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Reinventing Performance Management
30 October, 2018 @8:30 am- 10:30 am|
Companies worldwide are starting to recognise that traditional performance management processes such as once-a-year appraisals, forced rankings and rigid rating systems are damaging employee engagement and alienating high performers. On 30 October, the Chamber invited leading global companies Microsoft and Deloitte to share how they carried out a complete overhaul of their performance management systems and replaced it with rich, ongoing feedback and coaching designed to fuel performance.
Here are our key takeaways from this event:
• Frequent, future-focused conversations or “check-ins” are more effective than annual appraisals and ratings. These discussions can be quick and informal but their frequency helps managers better evaluate the development of their team members throughout the year. Team members can also take immediate action based on real-time feedback.
• Shift from focusing just on an employee’s individual achievements to evaluating his or her impact on and contribution to the team and the company.
• Changing the language of performance evaluation can make it more objective. Here are examples of 4 questions that Deloitte asks their team leaders to respond to about each team member at the end of every project:
1. “Given what I know of this person’s performance, and if it were my money, I would award this person the highest possible compensation increase and bonus.”
2. “Given what I know of this person’s performance, I would always want him or her on my team.”
3. “This person is at risk for low performance.”
4. “This person is ready for promotion today.”
• Adoption of digital technology – performance management tools enable employees to receive and request feedback in real-time, send automated reminders to ensure employees and managers check-in with each other regularly and give HR and senior management visibility of the performance discussions. Insights from data collected such as turnover, performance, team interaction and employee feedback can also help HR and managers to make more informed decisions on promotion, rewards and compensation.
Many thanks to our presenters Ms Hye Jin Kwon, HR Lead – Singapore & SEA New Markets, Microsoft and Ms Seah Gek Choo, Talent Partner, Deloitte for generously sharing their companies’ best practices and for a very engaging session!