Three Reasons Why Continuous Performance Management is Today’s Currency
We have written previously about Re-Engineering Performance Management and there are many articles about companies such as Google, Adobe, Microsoft, Deloitte, Cargill, and many more who have been re-inventing their performance management processes, and moving from the annual performance appraisal to continuous performance management or agile performance management.
Continuous performance management relies on more regular performance discussions, held weekly, bi-weekly, or monthly.
Continuous performance management is based on:
- Near-term objectives
- Regular feedback and feedforward suggestions
- In the moment feedback
In traditional performance management, SMART objectives were set once a year and cascaded downwards from the top to lower levels.
With continuous performance management, two things are different.
Objectives are set and reviewed much more regularly. The world of work has changed dramatically and we all are working to shorter time horizons and subject to changing goals on a constant basis.
Also, in the knowledge economy, employees are given more autonomy over their objectives rather them just being handed down from on high.
They have the opportunity to review and re-shape objectives on an on-going basis with their manager, in line with changing work requirements and their own growth needs.
Fluid and Regular Communication
Everyone knows that in-the-moment feedback is more valuable than feedback delivered months after the event .
Annual performance reviews might cover feedback, but it comes too late. Favourable behaviour gets little mention and anyway it is too late to provide meaningful recognition. On the other hand, behaviour that needs changing, cannot be changed if it is several month’s after the event.
With more frequent meetings, managers have more of an opportunity to step in and address performance issues and recognise great performance too.
There has been a revolution in performance management software
The reason why continuous performance management is the way of the future is the revolution in performance management software. The advances in performance management software, tools and mobile apps has made agile performance management feasible. Such software allows in-the-moment feedback, scheduling of meetings, and the tracking of goals.
In order to succeed and thrive long-term in this rapidly changing and competitive business environment, companies need to be open and willing to experiment with new technology.
Agile Performance Management
To read more about agile performance management, download our report here
More from CollierBroderick
Keep Me Updated
Want to stay updated and get insights on the latest developments?
“I am contacting you since I called our Manager yesterday who was very satisfied with the CV & Interview Skills Training. Please say thank y…
“I have worked with the team at CollierBroderick over the last year and have found them to be highly knowledgeable and professional.I have…
“Donal and myself really enjoyed the course.We have implemented a few hints given already on our everyday business and I have to say that …
“CollierBroderick have been working with us on a number of HR fronts and we are very pleased with the quality of their work, the knowledge…
“Our involvement with CollierBroderick has been very good.Their HR Consultants are most professional and knowledgeable, and a pleasure to …
“Fantastic seminars, as always. Thanks.”
“I just want to convey appreciation and thanks for your courtesy and professional assistance in the matter of our climate survey, and brin…
“Thank you for arranging the Employment Law Q&A. In summation, it was great! Very useful and interesting. CollierBroderick did a good job.”
“The Employment Law Hotline is brilliant – I don’t know why every company doesn’t have it or rather how they manage without it!Exper…
“We are delighted to have the support of CollierBroderick in dealing with a number of HR issues.The HR Consultant is very knowledgeable an…