Curated News
By: NewsRamp Editorial Staff
August 15, 2024
New Study Reveals Challenges and Opportunities in Performance Management
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- Organizations with effective performance management are 2X more likely to use digital technology, giving them a competitive advantage.
- The HR study reveals challenges and positive trends in performance management, including the use of digital technology and employee input into performance goals.
- Improving performance management processes will lead to better legal protection, employee development, and organizational goals, creating a better work environment.
- 84% of organizations use digital technologies in performance management, but only 42% apply them effectively, highlighting the struggle to leverage these tools.
Impact - Why it Matters
This news matters as it sheds light on the current state of performance management practices, highlighting the challenges faced by organizations in achieving effective PM plans. It offers valuable insights and strategies for improving performance management efforts, which can be beneficial for HR professionals and organizations looking to enhance their PM initiatives.
Summary
The latest HR study reveals that a mere 45% of organizations report that their performance management (PM) processes effectively meet critical outcomes to a high or very high degree, including meeting organizational PM goals, improving employee performance, enhancing employee development, and providing better legal protection. The HR Research Institute (HRRI) has unveiled a new research report exploring the current state of PM practices, highlighting key trends and strategies for improving performance management efforts today and in the future. The research underscores the challenges many organizations face in achieving effective PM plans while also spotlighting areas where positive strides are being made. These findings indicate that there is still much room for improvement in performance management processes across the board.
Source Statement
This curated news summary relied on this press release disributed by Newsworthy.ai. Read the source press release here, New Study Reveals Challenges and Opportunities in Performance Management
