Continuous Performance Management
Continuous Performance Management is the modern practice of not only managing, but actually increasing, employee performance. It’s very different from the old-school, legacy performance management which applied the ineffective once-a-year performance review. The modern approach is ongoing and is conducted in real-time (i.e. weekly, with a 5-10 minute check-in). Another difference is that responsibility for performance is owned and managed by people managers, while being supported by HR. It is not run from a traditional HR system or owned exclusively by HR; nor is it done for the purpose of compliance. Instead, it is encouraged to optimize talent and increase performance over time. Today’s competitive, global business environment is no longer running on a once-a-year cycle — the pace of business is much more dynamic. Companies need to align their employees and drive stellar performance and results on a continuous basis and in a modern, agile way. Over 10% of Fortune 500 companies have already ended the annual review process and their managers are using the modern, agile Continuous Performance Management. Organizations of all sizes are now following suit.
Regular performance check-ins help managers be more effective and also ensures that employees are making progress towards what truly matters to the company:
Less than 12% of companies believe their existing performance management processes is “worth the time put into it” and half of them found it useless.
63% of employers say their managers spend 4 hours or less per employee on performance management each year.
Employees who do regular check-ins and receive regular feedback from managers are 20x more likely to be engaged at work.
Typical Business Challenges:
- Your existing performance management process isn’t keeping up with the pace of your business and is not delivering the outcome that you want (better performance).
- Your managers are not as effective at their job as you want them to be – they are instead just adhering to an outdated annual review process that is forced on them.
- Your performance management process is compliance-driven and designed to mitigate risk, not to actually improve performance nor achieve business results.
- Managers don’t spend much time with each employee focusing on performance, and it shows in your results.
- The “Return on Management” is not there – management is a skill, not merely a job role and it must be done effectively to produce stellar performance and results across the board. The time and money spent on performance management at your company is not improving business results. Executives, business managers, employees and even the HR department are dissatisfied with the current performance management process.
Results you can expect when you deploy Atiim to support Continuous Performance Management:
- Transform Processes: Create a data-driven and results-oriented employee performance management process that is embraced by every manager in the organization as a valuable tool to manage their teams.
- Empower Managers: Ensure all of your managers are more effective at their jobs through a talent development process that increases performance.
- Increase Employee Engagement: Motivate and engage employees by developing talent and providing ongoing feedback consistently and objectively.
- Improve Culture: Use helpful recognition and ongoing check-ins focused on measurable objectives and goal achievement.