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What is the future of performance management?
#1
Companies are digitally transforming their workplace. Many companies have already transformed their workplaces and the rest are forming strategies to adopt technology to streamline their business operations and processes. In the future, all the companies would have HRMS Software to perform appraisals, of course with human feedback, and carry out business plans. Once the transformation is complete, the artificial intelligence will start to get into organizations, using which the sentiments of employees can be analyzed and the employees can have a bot friend during the recruitment and appraisal processes.
 
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#2
It becomes ever so clear that old-school performance management approaches are exactly that, old. Major corporations all over the world acknowledge this issue and are looking for ways to tackle it. Examples are dramatic:

Google has built a compensation system where high performers are paid by times more than the average employees
Microsoft and General Electric are dumping their annual “stack and rank” systems in favor of coaching and continual feedback loop
Atlassian is automating as many evaluation activities as possible instead of performing them manually
Netflix is setting objectives that are expected to change rapidly, be fluid, and is thus no longer evaluating employees against annual goals.
Even though the perfect template of performance management of the future is yet to emerge, the patterns are already here. Evaluations based on under- and over-performing employees, instead of the average. Systems that facilitate data-driven, real-time analysis. Frequent, as-needed development discussions and fact-based performance.
 
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