Relevant Today to Irrelevant Tomorrow - Part 2
Welcome back to the next part of this series. Today, let's just dive into performance management and ask a couple of questions.
1.) Did you train/retrain and educate your leadership on how to increase their effectivity in communicating with, coaching, and engaging the next workforce (Gen Y, Gen Z)?
2.) Did you review your performance management system to look at ways to elevate its performance in order to make it more effective to the next workforce (Gen Y, Gen Z)?
3.) Did you realize that money may not be the biggest factor of engagement to the next workforce (Gen Y, Gen Z)?
4.) Are you making plans now for the Gen Z workforce to come onboard and understand their needs, expectations and how to effectively manage them?
If not, parts of your performance management are becoming irrelevant. The result will be higher stress, lower engagement, higher turnover, and a significant impact on your bottom line. When you read statistics from a recent Gallup Survey about the number of people who do not believe the reviews are fair (26%), know what is expected of them (50%), how their goals connect to the organization's goals (44%) what does this tell you about the system? Do I have your attention?
Being relevant goes well beyond that of the product you produce or the service you provide. It goes to internal systems including performance management and overall leadership. It challenges us to look beyond the current and ask about demographic changes in the workforce. Are the systems supporting them and the leadership leading them still relevant? This is beyond the training you get for diversity but is focused on helping align and calibrate yourself and your systems to be more effective. Yes, these are tough questions, but not addressing them they can be having double-digit percentage point impact on key numbers (engagement, retention) that impact YOUR bottom line.
The truly scary part is when you step back and reassess what you are doing the changes needed to remain relevant today and tomorrow are not that significant in many ways. It is a mindset change as well as culture change to help improve and speed up the flow of information and feedback. Remember this is the generation that grew up with instant access to information and they are looking to that from their management. If you think quarterly, semi-annual or annual meetings/feedback will cut it, I hate to be the one to tell you but that recipe no longer works.
So, back to my questions. If you answered no, I encourage you to take a look at the impact these are having on your organization and what changes could lead to increases in engagement and retention.
If you are interested in learning more about how to better align your leadership, to remove the stereotypes and focus on the opportunity I would love the opportunity to discuss this with you. Now is the best time to ask the questions and make the changes to stay relevant today and tomorrow.