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The traditional performance review systems need to evolve. More organizations are getting flat, and the work more short-term and project-based. Companies such as Accenture, Gap, GE, Microsoft, Google, and Medtronic have ditched performance reviews and shifted to continuous feedback. One study estimates 70% of US companies are already following their lead.
This new reality requires updating your feedback and review systems. The feedback needs to become more frequent, best served by a 1:1, continuous approach. The reviews need to use multisource data, best obtained from 360° reviews. We recommend a new "middle ground" approach that gives you the best of both worlds. Use manager 1:1s to coach your employees in real-time and continuous peer feedback to increase employee engagement. Use 360° feedback to debias and reduce noise from performance reviews for better compensation and talent management decisions. Here's how: Use manager 1:1s & continuous peer feedback for development Continuous feedback creates a culture of ongoing and honest feedback conversations between managers and employees, and among peers. These conversations include coaching, praise, and what an employee needs to do differently. Here's why multinational companies have switched to this approach:
Deploy 360°s for unbiased performance evaluations For periodic evaluations focusing on employee's overall performance, you need more than 1:1 feedback from managers. 360° feedback gives you an employee's complete picture with inputs from peers, superiors, reports, and even outsiders. Here's why it's better than managerial reviews:
By bringing together the best of both worlds: continuous feedback and performance reviews, you can reinvent your performance management for today's times.
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