Performance management is definitely undergoing a midlife crisis; it’s time for it to reinvent itself. For the past few HR and compensation conferences I’ve attended, the question has been heavy in the air: what are you doing about your performance process? Most agree that the processes are slow and cumbersome, out of date, ineffective, broken.
Many don’t go the step beyond that to continuing the link between rewards and results. When I coach organizations about how to do pay for performance well, I always start by saying, “Well, you’ve got to get your performance evaluation right first.”
