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Brief

The True Cost of Not Having: Performance Management

You are if you’re treating performance management as a standalone process. Performance management works hand-in-hand with every other phase of the employee lifecycle: learning, succession, and even recruiting, as existing performance competencies of star performers can help you define criteria for new employees. Creating a true performance management culture also drives engagement, retention, and profits. Case in point: in a Harvard Business School study, organizations without a performance management culture increased net income by only 1% over 11 years. But those with one saw a 756% increase over the same time period. So how do you convince your organization it’s wise to invest in a true performance management strategy? With the numbers.You are if you’re treating performance management as a standalone process. Performance management works hand-in-hand with every other phase of the employee lifecycle: learning, succession, and even recruiting, as existing performance competencies of star performers can help you define criteria for new employees. Creating a true performance management culture also drives engagement, retention, and profits. Case in point: in a Harvard Business School study, organizations without a performance management culture increased net income by only 1% over 11 years. But those with one saw a 756% increase over the same time period. So how do you convince your organization it’s wise to invest in a true performance management strategy? With the numbers.

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