The Evolution of Continuous Performance Management in the Millennial Era
Conducting annual performance reviews is an outdated practice. However, a lot of companies are eliminating their traditional performance processes and have adopted novice innovative approaches. The HR industry is transforming undoubtedly, and companies are redesigning well-established practices and setting futuristic performance agendas. Companies like Adobe, Microsoft, and dell have revolutionized the way performance management practices are conducted by including ongoing performance practices. Annual appraisals are no longer enough because the workforce is increasingly being occupied by millennials, and for millennials, employee performance management is not just confined to paychecks. It is more about creating opportunities for career development.
Companies are moving towards agile performance management practices where they have included interesting elements such as learning opportunities, mentoring and guidance, employee recognition, employee development plans, 360 Degree reviews and so, on and so forth. Therefore, companies have radically transformed the ways in which they measure, evaluate and reward employee performance. Since companies have begun experimenting a lot with agile practices, continuous performance management practices are being utilized on a wide scale. Companies have realized that the traditional rank and yank approach does not suffice anymore, and therefore, has implemented a continuous and qualitative approach for millennials at work.
Moving towards continuous performance management
Today as companies are operating in a cross-functional manner, performance elements such as career growth, learning opportunities, alignment of goals, feedback mechanisms, performance coaching have become more strategic, real-time, continuous and multi-dimensional. As a matter of fact, the companies that I had mentioned earlier, that had once followed the traditional rank and yank approach for performance management have given up on it to try the new continuous feedback and coaching practices. Even adobe for that matter is successful as a result of eliminating its rigid annual performance reviews. It motivates its employees to involve in timely, informal conversations about their performance with their leaders. Why has continuous performance management stolen the thunder in companies?
- The way we work has influenced the way our performance is measured.
- The plethora of generations at work has a spectrum of needs and expectations.
- The millennial generation is heavily reliant on technology for feedback.
- Millennials crave meaning, empowerment, and great progress when it comes to their careers.
This kind of paradigm shift calls for the HR teams to follow continuous agile practices such as creating SMART goals, giving people lots of feedback, and coach people to grow.
How does continuous performance management augment productivity and growth in millennials?
As individuals, we need to have a sense of purpose, measure our progress and transform continuously to gain self-actualization. Similarly, continuous performance management creates trust, breeds transparency and fosters employee engagement. It motivates employees to have healthy performance discussions with their leaders, with real-time feedback. As a result, we leave no room for biases or misalignment. Continuous performance management seeks to develop employees holistically and nurture their career growth in the organization. It does not just augment productivity in millennials but also the organization as a result.
How do we achieve this?
- Weekly check-ins help you to recognize your employee’s performance and formulate strategies for fueling their growth.
- Quarterly performance goals help you achieve better results.
- Aligning performance management with employee development needs to help you to retain millennials at work.
- Reinventing your feedback practices with the changing workforce helps in fostering better employee engagement.
- Aligning rewards and recognition with continuous performance management help to motivate employees at work by valuing them for their contributions.
In order to implement continuous performance management successfully, it is important that your practices are aided by the best agile technology to help you streamline your performance practices. We at Synergita believe that agile and ongoing performance management systems are the way to go ahead. We offer the best tools to automate employee goal management, reinvent communication, and employee development in a robust environment with the greatest accuracy.
We encourage companies to rely on technology to administer continuous feedback practices easily where employees and managers can share their feedback on the go from anywhere through their mobile devices and our voice-based feedback. At the end of the day, continuous performance management breeds openness and transparency and ensures that your employees are happy and productive.