With 2018 planning already underway, many companies are mapping out their strategies for performance management in the next year. The most solid approaches are bolstered by data and there’s no shortage of research on what employees expect of the performance management process.
We’ve rounded up some of the stats that can help shape your case for moving to continuous feedback in 2018.
- Only 20% of employees strongly agree they have had a conversation with their manager in the last six months about the steps they can take to reach their goals, and just 19% strongly agree they have reviewed their greatest successes with their manager in the same time span. (Gallup)
- Only 23% of employees strongly agree their manager provides meaningful feedback to them, and 26% of employees strongly agree the feedback they receive helps them do better work. Those who strongly agree with these feedback elements are more likely to be engaged than other employees (3.5 times and 2.9 times, respectively) demonstrating the need for managers to learn how to coach their employees more effectively (Gallup))
- Employees are more likely to learn and grow when they receive immediate feedback that is specific, targeted at their development and able to be put into practice right away. (Gallup))
- Three in 10 U.S. employees strongly agree that in the last six months, someone at work has talked to them about their progress. By moving that ratio to six in 10 employees, organizations could realize 34% fewer safety incidents, 26% less absenteeism and 11% higher profit. (Gallup))
- The impact of these new performance practices is high: 90 percent of companies that have redesigned performance management see direct improvements in engagement, 96 percent say the processes are simpler, and 83 percent say they see the quality of conversations between employees and managers going up. (Deloitte)
- Among managers who hold at least weekly conversations with their employees, 73% strongly feel these meetings help them better track their employees’ progress. This percentage steadily declines the less frequently development conversations are held; 67% of managers who have monthly check-ins strongly feel they improve progress tracking, compared to 52% who do so biannually or annually. (HighGround)
- Only 18 percent of employees at companies with P2P feedback built into performance reviews report anticipatory nerves. However, this doubles to 36 percent at companies without P2P feedback. ((HighGround)
- 38% of HR teams say their top concern is supporting what employees want such as mobile/social tools, flexible work arrangement, immediate feedback and flexible learning (Silkroad)
- 77% of HR teams say the most important component of agile performance management is having more frequent feedback conversations (i.e. weekly or monthly) vs. annual (Silkroad)