All employers, large and small, are competing to attract and retain employees for the same hard-to-fill jobs in today’s highly competitive, candidate-driven marketplace.
McKinsey & Company reports that more than three- quarters of Fortune 500 CEOs do not believe their companies are effective at attracting highly talented people. Of those CEOs who do consider their companies successful at attracting top talent, only 7% believe they are effective in retaining them.
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Now for an even more important question. If you couldn't provide answers on the spot, should you or your HR department be able to?
Today’s CEOs have data on nearly every facet of their business. Yet, many come up short when they seek objective, data-driven insights on their company’s most valuable assets–its people. If HR can’t provide these insights, who should?
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For the past decade, many in the HR industry have been calling for radical changes to the performance management process and an end to the annual performance review. While many companies have moved to more frequent programs for individual goal setting and performance feedback, reports of the death of the annual performance review (to steal a quip from Twain) “have been greatly exaggerated.”
People want to know where they stand.
When Facebook reevaluated its performance management systems several years ago, according to a November 2016 article in Harvard Business Review, they conducted focused groups and a follow-up survey with 300 people that revealed 87% wanted to keep a more formal process.
