Boosting employee performance management in a recession: 3 key considerations

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2023 is shaping up to be another challenging year for HR departments across the country as a recession looms. To start, several high-profile banks intend to lay off thousands of workers in the coming months, and over 100,000 tech sector employees have already been let go. Additionally, hiring freezes are spreading like wildfire, with 23% of CEOs halting their hiring plans, while another 23% consider layoffs.

With fewer workers and limited hiring, it’s vital that employers grant the necessary support to get the best out of the employees they do have this year, and an optimal performance management strategy is critical to that. However, a recent study from Willis Towers Watson highlighted employers consistently missing the mark when it comes to performance management. Specifically, 93% of employers identified improving employee performance as a top goal, but only 44% of those believe their workers achieved performance goals last year. It’s not all doom and gloom, however, as there are a few key strategies employers can leverage to get the most out of their employees while keeping them engaged and happy.