GURUGRAM, India, Oct. 29, 2020 /PRNewswire/ -- COVID-19 has fundamentally changed the world of work. Performance management process has been experiencing a significant shift in view and effectiveness over the past few years, but pandemic accelerated the process further.
The introduction of new generation employees has driven a lot of change in workplace behaviors. Annual rating-based performance appraisals are slowly fading away to continuous performance monitoring. While the annual approach is still used in most companies, an increasing number of organizations have concluded that their performance management approach and methods are both outdated and ineffective.
Here PeopleStrong presents a detailed report of responses, analyzed from a Performance management survey, which was conducted by PeopleStrong. Over 250 organizations participated in the survey, where leaders, CEOs, HR heads and managers, all expressi their views on the future of Performance Management.
Thus, these are the 5 trends in employee performance management that one can expect in the next 3 to 5 years:
Trend #1: Mentorship Culture, For The Future
75% Senior HR Managers from the respondent group agree that collaboration, constant communication and a mentorship culture between managers and teams will become the future mandate of a high performing workplace
Trend #2: Driving Growth Mindset
Growth focused sentiment currently runs high amongst manufacturing industry, as they have been impacted by lockdowns the most. Respondents perceive that product innovation with faster execution will be the elixir that will keep them forward in already competitive marketplace
Companies are getting market ready to ride the next wave of change. It is of utmost importance to create a growth mindset withing employees and amongst teams
Trend #3: Collaboration Is The Key
When asked about enhancing output efficiency, 42.86% of the respondents from Manufacturing industry responded that a well synchronized network of teams would be the best approach in the future. Followed by IT/ITES industry.
the traditional workplace models, Work From Home concept is here to stay longer than expected. It is visible from the above table, industries which never thought of such practice are more inclined to adopt them
Trend #4: Outcome Oriented, To Remain Relevant
Focus on outcome rather than the process is slowly taking over organizational ideologies as enterprises are rooting for objectivity and looking beyond a simple checklist
Trend #5: Industries Have Different Focus In The Next 3 to 5 Years
BFSI - 83% Of the survey respondents feel that the industry should start focusing on a mentorship culture, where constant exchange of feedback is the key
Retail- 79% Of the survey respondents feel that the industry should start focusing on a mentorship culture, where constant exchange of feedback is the key
Pharma/Healthcare- 72% Of the pharma/healthcare industry is highly focused on being agile and fail fast, as innovation in terms of products and services is crucial in the current scenario
Logistics- 65% Of the respondents believe the logistics industry is bracing up for a major overhaul due to the pandemic, thus are leaning towards HRTech advancements that increase productivity by minimizing time, cost and errors.
Education Services- 60% Of the survey respondents feel that they need to reimagine their current products/services and have the ability to launch them at a faster pace
Internet Business/ IT- 57% Of the survey respondents perceive collaboration being the key to higher output, as most of the employees follow WFH model
Manufacturing- 54% Of the survey respondents perceive collaboration being the key to higher output, as most of the employees follow WFH model
PeopleStrong Alt Performance is a technology platform for companies for delivering faster outcomes. It's an intelligent performance management system that aims to take your performance process to the next level. PeopleStrong's product suite includes next-gen applications in the space of HR Technology (Talent Acquisition, Human Capital Management, Talent Management), Productivity, Analytics and Platform. Known for its penchant to innovate, PeopleStrong has many firsts to its name, the recent one being the application of Machine Learning in Recruitment (through Match Making) and Employee Experience (through Asia's first HR Chatbot Jinie). PeopleStrong is the first company in the space to be successfully assessed on SSAE18 and recently won the prestigious CIO's Choice Award for Talent Management on Cloud.