Engaged, high-performing employees are key to a successful 2024.
But creating an environment that nurtures these key traits is difficult.
What encourages employees to perform better in 2024? Recognition, benefits, growth opportunities?
The list is endless.
Plus, the way performance management is managed and evaluated has evolved. It’s adapting to economic, technological, and societal changes. This blog will explore the top trends in 2024 HR Leaders need to know and how to implement them for a prosperous new year.
What are the trends?
Prioritising employee needs
The focus has shifted from managers to an employee-centric approach.
Performance management processes are now centred on regular feedback, reviews, and manageable goals put in place to allow employees to influence their own development.
The phrase ‘employee culture’ has always been a bit of a buzzword.
A Glassdoor survey reported that 77% of UK employees consider the culture of a company before applying, and 56% say a strong workplace culture is more important than salary.
An employee-centric strategy allows you to positively grow your company culture, whilst improving engagement and performance.
Regular Feedback
Our recent report: Performance Management Is Underperforming revealed that 54% of respondents would consider leaving an organisation if they didn’t receive frequent managerial feedback and communication.
How often are you providing employees with feedback?
Are the team able to provide peer-to-peer feedback?
Continuous feedback loops and discussions around performance are now the norm for most businesses – if this isn’t the case for you, it’s time to get implementing.
Ongoing communication leads to improved engagement and allows employees to feel valued and appreciated. Whilst regular reviews can also open areas for improvement and development, that may otherwise go under the radar.
Skills-Based Assessments
Do you know where your skills gaps are?
This is not a new trend, more a new way of doing things. No longer are job descriptions enough to understand a person’s skill level.
Instead, specific skills and competencies are used to assess employees on parts of their role that remain relevant to their day-to-day tasks.
Skill-based assessments are the stepping stone to creating effective KPIs and OKRs that support your employee’s progression and wider business strategy.
Data-Driven Insights
Let the data do the talking and produce custom reports and insights that influence strategic decisions.
There’s no excuse for biased, inaccurate data that takes days to collect.
Do away with spreadsheets and multiple data entry points by consolidating it all into one system.
Trending in 2024 and beyond: real-time data insights.
Allowing you to understand your workforce, reduce admin hours and spot trends across your team.
Plus, stay ahead of potential issues including flight risks with reports built to work for you.
How to improve performance management in 2024
The right technology
It’s time to invest in an all-in-one performance management solution that can drive performance with automated processes, dedicated engagement tools and detailed development plans.
StaffCircle allows HR leaders to do this, reinforced by employee data and insights, collected instantly.
Encourage continuous learning and development
Once you’ve completed skills-based assessments, encouraging your employees in their learning and development is vital to staying ahead of trends.
Consider the courses, mentorship opportunities and access to learning resources you currently have and how you might include them in PDPs for your team.
Align your strategy
The key to success? An aligned strategy – from your employees to your business goals and objectives.
Performance management trends you choose to follow are only worth it if they align to your overall strategy.
KPIs and OKRs that align to an individual, department and overall company goals can help you to ensure your performance management processes are staying on track.
If you’re looking for a solution to support your performance management, we can help.
Schedule a call with our team to get ahead of the trend.
