Real-time feedback wins the award for biggest game changer in the world of modern performance management. While we know that yesterday’s processes won’t work for today’s employees, the thought of overhauling your HR strategy can be daunting. Enter real-time feedback. It complements nearly every aspect of HR, from coaching and development to rewards and recognition to, yes, performance management. It also works well with what you already have in place, whether that’s a quarterly goal setting strategy or even annual reviews.
So, what’s so special about real-time feedback?
The real value of it lies in its ability to help companies address multiple trends at play in the workplace today. We’ve uncovered three big trends that are disrupting the way companies think about performance management. Read on to learn how real-time feedback tackles them head on.
Employees are looking for development opportunities.
Now the largest workforce demographic, Millennials are calling the shots when it comes to employee needs. One of their biggest demands is more professional development opportunities – and the stats speak for themselves.
- 58% of Millennials expect employers to provide them with learning opportunities relevant to their job.
- 62% of Millennials and Gen X say that professional development contributes to their job satisfaction.
- 87% of Millennials say professional development or career growth opportunities are very important.
With shorter average tenures than their older predecessors, Millennials are always plotting their next move – whether that’s with their current employer or a new one. For this reason, professional development opportunities are a big selling point for candidates and a great way to keep top employees engaged and with your company longer.
Real-time feedback is a great way to develop employees every single day. It’s complimentary to a formal professional development program by creating a real-time extension of employee coaching. It also creates an opportunity for managers to get more personally involved in helping their employees grow and develop stronger relationships with them, all of which increases loyalty.
Collaborative cultures are in demand.
A lot has been said of Millennials’ preference for collaborative work environments. The benefits are clear – a stronger company culture, a more bonded team and more cross-company communications, to name a few.
Consider these stats:
- 88% of Millennials prefer a collaborative work culture rather than a competitive one.
- 33% of employees say the ability to collaborate makes them more loyal.
- 33% of Millennials want collaborative workspaces.
Companies can foster collaboration in various ways. Physically, it often takes the shape of open workspaces and multi-purpose office spaces that bring teams together. A company’s communications systems, like an Intranet or messaging tool like Slack, also create opportunities to collaborate.
While open office spaces allow employees to collaborate on their actual work, real-time peer-to-peer feedback creates a way for employees to engage on each other’s performance. It also reduces the risk of bias, as managers have multiple sources from which to base an employee’s performance.
Employees live in an on-demand world.
Largely due to technology, we as a society live in a world where our entire lives are “on demand.” We don’t even have to drive anywhere or grocery shop: cars appear within minutes to take us across town and we can order our groceries from our phone and have them delivered in a few hours.
All of these luxuries we enjoy in our personal lives spill over into our professional ones. We no longer know how to “wait” for anything, and that includes an assessment of how we’re doing at our jobs. The annual review catches a lot of flack for this reason. Here’s what we know about real-time feedback:
- 68% of employees who receive accurate and consistent feedback feel fulfilled in their jobs.
- 72% of employees under age 30 want feedback on a daily or weekly basis.
- 80% of Gen Y said they prefer on-the-spot recognition over formal reviews.
Real-time feedback eliminates this issue by allowing employees to know exactly how they’re performing in the moment. No waiting, no second-guessing yourself. The once-a-year opportunity to see where you stack up becomes a continuous one when you can check in on your performance in real time.