Research estimates that while companies could easily add 10-20 percent to their operating income by better utilizing human capital, only a small number reach even the 0.5 percent mark. Suffice to say, companies are leaving a wealth of value in their intellectual assets unrealized. Further, according to a recent IBM study, more than 60 percent of CHROs are dissatisfied with their organizations’ abilities in developing talent and improving workforce productivity. Focus on education, the 10 percent component of 70:20:10 model is not enough to prepare employees for challenges in the VUCA environment.
Performance and productivity improvement efforts require a more holistic approach, focused on continuous learning and development, ongoing feedback and coaching, and use of 70:20:10 model for individual development planning. Given below is InspireOne’s performance acceleration process, which links learning and development with performance management, and makes both the elements ongoing and symbiotic for the best results:
In our recent whitepaper titled “Performance Acceleration: Via Performance Management and Continuous Learning and Development”, we aim to provide insights and best practices on how to align learning initiatives with the performance management system to accelerate performance. This whitepaper will help organizations design an effective performance improvement program, which is not just a one-time event, but an ongoing journey.