Outdated practices may mean missing out on top talent who look for innovative and creative work environments. If a company is stuck on archaic processes, they risk facing costly consequences.
Cultivate Clear and Consistent Feedback
Employ new technologies to update antiquated performance management processes, and consider providing updated training for managers to ensure they're providing constant and direct feedback. According to a recent TriNet study, poorly administered performance reviews drive one in four working millennials to search for a new job, and 69 percent of millennials see their company's review process as flawed. Fostering an environment where ongoing feedback is possible also helps managers and employees proactively address issues versus reacting to them.