Subject: SVY
Betterworks Survey Confirms: to Improve the Business Impact from Performance Management, Have More Conversations (and the Right Tech)
REDWOOD CITY, Calif., Sept. 19, 2018 /PRNewswire/ -- Betterworks, the leading enterprise HR software for Continuous Performance Management®, has released the first report from their 2018 State of Continuous Performance Management Survey with insights for HR and business leaders as they explore how to evolve their performance management practices.
The report reveals that HR professionals and people managers agree annual reviews are not delivering the desired business outcomes. The top problems identified with the annual performance review process include causing tension and anxiety for employees and managers, too much subjectivity, lack of quality feedback, and failure to improve employee performance.
The positive news is from survey respondents who have adopted a Continuous Performance Management process, who reported significantly lower incidences of key challenges associated with annual reviews, such as:
- Reviews being too subjective ? reduced by 34%
- Reviews failing to improve performance ? reduced by 32%
- Managers not providing quality feedback ? reduced by 39%
- Review process doesn't help retain top talent ? reduced by 27%
The survey also found that more HR leaders are turning toward technology to support their managers having more frequent performance and development conversations, without creating undue administrative overhead.
- 87% of HR leaders say that managers would benefit from tech that would help them solicit and manage feedback
- 84% say that technology helps them have the relevant conversations they need to be having with their employees
- 82% say that technology reminds managers to have relevant conversations about performance and development with employees on a regular basis
"Our annual State of Continuous Performance Management Survey is designed to provide forward-thinking HR and business leaders needed insights into the workforce performance management practices and trends critical to business growth in today's competitive environment," said Doug Dennerline, chief executive officer at Betterworks. "Effective performance management practices are necessary to achieve their desired business outcomes, and this year's Survey revealed continued and growing frustration with outdated, annual performance reviews that fail to deliver value to the organization. Today's leaders are no longer questioning why they need to revamp these processes, but rather how to get started."
In the coming months, Betterworks will release additional Survey findings, organized around critical business objectives including helping HR improve managers' performance, identifying opportunities for HR teams to make a larger impact on business leadership and revealing the most important elements for driving a culture of coaching and feedback. In addition to these publicly available resources, HR professionals attending local Betterworks Motivate Days will also gain exclusive access to additional insights, tools and reports.
Methodology:
The 2018 State of Continuous Performance Management Survey, conducted with Market Cube, involved nearly 800 participants working at enterprise companies with 500 or more employees. Respondents were HR specialists as well as people-managers serving in non-HR roles. 42% are people managers at the director level or above, and 38% of HR-specialist respondents are at the director level or above. Three out of four respondents work at a company with more than 1000 employees, and one out of three works for a company with more than 5000 employees.
Related Resources:
About Betterworks
Betterworks® is HR software to align, develop and activate your workforce for business growth. Organizations are able to replace outdated, ineffective, universally loathed annual review processes with powerful Continuous Performance Management® programs that help managers be better at the conversations, coaching and development necessary to inspire and motivate the entire workforce to collectively achieve an organization's top priorities today and be ready for tomorrow's challenges.
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