Great news! At long last, the argument against annual performance reviews appears to be winning. Organisations that have already moved to ratings-free performance evaluations are showing no signs of turning back, and the number of businesses following these trailblazers are swelling fast. However, there still lurks one sticky dilemma that HR professionals are wrestling with… How to eliminate ratings but keep individual performance bonuses.
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If I ran a company which made its revenue from promoting yearly surveys, I would be seriously thinking about Blockbuster and the lessons that could be learned by ignoring disruption. Surely, companies selling annual satisfaction/engagement surveys can not keep expecting significant chunks of ever-tightening HR budgets, armed only with promises of design validation and top quartile benchmarking…can they?