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In fact, 11% of bosses in Asia today are considering eliminating their performance reviews.
This was according to The Talent Management & Rewards Pulse Survey – Performance Management by Willis Towers Watson, which polled 365 large and midsize Asian employers from 11 countries.
The report found only just over half (54%) of employers in Asia said that they were satisfied with their performance management process.
Digging deeper, it highlighted that 46% of employers either think that their overall performance management processes are ineffective, or are neutral.
Lack of effective feedback and resources remained the greatest barrier to effective performance management.
More than half (59%) of respondents stated their managers spend too little time having ongoing
conversations with employees about their individual performance.
In addition, while 60% reported that their managers are not spending enough time collecting feedback from colleagues, 57% of employers reported a lack of effective feedback
“It’s not surprising that employers, managers and employees all question their current performance management processes. The prevailing approach — with its single year-end rating and a reliance on past results — is hardly a formula for ensuring effective performance management and keeping up with evolving business demands,” the report stated.
Skills of bosses who conduct these reviews were also called into question.
Over half of employers (53%) said managers and supervisors lack the necessary skills to manage performance effectively.
To make things worse, 54% believed such supervisors don’t have enough time for solid performance management.
“Some forward-looking organisations have already taken incremental measures to improve programs. For example, 60% have changed or are changing the focus of performance management to include future potential, and another 60% have introduced or are introducing new technology,” the report stated.