The way performance at work is measured is changing as growing numbers of employers ditch a ratings-based system in favour of schemes that measure the ‘how’ in addition to the ‘what’ of performance at work. For example, the proportion using formal performance ratings in a merit pay scheme fell from 85% to 80% in 2017, according to a survey by WorldatWork.
Half of participants in the survey say their organisation is performing more frequent performance check-ins, compared to 42% doing this in 2016.
Maryam Morse, Senior Client Partner and Leader at Korn Ferry, sponsors of the research, said:
‘We know that two of the key things that drive satisfaction for millennials are clarity and feedback – this trend of more frequent performance discussions and organisations’ interest in embedding feedback into their organisational infrastructure shows that companies are acting on the needs of this generation.’
Other findings suggest that there has been a dramatic increase in the proportion of employers offering access to telemedicine services, up from 49% to 73%, together with a rise in the number providing access to mental health services such as behavioural health plans (support for mental health provided in addition to, and outside an established employee health programme).
‘Inventory of total rewards programs and practices’, WorldatWork [PDF]: www.worldatwork.org/docs/research-and-surveys/Report_FINAL1.pdf