Written by Ali Kidwai 06 October 2022 | 4 min readLatest trends and technologies to create a more effective performance management system. By keeping up with the best practices.
COVID-19 has fundamentally changed the world of work. Performance management systems have experienced a remarkable shift in view and effectiveness over the past few years, but pandemics accelerated the process further. Understanding the deafening events of 2020 gives organizations and business leaders an insight into the kinds of performance management trends 2021 might bring, authorizing them to maintain flexibility in tackling the existing challenges required to adapt to future uncertainties.
The present trends in performance management are naturally linked to the rise of teams and individuals working remotely, needing new modes of communication to ensure a connected workforce.
Dive into the blog to find out how organizations are leveraging the latest performance management trends to plan effectively for 2021 and beyond.
The exponential rate of technological development has meant that the analysis, reporting of data, and collection have become significantly crucial to organizations throughout 2020, and will only grow in magnitude as businesses begin to plan for 2021. HR departments deal with a hefty amount of data. The use of analytics gives HR administrators to apply analytics to a variety of metrics such as turnover rates, revenue per employee, and covering absenteeism.
By consolidating HR-related analytics with performance management tools like VegaHR, organizations can expand their data for an additional layer of oversight of their processes. Data related to performance can be analysed through custom performance dashboards, which managers can use to view teams and individuals to track their development and progress in real-time, with far greater accountability and accuracy. From this data, significant performance management issues can be addressed and identified in an easy way.
One of the significant tasks for HR leaders and managers this year is likely to focus around - transitioning existing workers and onboarding new hires into new roles. The first month of the year is the most popular month for job changes, so preparing for this influx of remote workers means HR leaders are required to streamline numerous processes while relying on data analytics to ensure their efforts are practical.
Automating processes with worksheets can save a great deal of time, culture, disseminating policies, expectations, and more. HR admin tools such as VegaHR allow organizations to tailor these processes to cater to various requirements, for example, updating contact and roles for employees cross-boarding to another department.
Offboarding provides organizations and leaders with an opportunity to learn why an employee leaves the organization and adapt their strategy accordingly. With this kind of understanding, HR teams can identify potential new hires with the appropriate skill sets and make better hiring decisions, to bring value to the company.
Cell phones have changed the way we spend our lives, be at the office or home. Averagely, a person picks up his/her cell phone twice every hour either to scroll something or check notifications. With smartphones in almost every employee’s hand, making performance management accessible over mobiles is quite beneficial to increase workforce productivity.
46% of employees say that using mobile devices for task management reduces the time to do the job by an average of 30 minutes. Mobile task management is gaining popularity in performance management tasks globally due to their capability to communicate, manage and access anywhere, in real-time.
Ongoing feedback continues to be the most powerful approach to feedback from successful organizations. The latest trends in performance appraisals urge managers and leaders to shift away from traditional annual performance appraisals, instead of adopting an approach that values ongoing feedback, conducted through performance management tools in direct relation to current goals.
The performance management software allows team managers and HR to create customized review templates to save valuable time, streamlining the scheduling and structuring of everything from monthly to quarterly reviews. Managers can set the parameters of discussion and desired time intervals between appraisals, from progress towards objectives to any issues regarding Performance.
Performance management tools like VegaHR can help with gathering 360 feedback, and creating branded templates that initiate disparate questions to segmented people. Team leaders, Department heads, colleagues, and external customers can all get tailored 360 feedback forms, authorizing HR leaders to navigate communication issues caused by ample remote working practices.
Mental health and wellness have come to the global spearhead in this past decade, and now it’s making its way into the workplace. Employers incorporate mental health and wellness support into their performance management practices to make the employees more productive.
As per the World Health Organization, anxiety and depression have led to $1 trillion per year in lost productivity. Bringing mental health issues to light helps maintain an optimal level of employee productivity. Moreover, these discussions line up with human experience and foster strong relationships in the workplace.
Therefore, in the current fast paced work environment and culture, corporations must stay accomplished at the latest trends to make sure that the sheer quality talent comes to them. Besides these trends, other concepts such as remote employees are also in the making and may substantially rise in the coming times. The utmost way to comply with such trends is to partner with an updated and expert talent acquisition company like VegaHR, which can help not only in completing tasks but also enabling higher profits.
Vega-HR is a powerful tool in the talent war, offering employee rewards, recognition, and pulse recognition. With an engaging platform, it fosters a world-class work culture, providing P2P recognition, social feedback, on-spot recognition, and monetizable incentive solutions with 3000+ coupons in various categories.
