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Perform To Survive

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Research on employee performance. What really impacts individual employee performance? See the answers here!

Research on employee performance. What really impacts individual employee performance? See the answers here!

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Perform To Survive Perform To Survive Presentation Transcript

  • Excellence Achievement LLC December 17, 2008 Prepared by John R. Eve
    • … .associates performing effectively on the job to create returns to the company in terms of increased revenue, cash flow, and profits.
  • People Performance Research
    • Conducted by The Corporate Leadership Council: “ Building the High Performance Workforce: A Quantitative Analysis of the Effectiveness of Performance Management Strategies”
    • Sample used included:
      • 19,000 Employees
      • 34 organizations
      • 7 Industries
      • 29 Countries
  • Research - Key Discoveries
    • There is no “magic bullet” to enhance performance, multiple “levers” must be carefully selected and then used.
    • It is important to consider indirect and direct impact on performance when selecting which levers to use.
    • Financial incentives impact attraction and retention but do not directly improve employees’ abilities to do their day-to-day jobs.
    • Personal connection to work has more direct impact on individual performance than financial rewards.
    • Recognizing and rewarding achievement has strong impact on high performance attitudes.
    • Training is most effective when it is functionally relevant and job specific.
  • Research - Key Discoveries
    • The biggest drivers of individual performance are:
      • fair, accurate, and immediate informal performance feedback (+39.1%),
      • a culture of managed risk taking (+38.9%),
      • emphasizing performance strengths during formal reviews (+36.4%),
      • a clear understanding of performance standards (+36.1%),
      • a culture of clear communication (+34.4%),
      • matching employees with what they do best (+28.8%),
      • providing solutions for day to day challenges (+23.7%).
    Confidential
  • Research - Key Discoveries
    • Performance improvement methods that hurt performance or lack direct impact:
      • frequently changing projects and assignments (-27.8%),
      • emphasizing performance weaknesses (-26.8%),
      • increasing the number of formal performance reviews (-1.0%),
      • using rank ordering (-0.1%)
      • presence of an employee development plan (+1.4%),
      • treating best and worst performers differently (+1.5%).
  • Performance Levers - Impacts Performance Lever Indirect Impact - High Performance Attitudes Direct Impact Individual Performance Improvement Fair and accurate feedback Discretionary Effort = + 23.3% Commitment = +40.0% Match with Job = +40.6% +33.6 % +39.1% Culture of risk taking Discretionary Effort = + 18.4% Commitment = +45.7% Match with Job = +33.4% +29.7% +38.9% Emphasizing performance strengths during formal reviews Discretionary Effort = + 14.0% Commitment = +21.2% Match with Job = +20.5% Having Necessary Resources = +23.2% + 31.2% + 36.4%
  • Performance Levers - Impacts Performance Lever Indirect Impact - High Performance Attitudes Direct Impact Individual Performance Improvement Clear understanding of performance standards Discretionary Effort = + 19.0% Commitment = +34.0% Match with Job = +36.1% + 31.4% +36.1% Internal Communication Discretionary Effort = + 17.1% Commitment = +43.2% Match with Job = +34.7% +26.7% +34.4% Matching employees with what they do best Discretionary Effort = + 29.3% Commitment = +49.1% Match with Job = +65.7% +25.1% +28.8%
  • Performance Levers - Impacts Performance Lever Indirect Impact - High Performance Attitudes Direct Impact Individual Performance Improvement Providing solutions for day to day challenges Discretionary Effort = + 21.9% Commitment = +42.9% Match with Job = +39.4% +17.6% +23.7% Enjoyment of work Discretionary Effort = + 37.5% Commitment = +57.4% Match with Job = +65.8% 0% +13.1% Recognizing and Rewarding Achievement Discretionary Effort = + 19.0% Commitment = +35.9% Match with Job = +35.5% 0% +4.4%
  • Performance Levers - Impacts Performance Lever Indirect Impact - High Performance Attitudes Direct Impact Individual Performance Improvement Perceived Reward – Size of Bonus Discretionary Effort = + 4.9% Commitment = +18.1% Match with Job = +7.5% 0% +2.0% Treating best and worst performers differently Discretionary Effort = + 5.5% Commitment = +23.2% Match with Job = +13.1% Team Strength = +29.3% 0% +1.5% Presence of Employee Development Plan Discretionary Effort = + 0.5% Commitment = -2.0% Match with Job = +0.2% Having Necessary Resources = +0.5% +1.4% +1.4%
  • Performance Levers - Impacts Performance Lever Indirect Impact - High Performance Attitudes Direct Impact Individual Performance Improvement Increased number of formal performance reviews Discretionary Effort = - 0.5% Commitment = -4.8% Match with Job = -3.8% Having Necessary Resources = -4.7% -0.1% -1.0% Emphasizing performance weaknesses during formal reviews Discretionary Effort = - 6.3% Commitment = + 2.2% Match with Job = -6.6% Having Necessary Resources = -5.4% - 25.2% -26.8%
  • Is it important to be a great place to work?
    • Fortune 100 Best Companies to Work For showed:
        • Average Stock Market index of Fortune 100 = 25.2%
        • 100 Best in December 1997 = 72.9%
        • 100 Best in January 2006 = 133.8%
  • Is Recognition Important? Source: The Carrot Principle, by Adrian Gostick to be released January 2007. A recognition effectiveness study which used 200,000 participants across many industries and cultures. % Employees who: Companies that provide Low Recognition Companies that provide High Recognition Are Satisfied with Jobs 7.0% 46.0% Are Likely to Stay 24.7% 70.0% Have High Morale 8.0% 70.9% Are Highly Engaged 8.3% 73.0%
  • What does it all mean?
    • People will perform…. when they have a heightened emotional and cognitive connection to their jobs, co-workers, managers, and the organization that influences them to apply effective effort on the job*.
    • Bottom-line: We need to create an environment where all our people are willing and able to do those things that contribute to organizational success.
    • So …how do we continue our journey to improve individual performance and how much is it worth?
    Source: Adapted from The Conference Board Employee Engagement definition
    • There a number of things you can do now to do more
    • with the employees you have today!
    • Be open minded and stop doing things that do not work and have never worked!
    • Realize indirect impacts are important to raise High Performance Attitudes.
    • Utilize good assessments to determine performance perception and reality
      • CheckPoint 360 – Best Multi-rater tool available today with online training available
      • Profile XT – It is what is on the inside that makes the outside successful!
      • Profiles Performance Indicator - A manual for employees and teams
    • Meet with me for a free, powerful performance review.
    John R. Eve President – Excellence Achievement LLC [email_address] www.excellence-achievement.com
  • Confidential
  • Confidential
  • Confidential