share responsibility, confront challenges, and adapt well to change. Involvement increases the chance that innovative ideas and solutions will surface. As a manager you are in a special position to provide support to your team. This may include advising, mentoring, and providing needed resources, reassigning duties, and clearing roadblocks. Share Thoughts, Feelings, and Rationale
- 18. 44% 17% 33% 1% 3% 2% 0% Bravo : Dog's Heart Bravo: Lions Sprit Bravo: Butterfly's attitude Breakfast with VP Employee of the month Appreciation Unique Contribution Total number of awards provided in the past 12 months: 2850 Employees can give Bravo award to other employees. Each reward has points and once they have points accumulated they can redeem them. Continuous Feedback Statistics at Radisson Blu GRT Synergita.com Radisson Blu GRT is a five star hotel in Chennai. They have a very efficient continuous performance culture and rewards mechanism for their employees.
- 20. Periodic Reviews & Check-Ins Synergita.com What are organizations doing about it?
- 21. According to Tom Peters, Author of the book “In Search of Excellence” Dynamic Employee Evaluation is the need of the hour. Timely, Constructive feedback and meaningful discussions. Agile is the keyword. New practices that are brought in: Focus on Employee Development. In knowledge related jobs, skills, attitude, customer empathy, ability to innovate and work in teams matter more. So focus should be on constantly developing these capabilities Synergita.com New Performance Management Practices – A Quick Overview
- 22. There are no ratings or ranking. A peek into the performance review of companies like Deloitte and Adobe’s . Adobe’s and Deloitte have introduced regular “check-ins”. Given what I know of this person’s performance, I would always want him or her on my team . IN Deloitte: This person is ready for promotion today. At the end of project/ or ever quarter, team leader is asked to respond to four future focused questions about each team member. Sample questions: New Performance Management Practices Synergita.com These are brief conversations that allow leaders to set clear expectations, review priorities, give feedback both positive and constructive on recent work, and provide course correction and coaching.
- 23. One of our financial services customer based out of Wisconsin New Performance Management Practices Synergita.com
- 24. Removal of Forced Ranking & Force Fitting into Bell Curves Synergita.com
- 25. Why are people moving away from Force-fitted bell curve? Normal distribution equally distributes people above and below average. Demotivation factor for people. And a small number of people fall at the extremes - two standard deviations. Lot of anxiety and stress. Managers don’t take ownership / accountability New Performance Management Practices – A Quick Overview Synergita.com Performance Management is not abolished – but organizations are embracing newer and better ways of managing performance. On analysis of the changes made by these companies, the following points emerge: What is abolished? Forced / Stacked Ranking of employees into a bell curve Scoring
- 26. Synergita.com What are organizations doing about it?
- 27. Synergita.com What are organizations doing about it? Managers are empowered to choose these ratings (NOT force-fitting)
- 28. New Performance Management Practices – Performance Curve & Salary Curve Synergita.com There are two bell – curves Performance curve Salary curve Salary curve depends on: - Individual Performance - Penetration into salary / level band - Importance of skillsets - Department performance - Organization performance Performance and Salary revisions will result into some form of bell curve. They need not resemble / match each other. Don’t force them to be identical. (There is lack of awareness that these two curves exist and they are different. Some education is required on this – for managers, HR and employees)
- 30. Managers get an opportunity to hear from their team members on how they are perceived. Helps to understand their area of improvements and address them. Takes two-three years to bring the “openness to accept feedback”. But, very helpful tool, if used properly. Aspire’s Example on RYM Synergita.com Team members provide feedback about their managers.
- 31. Top Priorities Flexible system with opportunity for real conversations Focus on team members and offer them robust, exciting tools to engage with the entire company. 2 Raise employee engagement from an “HR program” to a core business strategy. Give managers a specific yet simple practice they can adopt and hold them accountable. 3 Social Platform. Exciting option for engaging team members in new ways, transform workplace and build positive co-worker dynamics. IMPLEMENT A BETTER SYSTEM INCREASE ENGAGEMENT INCREASE RETENTION REDUCE TURNOVER 1 Continuous Feedback. Provide a robust tool that is easy to use and facilitates transparent lines of communications.
- 32. How Will This Work? Provide ongoing positive/constructive feedback. Accentuate the positive - Discipline yourself to always start by providing positive feedback on good performance before you tackle the performance gaps. 2 Ask for feedback. This is an opportunity to share their needs for coaching, feedback and professional development. 3 Continue the conversations. The beauty of a loop is that it’s continuous - plan, act, assess, modify (repeat). 4 Start the continuous conversations. Move from a less structured and dictated system to a flexible system. Design the culture we want. 1 Engage in conversation 1 Give feedback 2 Get feedback 3 Work in Cadence 4 WIN WIN
- 33. Working in Cadence in 2016 Continuous Feedback Expectations Pulse Check-in Tempo Talks 01 02 03 01 Expectations are set on first day of employment or at the beginning of the year. Determine the tempo for talks. Minimum 4 x per year. 02 Weekly meetings - short duration. 10-15 minutes of real-time feedback and coaching. 03 Structured conversations. Team member answers brief questions that look back - look forward. Reflect on past performance and your contribution. Look forward: set expectations and predict impact of your work. Expectations Pulse Check-in Periodic Reviews
Editor's Notes
- Our focus became increasing accountability, engagement and success. Talk isn't cheap. Meaningful exchanges between teams boost our bottom line. Focusing on strengths reduces disengagement. If a manager focuses on a team member’s weaknesses, that team member's chances of being actively disengaged are about 2 in 10. If the team member is ignored, those chances double to 4 in 10. But if a manager focuses on an team member's strengths, the chances that team member will be actively disengaged go down to 1 in 100.
- We are going to set ongoing expectations in real time throughout the year. We will provide regular updates so team members understand context and outside factors affecting their work. The aim is to give our team members information when they need it rather than months after teachable moments have passed. By being open with team members, we encourage them to trust us, to be open in return, and to accept responsibility for improving.
- Feedback and coaching increases productivity, the quality of work and the effectiveness of the center team.
- Ongoing performance feedback and coaching is a continuous and continual process of providing help to your team by analyzing their performance and other job behaviors for the purpose of increasing their job effectiveness.
- We began our search for an engaging system with a people first approach to ensure all levels of management are conducting the leadership activities needed to align and drive BusinesSuites forward. We knew we needed a tool that has an engagement factor. We were excited when we found Synergita. Synergita has everything we need for improving communications, collaboration and coaching. It was an easy sell for me. A 20% reduction in attrition is a $390,407 return on investment.
- We need to rethink the notion of feedback. Maintaining ongoing performance conversations — specifically, providing proper feedback — is something we will need to work on weekly. While it may seem like an added responsibility to center managers already "full plate," managers that provide ongoing feedback and coaching against established goals and metrics are actually making their job easier. Also, the center will have a greater likelihood of meeting and exceeding their center goals.
- In 2016 we will introduce a new component to working in cadence. We will set annual expectations and introduce Tempo talks. Tempo, Italian for “time,” indicates the speed of a song; the rate at which beats are repeated. Tempo talks will take place every 90, 120 or 180 days. You set the pace. Tempo talks should be an extension of the ongoing dialogue between you and your team during pulse check-ins. Our success comes from working together, and the Tempo-talks should have no surprises.