Managing Performance

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Techniques to improve performance

Deloitte wanted something more individualized and real-time. Deloitte believed in proving feedback more often so they eliminated yearly reviews. The key piece to this new program involved management taking on coaching rolls. Managers at Deloitte went through an extensive training program to ensure they had the right skills for this new focus. The training system consisted of communication sessions, webinars and workshops. The new performance system

has allowed Deloitte to focus on the effectiveness of the team and because of that, the outcome has been great. Deloitte rewards and recognition program rewards employees who have made gone above and beyond the expectations of their position. Deloitte doesn’t publicly mention exactly what their reward system consist of. I think it is important for every company to have a reward system in place for employees. Having a reward system or incentives can improve employee performance by anywhere from 25% to 44%. There are many ways to reward employees for performance or meeting certain goals. Prizes or awards are typically taxable income to the employee.

References

Raynor, M. E., Ahmed, M., Pankratz, D., & Del Vicario, R. (2015, July 27). A theory of relativity: Setting priorities and goals for financial performance improvement. Retrieved February 10, 2017, from https://dupress.deloitte.com/dup-us-en/deloitte-review/issue-17/improving-financial-performance-priorities-goals.html

Boyd, W. B. (2016, July 07). How Deloitte has revolutionised the performance management process. Retrieved February 10, 2017, from http://insightsresources.seek.com.au/deloitte-revolutionised-performance-management-process

D. (2014, June 13). It's Official: Forced Ranking Is Dead. Retrieved February 10, 2017, from http://deloitte.wsj.com/cio/2014/06/10/its-official-forced-ranking-is-dead/

Protecting Yourself in the Performance Review Process. (2009, March 22). Retrieved February 10, 2017, from http://www.workforce.com/2009/03/22/protecting-yourself-in-the-performance-review-process/