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The traditional performance review model can be a worry-inducing and incomplete experience for many employees and managers. Nearly 50% of managers get stressed by having to deliver negative feedback, and 20% of managers refuse to provide negative feedback altogether.
The performance review model is costly, broken, and outdated. The model is often created ineffectively, failing to provide actionable information to higher management members. As millennials are promoted into management positions and generation Z continues to enter the workforce, more and more companies are seeking a performance review model that offers continuous and comprehensive feedback. This is because the millennial generation is twice as likely than any other generation to ask for constant a review of their performance. However, change doesn’t happen overnight.
The performance review process should be viewed as an ongoing, collaborative effort between managers and their teams. However, getting your process to this stage takes a lot of work from every member of the company. Feedback and reviews should work both ways, giving every employee the opportunity to both give their free opinion and receive constructive criticism.
Take advantage of best-in-class talent management tools to refine your organization's performance management review process. Make your performance management better for every employee, from your C-level execs to your entry level workers.