Here is a great podcast on investing via the crew at Freakonomics.
I stumbled across this today at hbr.com. It covers the process that Deloitte used to revamp its internal review process. It was forced to make the change because its previous process had the following issues:
Performance Management Issues
- Annual process wasn’t timely.
- Goals changed throughout the year.
- Inconsistent skills ratings from one person to another.
- The process took thousands of hours and didn’t produce very good results.
Qualities of High Performing Teams:
- A change to use your strengths every day
- Inspiring Mission
- Coworkers commitment to quality
New process focuses on four future statements. Managers are asked to mark how much they agree with these statements:
- I would reward this person the highest possible increase and bonus.
- I would always want this person on the team.
- This person is at risk for low performance.
- This person is ready for promotion today.
Deloitte’s research shows a direct correlation between the frequency of conversations and the engagement of team members.
- Set Expectations
- Review Priorities
- Comment on Work
Deloitte’s new performance management focuses on
- See performance accurately.
- Reward it Accordingly.
- To inspire better performance in the future.
The system is designed to focus on future performance, not past performance.