One of the most stressful times in the lives of leaders is judging and getting performance management right. It is inherently subjective and ridden with inaccuracies and biases. Moreover, the concept of continuous evaluation sounds exciting but it’s difficult to implement.
Here are some performance management stats for you:
- Only 8% companies believe that their performance management process is highly effective in driving business value.
- On the other hand, a mere 58% say it’s not an effective use of time.
- 45% HR leaders do not think annual performance reviews are an accurate appraisal for employee’s work.
- 69% employees say they would work harder if they felt their efforts were better recognised.
- Companies that implement regular employee feedback have turnover rates that are 14.9% lower than for employees who receive no feedback.
- 92% respondents agreed with the assertion, “Negative (redirecting) feedback, if delivered appropriately, is effective at improving performance.”
- Managers who received feedback on their strengths showed 8.9% greater profitability.
- 1 in 5 employees are not confident that their manager will provide regular, constructive feedback.
- 43% highly engaged employees receive feedback at least once a week.
Now that we understand the consequence of having a broken performance evaluation process, let's look at how we can make it stress-free and easy to implement. Can technology help?Absolutely.Platforms like peopleHum are designed to make the entire process more objective, effective, and efficient with the following modules-
When you set prior goals for your team then it becomes easier for everyone to align together. Otherwise, it becomes nothing less than chaotic and a heated discussion.peopleHum provides a Goals module to set up goals at the organisation, team, and individual level. As a result, you can identify and assign goals, link them to the performance evaluation process, and measure their impact. Get a heat-map on which teams and individuals are achieving their goals and hitting the mark.
peopleHum provides a full-fledged performance evaluation module for conducting both ad-hoc and timed evaluations in a recurring cycle.
- Set up your performance management templates
- Perform evaluations for:
- 360 degree feedback
- Link goals and assign weights to each
- Create distributions for teams and individuals
- Schedule meetings with reminders
- Measure and trend performance over cycles
- See your best-performing teams and individuals at the click of a button
- Measure individual and team sentiment using MINDFULNESS indicators
So, to put this into perspective, 300 people can complete their evaluations in 4 days at an average of 9 people providing full, uninhibited 360-degree feedback.peopleHum is one of the few platforms that gives you deep HR analytics as well as machine learning to measure sentiment and mindfulness. Hence, these indicators are important for crafting realignments, recognition, training, mentoring, and exits.
peopleHum provides an intuitive way to track the one-on-one that follows the performance evaluation. So, you conduct, document, track, trace, and trend all in one place.In fact, the platform will provide you a great opportunity to interact with your team on a regular basis that too without fail. It helps you be consistent and fair with your team's performance.
Try out peopleHum for your annual cycle now for free that too, at no obligations. What do you have to lose? Deloitte measured the impact of its performance across 90,000 people with 2 million person hours spent across each cycle and found it to be inactive. Are you doing the same? Therefore, it's time to use new age Human resources approaches with the best that technology has to offer to simplify your process.If you would like to get in touch with us, we can schedule a free demo for you. The session would be with our Customer Solutions Engineer, who will walk you through the entire platform. Even if you apply for a free trial you wouldn't have to worry because the platform is efficient overall.Moreover, there is a lot to experiment and learn about the platform. You will get to try new features and enable your team to discover new ways in which they can meet their set targets.Learn more at www.peoplehum.com