A talented and skilled workforce is the lifeblood of every organization. As the war for talent escalates, companies are quickly learning the importance of having the right people…
Our Executive Researcher recently came across an article by Jenna Puckett on the Importance of Performance Management. She notes that the top three challenges for organisations are around:
- Retention, engagement, and culture
- Building a global leadership pipeline
- The need to revamp and improve employee learning
All three major challenges are intrinsically linked to performance management. Jenna points out that organisations with an ongoing focus on performance management have been shown to have better business results. Recent research by Deloitte showed that companies in which employees review their goals at least quarterly, are 45% more likely to have above-average financial performance and 64% more likely to be effective at holding costs at or below the level of competitors.
The key point: performance management should not be viewed as a simple annual review but should be an integral part of “ongoing performance management”.
Here at Red Giant, we agree that performance management and the development of a feedback culture is important. On an almost daily basis we witness firsthand the valuable impact of an organisation providing ongoing support and development for their employees. Not only have we seen those who are nurtured by an organisation grow within themselves, but we witness an increased commitment to the organisation and an improved focus on driving business outcomes.
As organisations grow and change, providing ongoing support to your employees and thus encouraging personal growth means that the workforce will grow and change and develop their own talent, creating an ongoing and sustainable value-add cycle.