To keep up with competitors and an evolving talent landscape, medium enterprises around the world are evolving their approach to employee performance management. And with good reason: In the global “Employee Performance Management Needs a Promotion” study, conducted by Forrester Consulting on behalf of Workday, 60 percent of medium enterprise respondents worry they are falling behind their peers when it comes to managing employee performance.
The study, which surveyed more than 600 employee-performance decision-makers in 14 countries, representing North America, Europe, and Asia Pacific, also found that traditional, periodic performance reviews are giving way to more continuous and engaging methods.
Additionally, the study found that four out of five (82 percent) respondents are refocusing the performance management processes at their companies and agree that they need more agile processes to keep pace with business and technology changes. For medium enterprise organizations, attracting, retaining, and developing employees is vital to business success, yet many companies treat employee performance management as an annual business maintenance—a cost—as opposed to a strategic investment that will pay dividends down the road.