We’re only two months away from a new year, and while you’re getting ready for holiday parties and turkey feasts, you’re also wondering what you can do better to improve your performance management in 2016. You weren’t? Well, now you are. Did 2015 live up to your standards? Did your employees lack the skills you hoped they would gain? Before running out the office door for your New Years Eve party, take a look back at 2015’s top performance management trends and see what you can offer once January hits.
1. Give your employees some control
According to 7geese.com, putting your employees in the driver’s seat is the best way to demonstrate what kind ofmindset you want to see in the workplace. Being the boss can be exhausting, so why not show your employees how to run the workplace themselves? Placing your employee into a new role or job will both leverage their skills, but also their strengthsin the workplace.
2. Relationship building with the boss
7geese.com has reported that many businesses have recently adopted the ‘holacracy’ structure, in which authority is distributed to teams and groups rather than individuals. This strategy can create strong alliances between employees and the company, as well as giving employees the opportunity to advance their career, therefore helping the company.
3. The Rating Scale
According to CEBglobal.com, only 4% of businesses have followed this advice: eliminate performance ratings and forced rankings. While this is small number, 5% of organizations are planning or considering eliminating their rating scale. Companies like Gap Inc. and Adobe Systems Inc. have eliminated the system, stating their employees were more anxious about their roles in the workplace. What do you think of that?
4. Not only the scale – get rid of the whole model!
Performance management is changing, and companies all over the world are getting rid of the traditional biannual or annual reviews, which are all about setting long-term goals for employees. According to Cognology.com, 89% of companies surveyed in the Global Human Capital Trends 2015 report have changed their performance management strategy. New models in 2015 include increases in employee feedback, setting team goals, and monthly review meetings. Companies such as Adobe Systems Inc. and Deloitte have adopted these strategies and both reported a spike in productivity in the workplace.
5. What’s next?
The Society for Human Resource Management claims 2016 will be the year more employees will be introduced to consumer-driven health plans. Not only that, but employers will use health care analytics to demonstrate costs associated with their employee’s health care plans, enabling them to make better decisions with their plan costs. Financial wellness benefits will also be trailing into the New Year;employers will be evolving their voluntary benefits to reflect the struggles their employees face with the post-recession economics realties, meaning more student-loan assistance and retirement preparation planning. Lastly, business will be adopting strategies to defend their employees against pharmacy costs and bills by shifting to high-deductible health plans (HDHPs), therefore helping their employees pay their expenses by funding health savings accounts or health reimbursement arrangements.