Organizations are facing a performance management challenge as the talent landscape evolves. Compounded by talent scarcity, shrinking compensation budgets and a multigenerational workforce, a one-size-fits-all approach will no longer suffice. Factor in the recent headlines indicating major shifts in performance management practices by leading global brands, and it’s no surprise organizations are examining their approach. And the right approach can prove a competitive advantage.
Mercer’s Time to Take a Stand on Performance Management Report identifies four principles necessary to maximize the impact of performance management:
1. FOCUS DIALOGUE: Establish the right goals first, then talk about development
2. REALLOCATE TIME: Reduce year-end focus in favour of ongoing engagement
3. KEEP SCORE: Measure the effectiveness of your performance management strategy
4. REWARD STRONG LEADERS: Provide higher base pay for consistently strong people managers
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