The “2020 Enterprise Digital Human Resources Management Online Summit,” hosted by the Human Resources Committee of the Hong Kong Chinese Enterprises Association, co-organized by Yonyou Hong Kong, and supported by the Hong Kong Institute of Human Resources, was successfully held on May 19th. Two digital human resources experts shared their insights on the trends of technological innovation empowering talent development, target performance management, and global collaboration.
During the pandemic, corporate HR departments have been at the forefront of the fight against the virus. Human resources have become a key strategic resource for enterprise operation and development, and a sufficient talent pool is fundamental to enterprise survival. How can businesses continue operations and minimize losses while better managing employee performance goals during the pandemic?
Zhang Yueqiang, Chair Professor of Human Resources Management at Peking University & Beijing Normal University and Vice President of Yonyou Network Technology Co., Ltd., stated that in the complex and ever-changing VUCA environment, with the trend of digital development, industry policies and enterprise management models are constantly evolving. The relationship between people and enterprises has changed, transforming from an employer-employee relationship to a symbiotic and mutually beneficial one. Enterprise performance is increasingly determined by external factors.
Performance management is essentially a tool for achieving corporate strategy. However, our so-called “performance management” is still stuck in the traditional performance appraisal stage, failing to proactively link with strategic management and provide strategic-level services. According to research from multiple institutions, 58% of companies believe their performance management processes are weak, particularly in driving employee participation and helping them achieve high performance. 67% of employees indicated that collaboration on goals needs strengthening in their current work. Furthermore, two-thirds of respondents stated that goals are often not aligned with the overall company goals.
Performance management, one of the greatest inventions in 20th-century management, has continuously developed and evolved in practice with changes in the social environment.
Therefore, another digital HR expert, Ms. Liu Xiuhua, also shared performance management models from different multinational corporations, including Google and General Electric:
Human innovation never ceases. To adapt to new productivity levels and rapidly changing business environments, a new performance management model—Continuous Performance—has emerged!
Continuous Performance has evolved from a management philosophy perspective, going beyond simply changing the frequency of assessments, evaluations, and communication. It embraces the ever-changing landscape of businesses. In-process control, and even pre-event performance coaching, to improve employee performance, is far more effective in achieving organizational goals than post-event assessments.
Yonyou Cloud HR Services’ Continuous Performance model draws on the essence of OKRs, integrates the advantages of continuous feedback, and inherits the excellent traditions of classic performance appraisals, drawing on the strengths of various approaches to form its own unique system:
As HR professionals in the digital age, we need to consider how to continuously improve operational efficiency and innovate HR management models; how to manage employees like we manage customers, thereby empowering employees, activating the organization, and multiplying organizational benefits; and how to effectively manage employee continuous performance in the new environment to help companies reduce costs, increase efficiency, and drive healthy business development.
Interested in learning more about how Yonyou achieves continuous performance management? Please click to view the online seminar replay or call +852 2122 9886 to contact our HR experts.
