the performance management revolution
TRANSCRIPT
THE PERFORMANCE
MANAGEMENT REVOLUTION
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The results from a recent Deloitte University press survey of major US companies:
Many companies are re-evaluating their traditional Performance Management Systems.
58% 8%
THE CURRENT PERFORMANCE MANAGEMENT PROCESS IS NOT AN EFFECTIVE USE OF TIME
THEIR PROCESS DRIVES HIGH LEVELS OF VALUE.
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6% percent of Fortune 500 companies have gotten rid of rankings. The trend is picking up pace.
These major companies have overhauled their performance management systems in the last few years:
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Most performance management systems focus on the past instead of providing direction for the future
It is very expensive. Year-end assessments take a massive amount of hours a year. Deloitte estimated it at 2 million man hours a year.
Rating skills are based on a rater’s perceptions rather than on actual performance, hence outcomes reflect little truth
Traditional performance management systems do not focus on employees’ strengths and what makes the best teams work well - usually intrinsic motivation.
Why Drop Traditional Performance Management?
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"Employees that do best in [traditional] performance management systems tend to be the employees that are the most narcissistic and self promoting." The company is shifting focus to immediate performance development, rather than an annual forced ranking based on the past year's metrics, and is using an internal app to help those within the organization relay feedback.
Cargill says it’s seen "measurable improvements after managers began giving constructive feedback that was forward-looking, instead of reviewing what had happened in the past."
Adobe has already generated the statistics to prove that regular feedback and check-ins make sense. The company has cut voluntary employee turnover by some 30% after introducing a frequent check-in program.
"Very frequent check-ins (we might say radically frequent check-ins) are a team leader’s killer app."
Their new process is meant to empower employees to take more initiative and voice their ideas. Eli Lilly says that's helping strengthen partnerships between supervisors and employees.
[READ MORE]
Outcomes:
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A new approach that transforms team leaders into effective coaches.
An ongoing cycle of feedback that delivers real value to employees and the organization.
A platform that includes ratings for compensation and career path that managers can complete in minutes.
The Alternative
A lightweight performance management process that is focused on the future.
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Two Minute Feedback Performance Management
Team MemberCollects anonymous feedback
from peers and customers
CustomersProvide feedback on
select topics
Team LeaderCompletes performance summary
Quarterly Team Member collect
feedback on performance
QuarterlyTeam Member and
Team Leader huddle
AnnuallyTeam Leader submits
Performance Reports to HR
The HuddleThe Team Member and Team Leader review feedback and
set priorities.
Fellow EmployeesProvide anonymous
feedback
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Lightweight
Inexpensive
Focus On The Future
Touch Points Throughout The Year
Malleable
Transparent
Simple Evaluation
Two Minute Performance Management requires very little paper work but yields great value to employees and the organization.
Our annual licensing fees are among the lowest on the market. Spend your money on employees not HR software
Start with the perspectives of others and coach forward from there. What should the employee start, stop, or continue to do to improve performance? Two Minute Performance Management supports important conversations between managers and employees
Frequent short huddles between managers and their direct reports creates an accountable path to improvement and increases employee engagement. Additionally, our “action messages” enable managers to give feedback on the feedback as it comes in.
What works for engineering won't for marketing. TMF co-exists with the goal setting tools or processes used by different teams.
The employee is directly involved with harvesting feedback, scheduling huddles. Confidentiality and comment anonymity make the feedback valuable
Short and to the point. We use four questions. That's all you need
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Millennial Survival: 3 Days Without Water, 3 Minutes Without Feedback
A Four-Question Performance Review? Not So Fast.
Leadership Starts with Serving 5 Ways to Provide Positive Employee Feedback
Performance management – time to rip it up and start again?
Employers modernizing performance appraisal process, says Towers Watson
Trying To Change, Or Changing The Subject? How Feedback Gets Derailed
The abrasiveness trap: High-achieving men and women are described differently in reviews
A short guide to using feedback in your workplace
When Your Employee Doesn’t Take Feedback
Beware the rule-following co-worker, Harvard study warns
Performance Management Without the Numbers?
RESOURCES
THANK YOU
Visit us atwww.twominutefeedback.com
Connect with us at
Bill Schreiner, CEO, [email protected]
Bill Fitzgerald, [email protected]