Human Asset Management Strategy (HAMS)© demands a robust and continuous performance review process focused on employee development. You can't have one without the other.
According to the Harvard Business Review, one-third of U.S. companies are revising traditional appraisal processes. Since change is revolutionizing our work, we must focus on a continuous performance review process, where robust, two-way feedback is frequent.
Forces Disrupting Traditional Performance Review Processes
Today's work reality is challenged by multiple and constant disruptors putting pressure on organizations and their foundational structures, processes, and people. For the near term, one thing is sure - these disruptors are not going away. They are our new normal. We must account for these disruptors as we look at our human assets, how we manage them, and their responses/reactions to these disruptors. The following are some main disruptors:
Where Has the Increased Productivity Gone?
According to the Bureau of Labor Statistics, business productivity has not kept up with technology. If the old performance reviews were effective, productivity would have increased dramatically. This, however, is different. If these cumbersome performance review processes need to be fixed to increase productivity, what good are they? It's time to rethink the purpose of performance reviews, how we do them, and whether the intended outcomes are achieved. According to the Bureau of Labor Statistics, here is an assessment of the old performance review processes in the new world of work:
The New Work Reality
Align your organization's current work environment with a relevant and aligned continuous employee review process designed to mirror, reinforce, and keep pace with your organization's business strategy.
We invite you to download our latest eBook: "Human Asset Management Strategy: A New Approach, which provides a multifunctional operational guide to human capital capacity planning. You can also schedule a complimentary assessment with a member of our team.