We all know that a performance management system is the key to engaged employees. Because it’s so vital to company productivity, it’s likely you already have a performance management system in place, and you might think the transition to microfeedback is too big of a change to be realistic.
If you are one of the 52% of companies that conduct annual reviews and have your own system, guess what: You don’t have to replace it! iRevü’s microfeedback system integrates and complements existing systems.
Frequent Feedback + Performance Management = Happy Employees
Only 8% of companies believe their current performance management process is highly effective in driving business value. That’s because most performance management systems don’t include microfeedback! Get this: Companies who implement regular employee feedback have turnover rates that are 14.9% lower than for employees who receive no feedback.
Instead of throwing everything out the window, iRevü talks to your reward and recognition platform and provides a transparent, comprehensive record of performance over time. Continuous feedback makes an invaluable addition to any performance management system; It increases operating margins by 8% on average. In addition, microfeedback helps to solve problems quickly and addresses issues before they become big problems.
If your performance management system has a goal aspect, microfeedback is a great way to track and monitor those goals. Your employees don’t have to wait until the end of the year for you to see the progress they’re making, you can see it every month, or even every week!
Pull All Your Data Together To Make Reviews A Piece Of Cake
You may have a system that takes care of your once-a-year reviews, which is great! But employees are craving more frequent recognition. No wonder engagement rates are so low, 39% of employees report they don’t feel appreciated at work.
When iRevü is working together with your current performance management system, you get all the data exactly when you need it, and your employees get feedback exactly when they want it. During reviews, you won’t need to recall performance based off memory because everything is documented. When you are able to focus on your employee’s strengths in a review, they are 30x more likely to be actively engaged.
Combining your performance management system with iRevü’s microfeedback system is also a great way to support your employees. With more feedback, employees feel more satisfied, which can lead to a 12% increase in productivity.
If It’s Not Broken, Don’t Fix It
While annual reviews seem to be falling out of style, there are still good reasons to keep them. Many companies are beginning to reserve annual performance reviews for big decisions like structural changes and raises.
You don’t have to get rid of your current system to reap the benefits of microfeedback. Combining it with iRevü is the best way to provide your employees with the consistent, reinforced feedback they need and recognize them for a job well done.Business & Finance Articles on Business 2 Community