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5 Performance Management Practices of High-Performing Firms

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Download my research notes and findings: http://gettalk.at/atd
Instead of just hating on performance management processes, why don't we do something about them? New insights uncovered by Lighthouse Research reveal a clear distinction between the performance management and engagement practices used at high-performing firms versus their lower-performing peers. And yes, performance in this case means business KPIs such as revenue, engagement, and retention. The top-performing companies leverage a mixture of recognition, regular conversations, and other practices to create more engaging workplace experiences for their employees, ultimately driving engagement and performance to new heights.In this webcast, we'll look at the research and what it can teach us about how to improve our approach to performance management. More practically, we'll examine some case studies and stories of companies that have modified their approach to performance management, reaping a variety of rewards. You will learn:
+the deep links between engagement, performance management, and business results
+how to adapt performance management practices to improve outcomes
+how other firms have made the transition, including lessons learned.

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5 Performance Management Practices of High-Performing Firms

  1. 1. Performance Management 5 Practices of High-Performing Companies
  2. 2. Backward Integrated Design
  3. 3. Speaker • Internationally recognized research and thought leadership on technology, talent strategy, innovation, and more • Breaking the analyst mold: Unique blend of practitioner experience and research • Insights have helped more than 1 million practitioners around the globe • We’re Only Human podcast focuses on intersection of technology and work 3 Ben Eubanks Principal Analyst @beneubanks
  4. 4. About the Research • 250+ employers • 25 executive interviews • Meta-analysis of 8 other studies • Hypotheses: engagement, culture, performance management, and company performance are interrelated gettalk.at/atd
  5. 5. Informal Poll Which of the following is true for your organization? • Our current approach to performance management increases employee engagement. • Our current approach to performance management decreases employee engagement. 5
  6. 6. Engagement, Performance Linked • Low-performing companies are 58% more likely to say their approach to performance management is ineffective. • High performers 20% more likely to say their approach to performance management improves engagement.
  7. 7. Agenda • Research Highlights • Recognition • Manager Feedback • Peer Feedback • Development Coaching • Focus on Strengths • Connecting Performance, Engagement, and Business Results • Q&A
  8. 8. Defining “High-Performing” • Retention • Revenue • Employee Engagement
  9. 9. 5 Practices of High- Performing Companies
  10. 10. Recognition • 37% more likely • Zig Ziglar says… • Don’t fall for the Millennial trap • Behavior modification
  11. 11. Case Study: Ohio Living • Ohio-based home health and hospice care • 3k employees • 70k clients • Surprising recognition outcomes
  12. 12. In the Moment Manager Feedback • 29% more likely • Alan Mulally’s approach • Avoid the sandwich • Expectations + Assurance
  13. 13. Case Study: Stout Advisory • US-based investment banking advisory firm • 475 employees • Annual goals aren’t bad, but they need revisiting • “Stale feedback”
  14. 14. Peer Feedback • 26% more likely • Make it simple (not a 360-degree process with twelve steps) • Anonymity vs. confidentiality • Upward feedback
  15. 15. Case Study: CVS • 250k employees • Retail pharmacy • Focus on the giver, not just the receiver • Use as signal for succession
  16. 16. Development Coaching • 20% more likely • 90% of workers take a job outside their company • Keep it simple (5/1) • Micromanage your heart out
  17. 17. Case Study: Chipotle • Restaurant chain • 60k global employees • Pre-Implementation Baseline: 52% salaried store manager turnover • Post-Implementation: turnover for salaried managers dropped to 35%; dropped for hourly managers by more than half • Paid out $1+ million in people development bonuses in 2010.
  18. 18. Case Study: Hootsuite • Canadian technology firm • CEO/executive support from the top • It’s beyond leveling up. It’s about expanding into new skills and territory. • Stretch assignments: 90 day period, 1 day per week. Reduced job duties. Learning plans from both managers.
  19. 19. Focus on Strengths • 14% more likely • Albert Einstein’s other theory • Lessons from athletics • “Give the man his guitar”
  20. 20. Case Study: Credit Suisse • 48k workers • Swiss banking and financial services • “Internals first” • 2016: 4,400 internal employees made a move • $75+ million in hiring and training costs saved
  21. 21. Pro Tip: It’s About Culture Change • Change doesn’t happen overnight • Every organization’s rhythm is different (monthly, quarterly, etc.) • It’s not about the platform, technology, or process--it’s about the behaviors • Framing the change (WIIFM?) • Employees: own your own career • Managers: framework for managing people • Business leaders: all about accountability
  22. 22. Qualitative High-Performer Responses • Cheering on the progress, not just the end result. • employee led process • Focus on what manager can do for employee, to eliminate barriers and make work easier • Identifying potential high value employees and working to develop them by providing projects, opportunities. • Monthly and weekly one-on-one sessions with employees • Upward feedback • We focus on work-life balance goals and how we live into our value words (respect, integrity, wholeness, creativity, empowerment) LHRA.io
  23. 23. Other High- Performer Findings • More likely to believe technology enables greater visibility into performance trends • Less likely to say their technology is a hindrance • More likely to say that driving engagement, individual, and business performance is the goal of performance management • Less likely to say that compliance is the primary reason for performance management LHRA.io
  24. 24. Learning from High-Performing Companies Talent Practice Gap Analysis: High Performer are… Focus on eliminating weaknesses 25% less likely to focus on eliminating weaknesses Forced/stacked ranking 31% less likely to use stacked ranking Annual goal setting 4% less likely to prioritize annual goals More frequent goal setting (two or more sessions annually) 44% more likely to do more frequent goal setting Recognition for performance 37% more likely to use recognition to drive performance In the moment manager feedback 29% more likely to use in the moment feedback Peer feedback 26% more likely to use a peer feedback mechanism Coaching for development 20% more likely to use coaching for development purposes Focus on strengths 14% more likely to focus on employee strengths 24
  25. 25. “Lessons learned” from Low Performers • Low-performing companies are 58% more likely to say their approach to performance management is ineffective. • These “traditional” performance approaches may actually demotivate your BEST workers. Talent Practice Focus on eliminating weaknesses Forced/stacked ranking 25
  26. 26. Connecting Engagement with Business Results
  27. 27. Engagement as a Business Indicator • High performers 20% more likely to say their PM approach drives engagement. • The power of engagement: • Productivity • Retention • Customer satisfaction • Revenue • Key: Find your practical impact
  28. 28. Practical Performance Impacts of Engagement • Retail • Healthcare • Financial services
  29. 29. Action Items • Increase adoption of other high-performing practices • Consider the performance- engagement link: is your current approach driving or harming engagement? • Bring that discussion to the executive table to influence decisions and drive the business case for change
  30. 30. gettalk.at/atd Instant download of the research plus 8 other studies from our meta-analysis.
  31. 31. Questions? Email: ben.eubanks@LHRA.io Website: LHRA.io Twitter: @beneubanks 31 Ben Eubanks Principal Analyst