Talent 2020 is Deloitte’s global survey series conducted to explore talent strategies and unfolding trends that are expected to influence the next decade and beyond. The series features results from large businesses worldwide in the Americas, Asia Pacific, Europe, the Middle East, and Africa.
Performance management is broken
Replace “rank and yank” with coaching and development
Companies worldwide are questioning their forced ranking, rigid rating systems, and once a year appraisal process. This is the year a new model of performance management will likely sweep through HR.
Today’s widespread ranking- and ratings-based performance management is damaging employee engagement, alienating high performers. and costing managers valuable time. Only 8% of companies in our survey report their performance management process drives high levels of value, while 58% say it is not an effective use of time.
Leading organizations are scrapping the annual evaluation cycle and replacing it with rich, ongoing feedback and coaching designed to promote continuous employee development. How do you design your new process and how do you train and enable managers to truly coach for performance? Our research and trends can help you understand the critical importance of this fast-growing trend in corporate leadership and HR.
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