80% of corporate professionals unhappy with current performance management system: Survey

Our Bureau New Delhi | Updated on October 20, 2020

55% feel annual review is a monotonous activity

Around 80 per cent of corporate professionals are unhappy with their current performance management system, found a survey by PeopleStrong, an HR technology company.

The report, titled ‘Performance in the New World of Work’, says that 64 per cent of employees feel a continuous feedback exchange mechanism should be incorporated, transforming managers to be better coaches.

“As many as 55 per cent of the respondents who took part in the survey feel that annual review is a monotonous activity — a year-end activity that needs to be done anyhow, like filing income tax returns,” the report added.

Biased reviews

It further added that 46 per cent of respondents feel that performance reviews are not data-driven, increasing the possibility of a biased performance review.

On companies viewing performance success in the next 3-5 years, around 55 per cent of the respondents are inclined to have a mentorship culture being imbibed into their workplace. Around 25 per cent of the respondents feel that market-readiness for the next level of growth can be achieved by remaining extremely agile and innovating faster by taking more risks.

“Traditional performance evaluation and management models were bound to be re-engineered for the future. Pandemic fast-forwarded the transformation, bringing in digitisation and automation, earlier than expected,” the survey found.

On the key takeaways on what to expect in the next 3-5 years, around 75 per cent of the respondents agree that collaboration, constant communication and a mentorship culture between managers and teams will become the future mandate of a high-performing workplaces.

“Growth-focussed sentiment currently runs high amongst the manufacturing industry, as it has been impacted by the lockdown the most. Respondents perceive that product innovation with faster execution will be the elixir that will keep them forward in an already competitive marketplace.”

The report further added that companies are getting market-ready to ride the next wave of change. It is of utmost importance to create a growth mindset within the employees and amongst teams.

Companies in sectors such as banking, financial services and insurance (BFSI), IT/ITeS (information technology-enables services), education services, and entertainment are among those that participated in the survey.

Published on October 20, 2020

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