Performance Management – Traditional Vs Modern Approach
Through research it is found, many people in an organization are not satisfied with the performance management system implemented in the organization. With the advancement of technology, organisations can rejuvenate their performance management system and both managers and employees will get satisfied with this process. Now the question is the only advancement of technology would solve the problems or the management should change their approach towards the current performance system? Let us see how technology and change in approach make performance management system effective and beneficial for the organization.
Traditional performance systems where employees would receive feedback at the end of the year for their work should be changed. It is because managers and employees both cannot justify this process in an effective way. It is very difficult for managers to monitor and keep track of employee records and present it at the end of the year. It is difficult because there are no feedback, appreciation, improvement areas that are shared with the employees during the year. This is the most difficult process for the employees.
Apart from this employees hesitate to trust their boss during the performance review process. As the reviews and feedbacks are shared once a year, employees lack trust and are not content with the process. This is not a good sign for organizations in the long run if they want to grow.
It is found that:
- 80% of Gen Y prefer on-the-spot recognition over formal reviews.
- 63% of Gen Z want to hear timely, constructive performance feedback throughout the year.
- Only 5% of managers are satisfied with the annual performance reviews.
- Only 42% of employees trust their boss, whereas 58% would trust a stranger.
- 80% of businesses are still using traditional performance reviews.
It is said that companies should change their approach by creating a culture where regular feedback discussions are a norm. Let us check what modern performance management system is and why organizations should adopt this?
It is process where continuous feedback is given to the employees not only on their job performances but also on their overall behaviour in the organisation. Here the approach is not only to develop the individual, but it works on the development of team as well. It should give the feeling of belongingness with the organisation, should develop transparent culture, develop trust among the manager/management and the employees and most importantly should give them the opportunity to grow by focusing on their strength and improving their weaknesses.
Now how this will happen? Here Managers should participate in every step of the performance appraisal process, whether it may be implementing the process, developing the process, giving feedback, receiving responses the manager should be involved in every process and should be there to support the employees, and this is how together they can grow in the organization.
PriZma PMS modules help the organization in setting up the best performance appraisal cycle which meets their requirement which not only fulfils the needs of the managers but also gives equal opportunity to the employees for sharing their views by self – monitoring their performances.
PriZma Performance Management Module – conducts fair, holistic, timely, objective, and transparent performance management system for your organizations which is customized as per the organization’s requirement and helps in evaluating the real-time performances based on pre-set criteria.
For more details can reach us at sales@prizma.tech and schedule a demo.
For more details can reach us at sales@prizma.tech and schedule a demo.
Written By: Preeti Sontakke & Compiled by Mayuri Pandya
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