Evolving Performance Management
Organizational leaders, managers and employees alike say performance management is broken, so the growing momentum in the business world to modernize performance management comes as no surprise. Many employers are updating their definition of performance to reflect changing business models, often placing greater emphasis on team performance and the skills necessary for organizational growth. What are the implications of such trends for pay-for-performance programs and other rewards?
In a recent roundtable discussion, senior Willis Towers Watson consultants examined the opportunities for employers to improve employees’ pay-for-performance experience and align it with evolving performance management practices. The panelists explored the reasons for today’s widespread dissatisfaction with the status quo, the critical role of managers in making and explaining reward decisions, and how to improve the effectiveness of merit pay, bonus and incentive programs.