55% feel annual review is a monotonous activity

Around 80 per cent of corporate professionals are unhappy with their current performance management system, found a survey by PeopleStrong, an HR technology company.

The report, titled ‘Performance in the New World of Work’, says that 64 per cent of employees feel a continuous feedback exchange mechanism should be incorporated, transforming managers to be better coaches.

“As many as 55 per cent of the respondents who took part in the survey feel that annual review is a monotonous activity — a year-end activity that needs to be done anyhow, like filing income tax returns,” the report added.

Biased reviews

It further added that 46 per cent of respondents feel that performance reviews are not data-driven, increasing the possibility of a biased performance review.

On companies viewing performance success in the next 3-5 years, around 55 per cent of the respondents are inclined to have a mentorship culture being imbibed into their workplace. Around 25 per cent of the respondents feel that market-readiness for the next level of growth can be achieved by remaining extremely agile and innovating faster by taking more risks.