Peak, the Decision Intelligence company, recognises that the traditional end-of-year appraisal, designed in the 1970s, is outdated for any fast-paced technology company. Research shows that 90 per cent of companies that have redesigned their performance management programmes see direct improvements in employee engagement and satisfaction.
The Millennial generation, who grew up in the digital era, want continuous feedback. Alongside this, managers want more opportunities to regularly connect with their team members. Adopting a continuous feedback approach means that managers and employees have frequent check-in sessions throughout the year, providing a regular forum for discussion about an individual’s performance and development.
Innovative companies, such as Peak, offer team members more frequent and shorter check-ins, including daily stand-ups and weekly one-to-ones. Alongside regular feedback, Peak continues to offer bi-annual structured reviews that focus on promotions, share option awards and salary increases. In today’s dynamic market, goals are never stagnant, but dynamic and evolving. At Peak, speed, agility and continuous feedback ensure that everyone is aligned to the company’s strategy and mission, and can be more effective by having a clear understanding of how their individual goals fit into the big picture. The company also encourages a continuous learning and development culture.