Why the process makes people unhappy and yields little results
One of the biggest reasons for unhappiness is that performance reviews are done once a year. People get their hopes up, excited to set new goals to help them become better professional selves and for the most part, end up disappointed. Because the wishes don’t happen.
When development plans and goals are written and saved into a Word (or similar) document, and followed up max 1/year, it’s a no brainer that it delivers little results. It can also create catastrophic situations and results:
“Due to our poor performance review process and follow-up, one of our employees ended a 4-year fulltime project with a customer just to realize that her technical knowhow and expertise was outdated.”
Yearly Performance Review process costs $3 500/employee
Not only is this process inefficient and ineffective, but it is also expense. CEB, now Gartner estimates that a company of about 10,000 employees spends roughly $35 million a year to conduct reviews. That is roughly $3 500/employee! Give me another example of a spendy process like this, where it just keeps going and going and going…
Most of the expense comes from spending time looking and gathering the information because its stored and scattered in multiple places (folders, inboxes, personal notes)
• 1on1 -notes are in the team leads personal notes or in an email
• People’s skills are in CV documents, or spreadsheets
• Performance reviews are in Word documents.
So, an organization with 100 000 employees is spending $350 000 a year on this process. The price increases, when you incorporate the time your HR and Managers spend on updating incorrect and outdated data, maintaining templates, accessing previous 1on1 notes, and trying to make future-oriented decisions on outdated data.
In today’s world and preparing for the future of work, more agile, cost-efficient, and transparent processes need to be introduced to People Development and Leadership.
“Not one project would have been successful if it was planned and followed up like a yearly performance review -process.”
Cost-Effective and Agile Alternative to the PowerPoint – Excel – Word show
Looking to save some time & money, introduce efficiency to your people development process and make happy and engaged people? Look no further: Talbit is your solution! A cost-effective, employee-driven and agile solution built to support you now and the future.
Upgrade your Talent development process
1. Start by combining your PowerPoint Strategy, Excel Skills and Word Performance Reviews into one platform.
2. Create your strategy in a concrete and transparent manner using the OKR -framework.
3. List the skills that are needed to reach those goals and
4. bridge the gap between now and the future using ready-made development plans and agile growth plans.
5. Follow-up the progress in an efficient and regular manner.
We keep your data up to date, offer it in a way that makes sense so that you make future business decisions and allow each person to contribute to that growth and success.