Recent research confirms the majority of teams agree traditional performance reviews are outdated. Instead, they prefer ongoing performance management, including OKR goals and real-time feedback. Managers and executives can use the most recent findings we’ve shared below to leverage a more effective performance management strategy for driving better results.
Traditional Reviews Are “Incomplete”
Nearly two-thirds (62%) of teams feel annual reviews are incomplete and do not capture a full picture of their performance. Many also feel that this approach is too generic and infrequent. This is despite 94% of executives reporting that they are confident in their current review procedures. The growing disconnect between executives’ and teams’ perception of the effectiveness of review processes must be addressed to retain top talent and drive performance. (source: The Growth Divide Study by Wakefield Research).
Employees Want More Real-Time Feedback
While 70% of organizations continue to use annual or biannual reviews, the majority of teams say they would like to receive feedback on performance at least once per month. Almost all who responded in the study (94%) want their performance issues to be addressed by their managers in real-time – not months later during formal reviews.
Executives Agree Check-Ins Are Beneficial
Executives recognize the potential benefits of using check-ins: 86% agree that having managers meet with their teams in regular one-on-ones would benefit their organization. Teams also say that they would be more forthcoming with concerns if managers provided feedback more often.
The problem with the annual review process is that it looks at past behavior. Clearly, there is a need for managers to coach their teams using real-time performance feedback. With solutions like weekly check-ins and review snapshots, managers can provide the feedback teams want and need to improve performance and excel in their roles. When completed on an ongoing basis, real-time feedback exchanges clarify expectations and provide an outlet for holding strategic discussions on performance. As a result, teams become more engaged and focused, and performance improves across the organization.
Do you manage a company or teams (either as a CEO, a senior executive, a middle manager or even a front-line manager)? Do you set and track objectives? Does aligning employee performance to business goals matter, and are you responsible for driving results? If so, please check out a live demo of Atiim OKR & Goals Management Software and we’d love to hear what you think about it. Thank you!