TriNet survey finds performance reviews negatively impact productivity, morale and talent retention
SAN LEANDRO, Calif. – Oct. 27, 2015 – A new survey released today by TriNet (NYSE: TNET), a leading provider of HR services, reveals the negative impacts of traditional performance reviews on working Millennials. While performance reviews are widely accepted, the survey confirms that companies need to radically change their process for sharing feedback in order to retain top talent and stay competitive in today’s job market, especially with the younger workforce.
As companies like Accenture, Adobe and Gap eliminate the traditional performance review, the process is increasingly coming under evaluation and more businesses need to take notice. A TriNet Perform study conducted by Wakefield Research in September 2015 surveyed 1,000 U.S full-time employees born after 1980 and found that Millennials are hit hard by infrequent feedback often inherent in traditional performance review processes. Specific findings include:
While 69 percent of Millennials, see their company’s review process as flawed, they also depend on it for their professional growth and development. As a better option, nearly nine out of 10 (85 percent) would feel more confident in their current position if they could have more frequent performance conversations with their manager. Updates employees would like to see include:
Rob Hernandez, Product Manager, TriNet Perform
“Companies need to incent Millennials to step up and lead. We’ve seen innovation in so many other areas of business but our approach to performance reviews still needs to be overhauled. Done well, they optimize performance so that workers can grow into leaders. Done poorly, they can be the catalyst for good employees to leave."
“A strong culture builds strong leaders and performance reviews reflect that culture. Technology can help by ensuring that regular real-time feedback translates into dynamic, transparent pathways for leadership development – without the paperwork. This frees managers to focus on growing their people and driving real improvement in employee productivity and engagement.”
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About the TriNet Perform Survey
The TriNet Perform Survey was conducted by Wakefield Research (www.wakefieldresearch.com) among 1,000 U.S. fulltime employees born after 1980 between September 4 –15, 2015, using an email invitation and an online survey. This survey has a margin of error of +/- 3.1 percentage points.
TriNet is a leading provider of a comprehensive human resources solution for small and midsize businesses or SMBs. We enhance business productivity by enabling our clients to outsource their human resources, or HR, function to one strategic partner and allowing them to focus on operating and growing their core businesses. Our HR solution includes services such as payroll processing, human capital consulting, employment law compliance and employee benefits, including health insurance, retirement plans and workers compensation insurance. Our services are delivered by our expert team of HR professionals and enabled by our proprietary, cloud-based technology platform, which allows our clients and their employees to efficiently conduct their HR transactions anytime and anywhere. For more information, please visit http://www.trinet.com.
TriNet, Ambitions Realized and the TriNet logo are registered trademarks of TriNet. All other trademarks, service marks, registered trademarks, or registered service marks are the property of their respective owners.
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