The Changing Face of Rewards in EMEA (Part 2)
Aligning Performance Management & Reward
June 21, 2018
Evidence from Korn Ferry research suggests that at least a quarter of organisations are in the process of changing their performance management approach and many others are considering doing so. The key changes of this ‘performance management revolution’ are:
- Reconsidering what performance means - the changing nature and organisation of work have prompted companies to consider if the way results are achieved has changed for them
- Changing the performance information and feedback that is captured
- Changing the way technology is used to enable the performance management process
- Changing the emphasis on the outputs of the performance process
- Reducing, changing or eliminating ratings
These changes focus performance management on continuous improvement and timely feedback - a continuous process rather than simply an annual appraisal event. But what does this mean for reward practitioners? Performance ratings have played a key part in the determination of annual pay and bonus awards but in the light of these trends, we see the development of different approaches to managing link between performance and reward.
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