Accenture – Setting a trend??
Recently Accenture, one of the world’s largest companies, announced that it is going to “ditch” annual performance reviews for over 33,000 staff.
Accenture plan on introducing a more “fluid” system, in which employees receive timely feedback from their managers on an ongoing basis following assignments.
Accenture says that all the time, money and effort spent didn’t ultimately accomplish their main goal — to drive better performance among employees.
Similarly this year, Deloitte announced that it was piloting a new program in which, like at Accenture, rankings would disappear and the evaluation process would unfold incrementally throughout the year.
My thoughts are as follows:
• Many PDR processes are purely box ticking exercises – if this is not the case for your business, then you might even share the secret of your success with us!
• Regular reviews of work is a far more effective and natural means of providing feedback to employees. Everyone should know where they stand and there should be limited or no surprises along the way.
• The simpler the PDR process the better – short and sweet is good.
• If you are going to go down Accenture’s path be aware that some managers are either too busy or incapable of providing constructive feedback to their team members. Senior management need to be aware of this and compensate for this lack of skills where possible.
• If you are going to stick with your more formal annual PDR process, please make sure you follow through on the piece which refers to “anything that we can do to help you do better in your job” There is nothing more disengaging for employees who come up with constructive ideas and then you don’t hear another word as managers go back to their “real job”
In summary, I am delighted with this latest trend and look forward to hearing how the debate unfolds for other corporates around the globe.
At HRsearch, we would really like to hear your thoughts on the subject.
Show me the money… or not!
The world over, one of business’ greatest challenge is staff retention. Achieving a balance between increasing staff costs and retention of talent is of critical importance to their on-going competitiveness.
Another challenge is having a true understanding of what motivates and drives the engagement of employees. Research shows that while there is a strong connection between financial rewards and engagement…it is most certainly not all about the money.
Business’ see the importance of educating the workforce to see beyond Compensation and Benefits and look at other aspects of the Employee Value Proposition (EVP). This approach focuses on Total Reward, not individual elements.
However, one size certainly does not fit all, and business’ need to gain a true understanding of their unique employee needs and wants. Having done so, the company is then well underway to creating a tailored Total Rewards package.
By understanding their employees, certain companies are taking a creative approach to working conditions, career development, work-life balance, CSR and employee recognition.
These employers are beginning to see the fruits of their labour – in addition to an ever improving employer brand, they have an increasingly engaged, retained workforce without the associated spiraling employee costs.
The Reward and Compensation & Benefits area both in Ireland and on a global level is an interesting HR space to watch as it evolves and changes in keeping with economic and employment trends.
Employee Engagement – Whats the secret?
In times of tightening skills supply, employers are increasingly realising the importance of having employees as engaged as much as possible.
What some employers don’t realise is that employee engagement is not like a tap that can be turned on (and off) when required.
Employee engagement needs to be intrinsic in the fabric of a business and comes about through providing employees with a work environment that fosters hardwork and loyalty.
Features of a workplace that I would expect to see in such an environment: Trust – Open Communication – Fairness – Gratitude – Flexibility – Understanding.
I have recently started a new role with HR Search and am happy to report that I am 110% engaged as are my fellow colleagues. A rewarding, comfortable and proactive environment helps me enjoy my work, while staying engaged and motivated to be the best that I can be.
“To win in the marketplace you must first win in the workplace.” –Doug Conant