Performance management (PM) is intended to do exactly that, and yet many organizations find their current PM programs and processes unsupportive, with managers and employees having to contend with the following issues:
It is no surprise, therefore, that our research identified PM programs as the second highest priority that organizations plan to focus on in the coming six months to two years.
On the following pages, we have identified five steps that are needed to optimize these PM processes in today's uncertain times. By focusing on these areas, organizations can resolve common performance management issues, and continue to motivate and inspire their workforces through challenging economic times.
Between March and May 2020, Korn Ferry conducted pulse surveys with 7,660 respondents from 99 countries to gauge the impact of COVID-19 on rewards and benefits. Our research identified five key areas, including performance management programs, in which organizations plan to implement significant changes over the next six months to two years.
About This Report
1. Fit-for-purpose total rewards strategy.
2. Performance management programs.
3. Short-term incentive/bonus pay design.
4. Job architecture, job evaluation and career development frameworks.
5. External pay benchmarking processes.
Published by Korn Ferry is a global organizational consulting firm. We work with organizations to design their organizational structures, roles, and responsibilities. We help them hire the right people and advise them on how to reward, develop, and motivate their workforce. And, we help professionals navigate and advance their careers.