Last week, Betterworks released the first report based on insights from our 2019-2020 State of Continuous Performance Management Survey. This report focused on quantifying the business impact of a continuous performance process. Overwhelmingly, respondents in organizations who have adopted continuous performance practices saw better results for their businesses. In fact, they reported outperforming or significantly outperforming their competition at a 24% higher rate.
Our research found that respondents from organizations with a continuous performance process in place reported significant improvements in the ability of their business to deliver on the following critical business objectives:
- Achieving the top goals and priorities of the organization
- Nurturing an aligned workforce
- Attracting and retaining top talent
- Helping managers become better managers
“Legacy annual performance management techniques and technologies are totally failing to meet the needs of the modern enterprise and its workforce. In response more and more organizations are embracing Continuous Performance Management,” said Doug Dennerline, chief executive officer at Betterworks. “This year’s State of Continuous Performance Management Survey revealed that when companies adopt a continuous process, they see it delivering better business results.”
Compared to enterprises that still rely on annual performance management techniques, companies with continuous performance processes reported significant improvements in their ability to:
- Increase productivity throughout the company (66% vs 35%)
- Motivate the entire workforce (65% vs 35%)
- Ensure enterprise agility (47% vs 27%)
- Increase performance from all employees (58% vs 35%)
- Ensure the company meets its goals (64% vs 39%)
- Maintain organizational focus on the business’ top priorities (54% vs 33%)
- Engage the entire workforce (58% vs 37%)
- Retain high performing talent (63% vs 41%)
- Identify high performing talent (55% v 36%)
HR teams that have implemented a continuous performance program report being nearly 50% more satisfied with their performance management process, and are 24% more likely to recommend this methodology compared to companies that still rely on annual processes.
Throughout the remainder of 2019 and into 2020, we will release additional reports based on findings from the survey. In addition to these publicly available resources, HR professionals attending local Betterworks Motivate Days will also gain exclusive access to further insights, tools and reports from the research.
The 2019-2020 State of Continuous Performance Management Survey was conducted in partnership with Market Cube. It included 500 professionals in the US and 250 in the UK, working for enterprises of 500+ employees across multiple industries, split nearly evenly between privately and publicly held companies. The respondents were also evenly split between HR professionals and non-HR people managers, with nearly half of both groups holding director-level titles or above. For the HR segment Gen-X comprised 57% of the survey population, with Millenials and Gen-Z making up 33% of the population and Boomers 10%. On the managers’ side, Millennials and Gen-Z comprised 50%, with Gen-X making up 31% of the population and Boomers 19%.