HR Planning for 2024 : 7 Top Trends in Performance Management for 2024

HR Planning for 2024 : 7 Top Trends in Performance Management for 2024

This may not come as a surprise. Like many other companies, there is the realization that current processes for evaluating the work of employees and then training them, promoting them, and paying them accordingly is increasingly out of step with strategic objectives.
In a survey conducted recently by HaitchR, more than half of the 90 HR Leaders questioned (58%), believe that their current performance management approach drives neither employee engagement nor high performance.

The future performance review will have no cascading objectives, no once-a-year reviews, and no 360 degree feedback tools.

A much simpler design for managing people’s performance is becoming more popular and slowly being designed in-house in many companies with the help of HR freelance experts on the HaitchR platform. It’s hallmarks are speed, agility, one-size-fits-one, and constant learning, and it’s underpinned by a new way of collecting reliable performance data. This system will make much more sense for our talent-dependent business.

But you will never fulfil it’s design without drawing on three pieces of evidence: a simple counting of hours, a review of research in the science of ratings, and a carefully controlled study of your own organization.

Specifically, when tallying the number of hours an organization spends on performance management that completing the forms, holding the meetings, and creating the ratings consumed close to 1 million hours a year for a workforce of 30,000.

Next, assessing someone’s
 skills produces inconsistent data. Objective as I may try to be in evaluating you on, say, strategic thinking, it turns out that how much strategic thinking I do, or how valuable I think strategic thinking is, or how tough a rater I am significantly affecting my assessment of your strategic thinking.

Finally, you will learn that the defining characteristic of the very best teams in your company is that they are strengths oriented. Team members feel that they are called upon to do their best work every day.

This discovery is not based on intuitive judgment or gleaned from anecdotes and hearsay; rather, can be derived from an empirical study of your own high-performing teams. You will find at the beginning of the analyses that almost all the variations between high and lower-performing teams is explained by a very small group of items. The most powerful one proved to be “At work, I have the opportunity to do what I do best every day.” Business units whose employees choose “strongly agree” for this item were 44% more likely to earn high customer satisfaction scores, 50% more likely to have low employee turnover, and 38% more likely to be productive.

But, will it be the right move for everyone?

We are not urging business leaders to consider the changes, but to consider the implications of following these organizations that make change. The issue, in my opinion, is not that these organizations will do something wrong by following. Rather, the risk is that many leaders will misinterpret the data and implement the wrong performance review framework that suits the strategic objectives of the business.
Here are the top trends to look out for in 2023:

Employee Performance Management Trends To Watch For In 2024

1) Finding The Leverage & Developing Trust

Companies are always looking for ways to improve employee productivity, and they can learn from high-performing organizations. Companies like Apple, Google, and Netflix are40% more productivethan the average company by using a mix of employee performance management strategies that focus on organizational structure and trust-building. Our platform will help you to access HR experts with 20+ years of experience in these organisations.

The company is telling employees, “We assume you are not here to rip off the company, and we’re not going to put in place processes that consume human capital, waste time, and zap energy”.

2) Continuous Performance Management Will Catch On

Companies are in the process of reinventing their HR performance management process. Organizations are realizing the old way of performance management no longer fits in the way of business today that the modern day workforce desires authentic relationships between employees and managers, as well as opportunities for employee development and advancement. This generation has ushered in the disruptive age of continuous performance management.

Continuous performance management is possible, it works, and it can transform your company. I am not talking about doing away with ratings, rather, I am talking about building a new, ongoing process for goal setting, coaching, evaluation, and feedback.

3) Employee Experience Becomes A Thing

While much attention has been focused on improving employee engagement, organizations will also shift focus to improveemployee experience. This involves a more holistic approach that follows the entire employee journey, much like companies map the entire customer journey.

4) People Analytics Will Become Essential

People analytics will no longer be a nice-to-have part of the HR performance management toolkit. It will be an indispensable aspect of running a business.

5) Increased Focus On Individualized Employee Support

Personalization has become a key part of creating a delightful customer experience, and organizations will use the same approach in their performance management efforts. A one-size-fits-all management approach can’t bring out the best in employees because every employee is different as mentioned earlier we will shift to a one-size-fits-one.

6) A Streamlined Approach To Learning and Employee Development

The Majority of millennials cite access to professional development and career growth opportunities as the most important factor in a job.                                                                                                                                                                 

They will look for companies to respond to this need by providing more employee training and development opportunities, but not the traditional kind. Organizations are moving toward micro-learning, which is short, informal, self-directed, and mobile-optimized content on single topics.

These can be brief videos, webinars, podcasts, or even games that provide learning materials in an easy-to-absorb format.
These employee development methods put staff in control of their development so that they can add to their skillset with on-demand content. It makes learning more continuous and engaging.

If you do not have a Learning Management System or LMS you can post a request today here and quickly evaluate the features and functionalities of the world’s leading providers.

7) Rethinking Job Roles Will Increase Employee Growth and Development

When you allow employees to do what they do best, it makes your team more innovative and productive. Employees want the ability to do what they do best, regardless of their role. They are driven by purpose and managers who actively promote their development. Companies will move to what’s called “job crafting,” which are job roles built around an employee’s strengths and interests.

Of course, this shift will rely on organizations using two of the employee performance management trends mentioned earlier— people analytics and individualized support—to understand the specific capabilities and desires of employees.


Author Since: August 9, 2015

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