How performance management fosters talent development
October 12, 2017
Millennials have spent the majority of their adult lives with the ability to answer any and all of their questions in a matter of seconds on the Internet. With a quick Google search or YouTube video, they can equip themselves with the knowledge to solve a Rubik's Cube, learn to code or master a new language. In other words, they are natural lifelong learners. So it probably comes as no surprise that 87 percent of millennials, the largest generation currently in the workforce, say that professional development opportunities are imperative to their career.
This means that companies that don't properly train and develop their talent may not only end up losing their millennial workers, they could also lose money. According to a study by the Center for American Progress, losing a salaried employee making $60,000 per year will cost an organization $30,000 to $45,000 to find and train a new worker.
The good news is that with advances in technology, HR execs and recruiting experts have a wealth of tools available to them that make creating a culture of learning and development easier than it ever has been. One such tool is a performance management system.
Here are three ways a performance management system can foster talent development at your company:
1) Track progress and set benchmarks for employees
Employees, or anyone for that matter, do better when they know where they are going and how to get there. Using a performance management system, you can create benchmarks for each employee's talent development journey. This not only allows you to track everyone's progress—it also lets employees see exactly what steps they need to take to reach their development goals. By aligning benchmarks with your organization's business strategy, you ensure that everyone stays focused on the overall goals and mission of the company.
2) Offer continuous feedback
Millennials grew up giving and receiving both instantaneous and constant feedback through their social media channels, and they expect the same at work. According to Forbes, 65 percent of employees would like more feedback than they currently receive. Feedback from managers lets employees know what they are doing right and wrong, as well as how to improve their work the next time around. It keeps the line of communication open between employees and managers and strengthens relationships in the workplace. A performance management system lets managers give their employees feedback on their work and how to improve it within seconds.
3) Provide strategic goal-setting and development plans
The most successful employees don't set out everyday hoping for the best. They set goals for themselves and then work every day to achieve them. There are countless benefits to goal setting—it builds character, improves focus and increases productivity.
Using a performance management system, employees can work with their managers to set goals for themselves and create a development plan to achieve them. With the system's data and analysis functions, managers can identify both the employee competencies and skills gaps on their teams to focus development efforts and training on areas where they are needed most.
Find out more about how Cornerstone Performance can foster continuous development, motivate employees and increase productivity.