Millions of hours are wasted on sub-standard appraisals every year. Managers fret whether they've done the process right; appraisees feel demoralised. We take an in-depth look at three exmaples of next-generation performance management, and ask whether these are a better way to get the most out of your people.
Performance management is meant to improve your organisation’s output, but, more often than not, an ill-conceived and ill-suited process is put in place that does little more than waste time and demotivate your staff.
For years, managers across the globe have sat down with their staff once a year to review their performance and give them a rating based on a set of often arbitrary measures. Big Four accounting firm Deloitte found that its annual review process was taking two million hours to complete every year, including filling in forms, holding the actual reviews and creating ratings.