Magazine article Workforce Management

Research Survey Says: Revisit Your Performance Management Practices

Magazine article Workforce Management

Research Survey Says: Revisit Your Performance Management Practices

Article excerpt

TALEO RESEARCH

Talent management is widely acknowledged as a key to business performance. In fact, talent is increasingly being viewed as the master key. A Fortune magazine article characterized it this way:

"Even given the credit crunch, money for investment is more abundant than ever. It isn't the scarce resource in business anymore; human ability is. "

In a down economy, most organizations believe that retention of top talent is a major priority. They look to avoid replacement recruiting costs and lost productivity. With transparent internal mobility and well defined career paths, a company can retain high performers and increase productivity-even in uncertain times.

Performance management-encompassing performance reviews, career planning, goals management, succession planning, and more-occupies a significant portion of the talent management cycle.

Accordingly, many organizations are considering-or revisiting-their performance management strategies to identify ineffective practices and to implement solutions that will positively impact their business performance.

Paying Attention to Employee Perspectives

To deliver meaningful business impact, it is critical to first understand the viewpoint and attitudes of a cross-section of employees who are the principal players in performance management initiatives. To better understand employee perspectives, Taleo sponsored a study conducted online by Harris Interactive.

The Taleo Research Performance Management Study examined factors impacting employee motivation and satisfaction. Specific questions were asked as indicators of employee engagement and to probe the relationship to and outcomes from current performance management practices.

Survey Reveals Dramatic Findings

Why focus on performance reviews, career planning, and integrated goals? Because the eye-opening findings in the survey for full and part-time employees indicate there is a problem.

According to the survey, respondents indicated that growth opportunities are a high priority, yet one in five employed adults who have had performance reviews indicated their most recent performance review was not useful.

A majority, 57 percent, either have never had a performance review or rated their most recent performance review as neutral to not useful. And there is more.

More than 60 percent said opportunities for advancement are a key motivator. However, notably lacking is the provision of opportunity for mobility and development with the organization. …

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