Is the year-end review and yearly planning working for you? Startups and SMBs might not know what this is but big business does and it’s not working like it once did. This document talks about the fix but why is it not working?
Things move too fast now. Management process and the theories that drove it well a few decades ago are struggling to keep up with the speed of technology….again. It’s different this time. How people decide is changing, a new generation that has many options can take an old product line out within a few years. Example: BHT in cereals — not cool anymore. No yearly review is going to adjust fast enough.
Around 33,000 products are launched each year and around 30,000 never see next year.
For startups, this process seems useless. Things move too fast and the problems associated with slow-moving decisions are all too obvious. For big companies, growth and production are more systematic. This study indicates big is trying to think small. It might work if they hire and retain the right people, nurture the thinking of innovators and most important, embrace understanding people at a much deeper level.
The revised system explained in this deck is worthy of attention for anyone. No more annual reviewed, 360 feedback but all speed, agility and real-time feedback are great ideas in the right environment. IMO, the best way to make this possible is to create a company around segments of customers and potential customers. Having a source of truth and a deep theory of customers needs and ‘jobs to be done’, tied to results is the start.
Constant learning becomes centered on new ways to learn about customers and people who should be customers — not marketing metrics but people metrics. What is in it for them? If you cant define that, stop.
- Understand people at a deep level
- Connect the results of your theories to sales data
- Have theories combined with data from the past. No one way is the absolute answer.
- Then, read this revised material and apply it appropriately.
Read about Deloitte’s survey here:
http://dupress.com/articles/hc-trends-2014-performance-management/