Annual performance reviews are still a routine part of company life, but why? One study found that 95% of employees are dissatisfied with the process, and almost as many, 90%, don’t believe they provide accurate information.
So what can HR leaders and department managers do to make these yearly initiatives more valuable for both employees and organisations?
Make the reviews process ongoing and feedback-focused!
According to a 2015 study from the Brandon Hall Group, the writing is on the wall; or for that matter, the
bottom line. Companies that make the switch from yearly evaluations to a culture of ongoing performance management have realized a:
– 70% increase in revenue
– 72% decrease in turnover
– 54% boost to customer satisfaction scores
Reap what you sow: How fostering a culture of ongoing performance reviews drives growth
