The True Cost of Not Having a Talent Management Strategy Series: Performance

Are you leaving money on the table?

You are if you’re treating performance management as a standalone process. Performance management works hand-in-hand with every other phase of the employee lifecycle: learning, succession, and even recruiting, as existing performance competencies of star performers can help you define criteria for new employees.

Creating a true performance management culture also drives engagement, retention, and profits. Case in point: in a Harvard Business School study, organizations without a performance management culture increased net income by only 1% over 11 years. But those with one saw a 756% increase over the same time period.

So how do you convince your organization it’s wise to invest in a true performance management strategy? With the numbers.