This week’s TLNT article, 3 Forces That Are Shaping the Future of Work, painted a clear picture of just how much the state of work has changed. The authors point to a new future shaped by the gig economy and technological advances and, in this except, the implications of each:
“The result of these trends is an even tighter labor market with new demands for developing and retaining top talent. The companies that embrace and proactively respond to this emerging reality will have the competitive advantage as they execute on strategies that will enable them to win the talent war, enhance employee productivity and elevate brand equity.”
The article goes on to share what it will take to stay competitive in the war for talent in 2019 – an HR strategy centered on meaningful work, development opportunities and a collaborative environment. We wholeheartedly agree. In this post, we want to offer our take on how a modern performance management approach can address all three of these must-have’s for today’s employee.
How modern performance management addresses three must-have’s for today’s employee:
1.) Creating meaningful work
To understand how performance management initiatives contribute to more meaningful work experiences for employees, look no further the HighGround Meaningful Work Study 2018.
Almost all employees (95%) who find their work to be “very meaningful” know their organizations’ missions and values. Goal setting is an important way to reinforce this. Empowering employees to set goals that align to broader company objectives creates a stronger bond between them and their employer. That bond, of course, leads to a more meaningful work experience.
Just over half of employees say that they are trusting of their managers. While this number isn’t terrible, the flipside is that almost half of employees don’t trust their boss. Employee-driven check-ins and requests for feedback are one way to build trust through the employee-manager relationship. Empowering employees to seek out feedback often and initiate interactions with their manager leads to trust, which then leads to finding more meaning in their work. Download our webinar recording for even more ways that an agile performance management strategy can help create meaningful work experiences.
2.) Doubling down on development
Development doesn’t happen in a silo. It all starts with an employee who makes development a priority, and sets goals that allow them to grow into their next role. To accomplish those goals, they need peers willing to provide honest, constructive feedback along the way, and a manager who’s willing to coach them on how to improve.
An agile performance management approach should facilitate this process fairly intuitively for everyone involved. Set-it-and-forget-it goals do more harm than good. Transparent goals create a sense of accountability for employees and a starting point to talk about career growth and a plan for advancement.
3.) Fostering a collaborative culture
A lot has been said about the important of office design in creating a way for employees to interact and collaborate more freely. But today, with many businesses utilizing remote employees or having multiples offices across geographies, it takes more than switching out cubicles for open tables.
That’s where your performance management process can help. By taking goals, feedback and recognition online and making them real time, transparent and social, employees can connect and collaborate in meaningful ways. A culture that encourages peers to offer feedback and congratulate each other on their accomplishments promotes positive collaboration across the organization.