When it comes to practices that improve employee performance, companies and workers themselves agree there is room for improvement. This finding is based on a survey of 265 large U.S. companies across all industries and a complementary survey of 1,100 workers conducted by Watson Wyatt and WorldatWork.
In designing their performance management programs, most employers have adopted best practices — including providing a formal yearly review (98 percent), helping poor performers improve (96 percent) and offering coaching and feedback (91 percent) — but they have been less successful in implementing them. For example, while 92 percent of programs are designed to link pay to performance, only 79 percent of employers say that managers at their organization are moderately or greatly effective at it. Employees see even more room for improvement with only 52 percent indicating that their managers tie pay to performance.
“Without improving the implementation of their programs, employers will have difficulties with aligning the performance of their workforce with business results,” said Laura Sejen, director of strategic rewards consulting at Watson Wyatt. “In fact, companies with strong performance management programs post significantly better financial results than those with weak programs.”
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