Performance management has come to mean many things to many people. Some take it to be the day-to-day interactions managers have with their employees, others feel it’s strictly the domain of Human Resources professionals. Whoever is in charge, performance management touches many areas of the world of work.
Employee or performance reviews, for example are a huge piece of performance management. Engagement, or the level at which your employees are invested in their jobs, also aligns closely with performance management. Finally, a highly engaged workforce that receives solid feedback and is performing at top productivity impacts an organization’s employer brand.
As you can see, performance management, once the overlooked purview of consultants, is actually a crucial piece of a total HR strategy. Dive into these stats to find out which surprise you, which you can identify with and which you’re determined to change in your company!
86% of business and HR leaders believe they do not have an adequate leadership pipeline.
Does this surprise you? It shouldn’t. Look around your office. Is someone you see ready to take your position tomorrow? If the answer is no, you join the 38% who see it as an urgent problem.
79% believe they have a significant retention and engagement problem.
Shockingly, nearly 8 out of 10 HR and business leaders are worried about engaging and retaining their employees!
77% of business and HR leaders do not feel they have the right HR skills to address the issue.
While it may feel like you’re surrounded by HR professionals, most business leaders worry they don’t have the right HR skills to adequately handle all the workforce issues they’re forcing.
Tweet This: Do you feel adequately equipped with HR aid to handle performance issues?
75% of business leaders or HR pros are struggling to attract and recruit the top people they need.
That means 3 out of 4 companies feel they are missing out on top talent.
The saddest part of the above stats are that while everyone seems to agree on how dire the situation is, few, if any are investing in, or focusing on the things needed to get them there.
Tweet This: 3 out of 4 companies feel they are missing out on top talent. Are you missing out?
17% of HR and business leaders feel they have a compelling and engaging employment brand.
By contrast, 56% of talent professionals rank employer branding as the most important factor when looking for jobs.
Tweet This: Why employer brand should be at the top of your list to perfect:
A measly 6% of business and HR leaders think their current process for managing performance is worth it.
While we’ve bought into the idea that managing performance is worthwhile, it seems that most systems strike users as laborious, frustrating and “not worth the time.” (Deloitte)
Many companies manage performance using a formal review process. And the fact is, when implemented properly, these systems work! In fact, high-quality formal reviews increase employee performance by 25% and employment engagement by 35%.
43% of highly engaged employees receive feedback weekly or more.
When taken at face value, these statistics seem to point to more frequent reviews or feedback that leads directly to more engaged employees.
Tweet This: When was the last time you gave your employees feedback?
Ready to build a performance management system to supercharge engagement and productivity across the board? Sign up for our webcast on February 25: A Reliable Process for Selecting the Best Performance Management System to get a comprehensive walkthrough of everything buyers need to know and consider in their decision-making process.