Next-Generation Performance Management Tools
By 2030, 75 percent of the workforce will be millennials. And those employees want ongoing, immediate feedback; for that matter, so do most of your team members from other generations. Ongoing, immediate feedback improves individual and team performance, overall job satisfaction, productivity, innovation, and efficiency. Regular feedback will also enhance communication among team members and managers, increase trust, and encourage better team collaboration.
Yes, it takes strong technology – better communication and tracking tools – to transform performance management, but the more important transformation is a culture shift away from the annual review and towards: Next-generation performance management tools are a combination of communication, tracking, and analytics technologies that put the ability to provide immediate feedback at the fingertips of managers.
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Team members respond positively because they see a clear path forward to more responsibility and leadership opportunities. These tools also provide easily accessible data that makes it possible for managers, executives, and HR coordinators to make rapid, informed decisions about talent that aligns with their strategy:
- Ongoing collaboration
- Immediate feedback
- Aligned goal setting
- Motivational inspiration
- Customized development
[Performance management] is the most powerful performance-driving process in your company. Setting big goals and delivering regular feedback improves individual performance – full stop. – Marc Effron, President, The Talent Strategy Group
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We already know that the annual performance review is no longer effective for improving retention and creating engaged team members. Next-generation performance management tools provide organizations with a more effective way to keep talented team members engaged and involved. It also allows business leaders to better match talent to business goals, assess gaps in development and talent need, and cultivate talent that aligns with the overall strategy of the organization. Take.Action.Now. by investing in performance management and communication tools that foster immediate feedback.
As the CEO & Founder of East Tenth Group, Michelle leverages 25 years of business and experience as a strategic advisor and executive coach to help drive actionable people solutions and provide practical insights on business strategy to senior leaders. she and her team and are fiercely committed to the development and growth of people and companies because we believe that when people thrive, business thrives.