Employers currently have a lot of room for improvement on company practice, according to PageUp People.

According to results from their recent performance management market survey, businesses are still not successfully planning, executing and integrating performance management into other aspects of talent management.

The report found that more than 80% of surveyed companies cited increasing employee productivity and performance as well as improving employee engagement and development as main drivers behind their performance management process. However, fewer than 50% claimed to see those same goals effectively achieved.

Organizations view performance management as an imperative business process - with over 90% claiming a formal process is in place, and nearly 50% reviewing performance annually.

The survey indicated that businesses should conduct more informal performance discussion and development activities throughout the year, instead of relying on an annual process.

"To be truly effective, performance management shouldn't be a standalone process or something that happens once a year and is tabled until next year's formal review," noted Deborah Mason, PageUp People Regional CEO. "Our market survey findings support PageUp People's methodology which starts with the core Capability Framework, includes Performance Management as an element of complete talent management and encourages ongoing open communication, feedback and development between employees and their managers."

The survey suggests that to maximise results, employers should link development and career planning from the employee perspective with succession management from the business' perspective and align with overall organizational goals. This approach fosters clearer communication and, in turn, greater employee job satisfaction and motivation.