Whether you’re assessing the performance of your staff or evaluating your company’s culture, there are some interesting stats to be aware of. These statistics range from the costs of performance management reviews to the impact of poor ratings on employee engagement. Regardless of your business size, an online performance evaluation platform can help you manage employee engagement more effectively.
50% of employees didn’t expect the ratings they got:
According to a recent survey, 50% of employees did not expect the ratings they received in their annual performance review. This result could have negative effects on an employee’s self-esteem and confidence. The results also suggest that most performance reviews focus on recent events and criticism, which can damage an employee’s self-worth. Furthermore, employees tend to feel that they do not receive enough praise.
Another problem is that employees do not trust their bosses, which makes performance management even more challenging. In fact, in a Harvard Business Review survey, less than half of respondents trusted their supervisors. This communication gap results in disengagement, loss of productivity and turnover. It also seems like performance management systems are not doing their job well because feedback processes are too slow.
Millennials feel most fulfilled when their feedback is accurate and consistent:
According to a Clutch survey, seventy-two percent of millennials feel most fulfilled at work when they receive accurate and consistent feedback from their manager. On the other hand, only 38 percent of Gen Y workers feel fulfilled at work when their managers don’t provide timely and accurate feedback. If you want to retain the best millennial talent, offer them a flexible schedule.
Millennials crave feedback, and they respond better to positive feedback than to negative feedback. However, avoid talking about money during feedback. Not only is this tactic demoralizing, but it will also lead to more defensive responses from millennials. Instead, give positive feedback often and in a consistent manner.
Another study conducted by Clutch found that the kind of feedback Millennials receive is directly linked to their willingness to quit their job. Millennials dislike traditional feedback models and prefer feedback that is immediate and connected to their work.
Costs of performance management reviews
The costs of an online performance evaluation platform are not standardized and can vary widely. Some vendors offer a single price plan that is suitable for smaller businesses while others offer flexible subscription plans with varying features. In addition, the price of a performance management software varies with the number of users. A basic subscription can cost around $5 per month, while a more advanced package can cost anywhere from $8 to $16 per user.
Trakstar, for example, tprm software gurgaon is a cloud-based, fully automated performance management system that streamlines the employee review process. It provides customizable templates, automatic email reminders, and 360-degree feedback capabilities. It also helps companies implement a consistent employee review process. Trakstar’s cost is based on the number of employees you manage. However, you can opt for a cheaper per-employee price if you need the software for a large team.
Another consideration when choosing an online performance evaluation software is its ease of use. A good software should be user-friendly and easy to install. It should also provide data-rich reports, which will allow managers to identify strengths and areas of development for each employee. Furthermore, it should be easy to integrate with other applications, such as CRM. Finally, an online performance evaluation platform should not exceed your budget.
Impact on employee engagement
Using an online performance evaluation platform for employees’ reviews can have many benefits. First, it can help organizations improve their communication between managers and employees. This is especially important if you want to boost employee engagement. Employees who feel like they are being heard are more likely to work harder. Additionally, receiving constructive feedback frequently is important for building trust.
Second, an online performance evaluation platform can make it easier to give and receive feedback. Employees are often anxious to receive feedback, and a clear communication line between managers and employees is essential for employee engagement. This can be achieved by implementing a robust performance management software. This tool allows companies to use the feedback provided by employees to determine the best next steps and prioritize current projects. Third, an online performance evaluation platform can help organizations improve their feedback and reward processes.
Lastly, an online performance evaluation platform can help organizations conduct deep analysis of employee feedback. Many of these tools have a 360-degree feedback module that allows administrators to compare a person’s self-rating to other respondents. This helps managers identify blind spots between employees’ perceptions and those of their co-workers. These tools can also help businesses benchmark their employee appraisals across the workforce, as well as identify top performers.