Performance management trends
- 2. TABLE OF CONTENTS What is Performance Management ? Eight Key Trends In Performance Management. Five Emerging Performance Management Trends. Big Impact of New Performance Management Trends. Five Core Areas are of Deloitte’s Approach to Performance Management. The Performance Management Cycle.
- 3. WHAT IS PERFORMANCE MANAGEMENT ? Performance management is the activity and set of processes that aim to maintain and improve employee performance in line with an organization's objectives. It's strategic as well as operational, as its aim is to ensure that employees contribute positively to business objectives.
- 4. EIGHT KEY TRENDS IN PERFORMANCE MANAGEMENT Performance management will evolve – not disappear Closer link to corporate culture and values Different approaches for different parts of the workforce Abandon the performance rating Separate performance from reward Continuous feedback Technology to enable, rather than record Enable managers to become leaders
- 5. FIVE EMERGING PERFORMANCE MANAGEMENT TRENDS Attention will move from quantity to quality of conversations and feedback. Performance management systems will strive toward ‘simple’. Companies will change the way they manage performance-related pay and bonuses. The focus of performance management data will shift from completion rates to manager impact. Businesses will opt for continuous performance management software over appraisal software.
- 6. BIG IMPACT OF NEW PERFORMANCE MANAGEMENT TRENDS Changing the focus Goals that work Simplifying the system An ongoing process
- 7. THE PERFORMANCE MANAGEMENT CYCLE A. Performance Planning The planning stage provides an opportunity for one-on-one goal setting between the supervisor and employee based on work unit objectives that are aligned with organizational goals. B. Ongoing Monitoring Performance management should be a dynamic process. Progress on objectives must be monitored with continual appropriate feedback and discussion throughout the year. C. Evaluating Performance The process of evaluating performance is a collaborative effort. Employees review their accomplishments from their perspective through a self- assessment process using a performance assessment tool.
- 8. ELI LILY IS REDEFINING PERFORMANCE MANAGEMENT Eli Lilly, a Fortune 100 company that ranks as the ninth largest- grossing pharmaceutical company in the world, revealed some of its best practices for transforming performance management at the NeuroLeadership Institute’s annual summit. Eli Lilly has long been progressive in implementing unique HR best practices and benefits, including job sharing and family assistance perks. In redesigning its performance management process, company leaders tried to adhere to the theme of “trust.” The new process is meant to empower employees to take more initiative and voice their ideas. Eli Lilly says that’s helping strengthen partnerships between supervisors and employees.
- 9. Presented by:- 1. Vatsala Samvedi 2. Bhavya Sachdeva 3. Lokesh Gaur