Industry Innovation Lunch: Rebuilding Performance Management Systems Through Analytics
Managing Consultant, Gallup
Many prominent organizations are making dramatic changes to their approach to managing and evaluating employee performance. IBM, Accenture, Goldman Sachs, General Electric, and Microsoft are just a handful of companies spending the time, money, and effort on rebuilding their performance management systems.
This change is not just trendy, it’s vital for maintaining your organization’s top performers and addressing the demands of a new generation of workers. In fact, Gallup research shows that only 1 in 5 employees say the way their performance is managed motivates them.
Gallup investigated numerous organizations making the transition away from annual performance reviews and numerical employee rankings, and discovered that most are missing an enormous opportunity and increasing their risk of failure by not leveraging advanced analytics to more effectively rebuild and optimize their performance management strategies.
So how can organizations confidently rebuild a performance management system that works? Gallup helped their banking client achieve this by analyzing the company’s data and finding the critical components for a successful change. In doing so, the bank was able to confidently implement a new performance management approach and set its managers and employees up for success.
This session will uncover Gallup’s latest research on the importance of an analytics-based performance management structure and detail the case study of a bank who maximized its ROI through the analytical structure.