Tanveer Abbas Devji
DGM – HR
Workforce management and talent analytics are the new buzzwords in the world of human capital management. However, how we do it is important to deliver results. Many companies realize that their current process for evaluating the work of people—and then training them, promoting them, and paying them accordingly—is out of step with their objectives.
Companies also understand that time and effort spent in the above process is humungous, complex yet questionable and dubious. Looking at the case of Deloitte where more than 65,000 heads have to be evaluated and the entire process of completing the forms, holding the meetings, and creating the ratings consumed close to 2 million hours a year. And even after this herculean effort, more than half of the executives believed that the current performance management approach drives neither employee engagement nor high performance. Hence, the requirement is of something nimbler, real-time, and more individualized—something squarely focused on fueling performance in the future rather than assessing it in the past.
The new method adapted is asking each manager just four but focused questions about his subordinate once a quarter. These questions also encourage the managers to think of what they would do with the employees rather what they think about them.
In the recent news, even Accenture plans to get rid of its dreaded annual performance management review systems and will be replaced by a more fluid system, in which employees receive timely feedback from their managers on an ongoing basis following assignments.
The list of companies moving from the traditional 360 degree or other methods of PMS is very small but increasing. According to a management research firm, six percent of Fortune 500 companies have gotten rid of rankings.
To conclude we look at the quote of Pierre Nanterme, Chairman and CEO of Accenture says “The art of leadership is not to spend your time measuring, evaluating. It’s all about selecting the person. And if you believe you selected the right person, then you give that person the freedom, the authority, the delegation to innovate and to lead with some very simple measure.”