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Top executives now confirm that traditional enterprise performance management models (i.e., merit-based and forced ranking systems) serve no purpose in the digital age. Relics of a time when robust organizational hierarchies were the norm, there’s a growing body of both qualitative and quantitative evidence supporting cross-industry calls for change.
As we documented in part one of our performance management series, enterprise-level companies are navigating a new context for employee evaluation and appraisal. From talent shortages to changes in employee preferences, several factors support a new, humanized approach to performance management. With a renewed focus on people, not processes, companies can better position their employees to do their best work. Employees empowered with a sense of purpose are more likely to remain with their companies for longer and develop the skills necessary to grow and succeed in their respective roles.
With this new reality in mind, here are five performance management practices that can assist modern enterprises in the digital age:
1. Agile Goal Setting and the Use of OKRs
We all know that goals set the foundation for performance management. What is often overlooked, however, is the fact that long-term objectives can easily be broken down into segmented, attainable steps
