2020 is over, and employers are gearing up to prepare for the new year. Throughout the last year, many companies have faced new challenges that have changed the way they operate on a daily basis. More employees are working from home than ever before, leading to the need to adapt current technologies and processes to better support collaboration when working remotely. As organizations reflect on the past year, analyzing the effectiveness of how you measure performance management is crucial to preparing your employees for future disruptions.
Here are 4 performance management trends to watch out for in 2021:
1. Performance Management Trend: Emphasis on Diversity
In 2020, we spoke heavily on the need for a diverse and inclusive workplace. With many social issues highlighting the disparity in equity among ages, races, and gender in the office, companies have started modifying or implementing their current DE+I measures to reflect their commitment to equality. As we move towards 2021, DE+I will remain a key priority for organizations.Is your company practicing #reskilling? @ClearCompany says training and developing your current employees is a key #PerformanceManagement trend to watch for in 2021:
Companies with a strong focus on hiring for diversity and inclusivity are 36% more likely to see an increase in their financial returns. In addition to financial returns, organizations with a commitment to DE+I see a more productive workforce and lower turnover rates. Your employees want diversity and inclusion, as well. 57% of employees wish their current employer found ways to be more diverse. When gearing up for 2021, keep yourself and your processes accountable by remaining transparent in your efforts.
One method for creating a healthy and sustainable DE+I program is to create a committee of employees who work together to set and accomplish your organizational goals. These committees are formed from a diverse group of people all passionate about creating a truly inclusive workplace.
2. Performance Management Trend: Focus on Reskilling
2020 brought unforeseen challenges and changes to the typical workplace. Many employees had to learn new skills and tools to facilitate working remotely. HR Leaders need to stay on top of these changes by offering their employees opportunities to develop themselves professionally. There are a multitude of benefits that comes from promoting professional development:
- It boosts employee confidence. When you invest time and energy into developing your employees’ skills, they are more reassured in their work. Employees like knowing they are equipped with the tools and skills they need to succeed in their jobs.
- It opens the door for career advancement. With all of the changes brought on by COVID-19, the need for resilience and adaptability has become more prevalent than ever. Teaching your current employees new skills and training them on responsibilities outside their current position will help prepare them to adjust to changes down the road.
- It expands your employees’ knowledge base. Continuous learning helps to expand the current knowledge of your employees. Employees are enabled to stay up to date on the latest trends and tools in an ever-evolving field.
With over 74% of executives concerned about their employees’ skill sets, 2021 is a great time to implement reskilling programs. These programs allow employees to learn skills for a different job, providing them the basic knowledge needed to cover the responsibilities of the role in the case they need to take it on. Ensuring your employees are equipped with the skills they need to help in times of reduced staffing will lead to a more resilient workforce.
3. Performance Management Trend: Push for Digitalization
With many employees working remotely in 2020, people began relying on technology more frequently to conduct business. As we look toward 2021, digitization in your workplace remains crucial. Getting your information and documents into a digital format will help you prepare for any potential disruption or changes.@ClearCompany can help you take charge of #PerformanceManagement in 2021 with these 4 trends:
Ensuring your employees have the right digital tools to perform their responsibilities is also necessary for success. Remote work has been shown to increase productivity for many employees and has improved employee morale. As employees continue to work from home in 2021, employers should take the time to evaluate their software tools and determine if any updates need to be done or new programs that can better support their employees.
4. Performance Management Trend: Redesigning Benefits for a COVID-19 Landscape
Employees working from home have experienced different challenges to their mental and professional health. Being removed from your coworkers can lead to silos and gaps in communication, and tacking on the stress of a pandemic has led to more than 53% of working adults saying their mental health has faced negative effects. As employers review the benefits they offer employees, these new challenges need to be taken into consideration.
Even before the start of the pandemic, many companies were looking at expanding their benefits to assist employees in their short-term needs. Some of these benefits include student loan assistance, retirement planning, and various other financial assistance programs. Outside the realm of financial assistance, employees’ mental well-being is also something organizations need to address. 51% of employees cite mental health services and wellness benefits as important influences when considering a job. The number of employers that measure their employees’ stress levels is set to triple within the next year, from 16% to 53%. Expanding the benefits you provide employees will help you foster a more productive workforce, better equipped to avoid burnout.
Performance management in 2021 continues to rely on employers’ abilities to adapt to the current climate. Organizations that embrace technology and digitization will find it easier to navigate these new normals and find new ways to support and embrace their employees. ClearCompany can assist with your performance management goals through employee engagement surveys, review templates, and recognition and feedback software. To see how implementing performance management software in your workplace can transform your organization, reach out to one of our experts or sign up now for a free demo.