The latest Randstad Workmonitor Survey suggests the annual performance review is losing ground to real-time feedback. Findings suggested that 67 per cent of UK respondents are encouraged to give feedback at any time, however less than half (44 per cent) receive training on to properly execute this. With half of UK employees highlighting that they feel uncomfortable or vulnerable giving or receiving feedback, there’s a clear employee and employer disconnect and a need for HR managers to ensure teams are correctly briefed and trained in giving feedback.
The company found real-time feedback is finding its way onto the work floor, as currently 46 per cent of employers around the world use this method to review their workforce, and 40 per cent of UK employers. Despite nearly half of global respondents stating that they make use of real-time feedback just 28 per cent of performance reviews are still happening annually, highlighting the possible need for HR professionals to review current processes.
The Workmonitor report also revealed a very low appetite to change job (5 per cent) among Brits. 30 per cent however mentioned that if something were to come up they would be open to change. With this in mind, the role of the recruiter is even more important, with a good chance that many skilled candidates won’t consider moving until approached. Last year’s Q4 Workmonitor report revealed that job satisfaction in the UK is high at 69 per cent. Is real-time feedback and more open conversations aiding this?
“Embracing modern technology and keeping our tech and touch strategy front of mind, we moved away from traditional annual performance reviews in order to encourage real-time meaningful conversations, in person and through tech platforms such as Peakon,” said Graham Trevor, HR director at Randstad UK. “Whilst we are experiencing economic uncertainty and a skills shortage, strong job satisfaction and low job move appetite also signals the value of real-time feedback. When HR functions train their employees on best practice, it can boost reward and recognition, propel development, drive engagement and deliver retention.”