The world is altering the way it works. After all, it's the year 2023 - the future is here.
Millennials now make up the majority of the workforce, technological advancements have revolutionised the way we do business, and one of the most important segments of today's workforce is to counter the ever changing business world with constant improvements.
Employee Performance Management trends and systems do just that - aid in the elimination of the manual procedure, saving both time and money.
State-of-the-art softwares like uKnowva HRMS let you keep track of your employees' performance and determine if they require further assistance, are capable of higher-level training, or deserve a raise. To maintain a high quality for your business, you must have an organised Performance Management and Tracking approach.
Thanks to technology, we now have a wealth of options for making our jobs simpler and faster.
Here are the top employee performance management trends to watch out for 2023!
Annual Performance Review, Goodbye
For quite some time, the yearly performance review has been pushed out of the HR sphere. It's been a slow but significant transition - Harvard Business Review declared in 2016 that a performance management revolution is underway, and it's being delivered.
The way people manage their performance is changing dramatically. Some performance management strategies we've been discussing for a long time, such as ongoing feedback, coaching, and 360-feedback, have become popular. These findings were made in a PWC report titled "The Way We Work – in 2025 and Beyond."
Continuous feedback necessitates managers checking in with employees on a frequent basis.
They may check in on their progress with objectives and current tasks, tell them what they're doing well and what they need to work on more, and give frequent feedback and performance evaluations - this is what we call "coaching."
Another performance management method is 360-feedback. Instead of supervisors providing feedback to employees, it asks everyone on staff to submit feedback to each other.
Another one amongst the popular employee performance management trends is the employee experience, but it has evolved into something slightly different: the human experience. Giving significance to workers' work or personalising their job is emphasised in the human experience. As a consequence, employees are more productive since they are contributing in a personal and good way. In its 2019 Global Human Capital Trends report, Deloitte Insights introduced the human experience.
Employers seek to enhance their staff retention rate in addition to increasing productivity. Because of the low unemployment rate, firms must sustain employee engagement or risk losing them to a new job that can do it for them.
Data Driven Analytics
Analytics are paving their way into HR in general, but they're gaining traction in performance management in particular. Analytics can help with efforts to improve the employee experience, minimise attrition, and boost productivity and engagement.
Improved analytics should remove more of the burden of performance evaluation off managers' shoulders, allowing them to focus on areas where they can have a far higher influence.
This is exemplified by human resource management software like uKnowva HRMS. Their algorithm can decide on an employee's increase based only on employee data, such as revenue and the amount of money the person contributed in that year.
Gender, ethnicity, age, and everything else that isn't data-related are irrelevant to an algorithm. This is just another example of how data-driven performance management may eliminate biases.
Wellness and mental health are prioritised.
In the last decade, wellness and mental health have risen to prominence on a worldwide scale, and they're now finding their way into the workplace.
Employers are beginning to include wellness and mental health support into their performance management strategies.
Depression and anxiety, according to the World Health Organisation, cost the economy $1 trillion a year in lost productivity. Bringing mental health concerns to light helps to keep employee productivity at a high level. Furthermore, these topics align with human experience and promote great working connections. uKnowva makes employee mental health a priority, adding a mental health check-in to provide insights on the same to the employers by asking employee mood and work schedule.
These new employee performance management trends are here to stay and will continue to improve workplace efficiency.