Other parts of this series:
- Business leaders laud performance management but often see their own practices as inadequate and outdated
- Employers need to recognize that digital technology is empowering workers as well as customers
- Hyper-personalization puts workers’ needs and hopes at the heart of performance management
- Five key steps to revitalize failing performance management
Far-sighted organizations are implementing hyper-personalized performance management that strives to satisfy the specific needs and preferences of each of their workers.
Hyper-personalization is an increasingly popular approach to customer service in the digital economy. Organizations across a wide variety of industries are forging close ties with their customers so they can provide them with especially tailored online products and services. These offerings can be quickly adjusted to suit customers’ changing needs and preferences.
Far-sighted organizations are beginning to adopt a similar approach to their workers. They’re implementing hyper-personalized performance management. These organizations don’t just evaluate the skills and performance of their workforce. They also strive to satisfy the specific needs and preferences of each of their workers.
Close attention to individual worker requirements, as I mentioned in my previous blog post, is fast becoming essential. Our research shows that business leaders, and the employees that report to them, want more personalized performance management. Over three quarters of the more than 2,000 leaders and employees we surveyed worldwide believe that performance management practices can only satisfy the future needs of the workforce if they are tailored to the requirements of individuals or groups.
Hyper-personalized performance management practices are designed to accommodate these changes. They still provide employers with evaluation guidelines and standards. But they also consider the unique attributes of each worker and emphasize individual skills development and coaching. The goal of hyper-personalized performance management is to enhance the performance and capabilities of every worker and align them with the objectives and strategy of the organization.
This new approach requires business leaders to foster a much closer understanding of the needs and aspirations of the workers that report to them. They need to determine how each worker impacts the organization and how they can further its objectives. Moreover, they must identify the rewards that will encourage further performance improvements.
Our research shows that many organizations are beginning to change their approach to performance management. Nearly half our survey respondents said, for example, their organizations had in the past five years stopped giving employees annual feedback and instead conduct ongoing progress reviews.
However, most organizations appear to lack the confidence to implement hyper-personalized performance management. They’re stuck with outdated and increasingly ineffective performance management approaches that fail to address growing workforce complexity and fast-changing business objectives. This mismatch is going to stifle workforce performance and hinder the ability of organizations to attain key business goals.
In my next blog post. I’ll highlight five important steps that will help organizations improve the performance of their employees and enhance their business effectiveness.
In the meantime, have a look at this link. I’m sure you’ll find it helpful.