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How do Annual Performance Reviews                         make you feel…        •     Anxious?        •     Grumpy?       ...
Performance reviews are broken…        • 4 out of 5 U.S. workers are dissatisfied with          their job performance revi...
Key HR Problems…   • 45% of key people will leave their     positions upon economic recovery1   • 72% of workers are not e...
Survey says…        • 78 % of U.S. workers          said being recognized          motivates them in          their job   ...
Non-financial Incentives Work Best                               More Effective   Used Less© 2011 Talent Management LLC   ...
Employee Performance Management                                         What is it?              Performance appraisals an...
Economic Impact for Business        • 91% increased employee performance        • 84% decreased cost of hire        • 84% ...
Actionable development plans alone          result in twice the revenue per employee                and a 27% lower turnov...
What if Performance Appraisals…        • Happened throughout          the year        • Were relevant to the          skil...
What if Your Personal Development                                Plan…        • Helped you set          relevant goals and...
What if Your Personal Development                               System…        • Helped you track,          manage, revise...
What if there was an Employee                     Performance Management System                                  that’s…  ...
Talent Snapshot® Business Model  • Software as a Service                     LP     Michelle Green                        ...
Talent Snapshot® Employee Performance                          Management System…         • Includes employee appraisal on...
Business Case for Employee Performance                   Management Systems        • Better overall business results - goo...
Business Case for Employee Performance                   Management Systems        • Better overall business results - goo...
What’s New: The Wisdom of Crowds                        aka “Crowdsourcing”        • Collective knowledge          trumps ...
Conclusion        • People hate annual performance reviews        • Statistics indicate non-financial incentives          ...
The value of Employee Performance Management
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The value of Employee Performance Management

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A brief description of the current state of performance appraisal systems, and the value of making changes

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The value of Employee Performance Management

  1. 1. How do Annual Performance Reviews make you feel… • Anxious? • Grumpy? • Unhappy? • Do they go something like this…? http://www.youtube.com/watch?NR=1&fea ture=endscreen&v=U7Low0p7ydQ© 2011 Talent Management LLC 2
  2. 2. Performance reviews are broken… • 4 out of 5 U.S. workers are dissatisfied with their job performance reviews1 • 46% of respondents said that annual performance reviews are not an accurate appraisal of an employee’s work2 • Psychologists found that at least 30% of the performance reviews ended up in decreased employee performance3 (1) Reuters; (2) Globoforce/SHRM; (3) Psychological Bulletin© 2011 Talent Management LLC 3
  3. 3. Key HR Problems… • 45% of key people will leave their positions upon economic recovery1 • 72% of workers are not engaged in their work2 • 18% of disengaged employees actually undermine their co- workers’ success2 • Total cost to business…$370B/year2 Source: (1) Employment Dynamics & Growth Expectations, (2) Gallup© 2011 Talent Management LLC 4
  4. 4. Survey says… • 78 % of U.S. workers said being recognized motivates them in their job • 69 % stated they would work harder if they felt their efforts were better recognized Source: Globoforce Mood Tracker© 2011 Talent Management LLC 5
  5. 5. Non-financial Incentives Work Best More Effective Used Less© 2011 Talent Management LLC 6
  6. 6. Employee Performance Management What is it? Performance appraisals and Goal and objective management assessments Competency management Performance appraisal management 90-360 assessments Developmental planning Career path management Succession management Talent pool management Coaching Talent review/assessment Compensation planning Pay for performance support Visualization (graphs, grids, etc.)© 2011 Talent Management LLC 7
  7. 7. Economic Impact for Business • 91% increased employee performance • 84% decreased cost of hire • 84% increased revenue per employee • 66% improved their ability to determine projected growth by job category • 49% improved their ability to forecast annual retirement rates© 2011 Talent Management LLC 8
  8. 8. Actionable development plans alone result in twice the revenue per employee and a 27% lower turnover rate Source: Bersin & Associates© 2011 Talent Management LLC 9
  9. 9. What if Performance Appraisals… • Happened throughout the year • Were relevant to the skills and metrics pertaining to your job • Provided feedback from other people besides your manager?© 2011 Talent Management LLC 10
  10. 10. What if Your Personal Development Plan… • Helped you set relevant goals and objectives • Suggested appropriate training and development • Included coaching tips for you and your manager?© 2011 Talent Management LLC 11
  11. 11. What if Your Personal Development System… • Helped you track, manage, revise and update your goals • Reminded you of due dates and upcoming commitments • Provided your manager with insight into your progress?© 2011 Talent Management LLC 12
  12. 12. What if there was an Employee Performance Management System that’s… Simple, Affordable, and Flexible?© 2011 Talent Management LLC 13
  13. 13. Talent Snapshot® Business Model • Software as a Service LP Michelle Green MP VHP VHP Jenny Sweney Susan Michaels • Employee Performance Adam Simpson Nate Wood Hal Gorden Management system ? Mike Smith Brent Foster Ian Stacy • $159/year/employee LP MP HP Leroy Smith VHP • Affiliate Network is key ? Kristen Richards Yolanda Price Laura Roman to Growth LP MP Alice Zender Jessica Grims MP MHP Megan Gant ? Paul Conner Lynda Ross Calvin Underwood • HR and TM consultants, Ethan Bromer Howard Hill Frank VanDyke trainers and coaches VLP LP LMP Tamsco MP • Strategy and OD experts ? ? ? Ralph Paul Jackson Walter Emerson Gail • Simple, flexible, Conrad affordable© 2011 Talent Management LLC 14
  14. 14. Talent Snapshot® Employee Performance Management System… • Includes employee appraisal on actual performance and predictive, job-specific skills • Targets training and coaching • Sets performance goals and objectives • Defines, schedules, executes and manages/tracks development and objectives • Provides ongoing feedback to the employee • On the drawing board: Succession, Career, Leadership Management and Compensation Planning, more enhancements© 2011 Talent Management LLC 15
  15. 15. Business Case for Employee Performance Management Systems • Better overall business results - good people practices can increase a company’s value by as much as 30%1 • Insight into your talent pool – stars, diamonds in the rough and questionable performers • Organizational alignment – right people, in the right jobs at the right time • Retain top performers – 27% lower turnover rate • ROI on training dollars – skills mapped to training (1) Source: Watson Wyatt© 2011 Talent Management LLC 16
  16. 16. Business Case for Employee Performance Management Systems • Better overall business results - good people practices can increase a company’s value by as Cha-Ching!!! much as 30%1 • Insight into your talent pool – stars, diamonds in the rough and questionable performers • Organizational alignment – right people, in the right jobs at the right time • Retain top performers – 27% lower turnover rate • ROI on training dollars – skills mapped to training (1) Source: Watson Wyatt© 2011 Talent Management LLC 17
  17. 17. What’s New: The Wisdom of Crowds aka “Crowdsourcing” • Collective knowledge trumps individual knowledge • A truly all- encompassing performance feedback loop • As Peter Drucker said, “What gets measured gets managed.”© 2011 Talent Management LLC 18
  18. 18. Conclusion • People hate annual performance reviews • Statistics indicate non-financial incentives work best • Employee Performance Management is being pursued by top performing companies • Talent Snapshot® is available for managing appraisals and development plans • Crowdsourcing is the latest trend© 2011 Talent Management LLC 19
  • MayoorBhatt1

    Mar. 26, 2018
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    Aug. 23, 2015
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    Jul. 1, 2015
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    Jun. 21, 2015

A brief description of the current state of performance appraisal systems, and the value of making changes

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