The incorporation of continuous feedback into performance management is the most common change being made to performance management systems by organizations today.
Implementing Real-Time Feedback as part of the performance management process will:
- Build a culture of transparency and trust. Transparency allows employees to feel connected to the organization in a meaningful way. A transparent culture creates an environment where people can provide honest and helpful feedback, and know that it will be used in a positive way.
- Improve employee performance by helping managers address and document performance issues in real-time so that employees can quickly course correct. Performance issues will no longer surface as surprises during formal performance reviews.
- Increase motivation by offering recognition and encouragement. Real-Time Feedback allows employees to be called out for their strengths and accomplishments, reinforcing strong performance and positive contributions.
- Onboard new employees more quickly and efficiently. Real-Time Feedback will allow new employees to become fully productive more quickly by allowing them to learn and adapt to their role.
- Increase the quality and accuracy of performance data. Reduce the potential impact of bias on performance data through the continuous collection of feedback. Real-Time Feedback supports fair and accurate talent decision making by providing a clear picture of performance and improvement over time.
- Build the capabilities of managers. Through continuous upward feedback and peer coaching, managers gain insight into their managerial style and skills. Real-Time Feedback offers managers the ability to become better leaders.
- Encourage peer coaching and knowledge sharing. Real-Time Feedback gives employees the opportunity to help each other develop and learn new skills. Teams will work more effectively and achieve success together.
- Reduce the amount of time required to prepare for formal performance reviews. Managers and employees can review easily review performance for the entire period and create goals for the future.
Is your company ready to improve performance management? Download our Practical Guide to Performance Calibration to implement even more effective feedback and talent management processes.