Report Examines Why Creating a Performance-Oriented Culture Is Too Important for Mid-Size Organizations to Ignore
Complimentary white paper from Cornerstone OnDemand examines the business benefits of investing in a solid performance management strategy and technology solution
Santa Monica, Calif., August 30, 2010 – For mid-sized organizations, performance management may seem like an unnecessary bureaucratic exercise, in part because of manual, paper-based processes. But a solid performance management strategy, coupled with the automation of key processes, can give organizations a significant competitive advantage and help to drive business growth. A new white paper from learning and talent management software provider Cornerstone OnDemand, “Performance Management Solutions for the Midmarket Organization: Why Bother?” examines the business benefits of – and best practices for – creating a performance-oriented culture in mid-size organizations.
“A consistent, company-wide performance management process can have a considerable business impact, such as lower turn-over of top performers and higher revenue per employee,” said Julie Norquist Roy, Vice President of Marketing for Cornerstone OnDemand. “A majority of enterprise-class organizations are using technology solutions to support their performance management processes, but research shows that many mid-size businesses are still using paper-based methods. Creating a performance-oriented culture is too important for midmarket companies to ignore.”
Readers of Cornerstone’s white paper will learn how the right performance strategy and technology support can help midmarket organizations achieve the following:
- Improve efficiency and compliance. According to CedarCrestone research, automating the performance management process can reduce operational costs by 20 percent.1 These cost savings are due in part to the reduction of errors inherent in manual processes. Automation also helps managers to provide constructive feedback to employees on a more frequent basis – and in less time.
- Make performance reviews relevant. Organizations with best-in-class performance management processes are 47 percent more likely to reinforce formal annual reviews, supplemented with informal reviews at least once per quarter.2 Technology can transform performance management from a once-a-year event into an ongoing process that also includes development plans and learning opportunities.
- Maximize productivity and pay for performance. Top performers almost always exceed the performance of average workers by at least 25 percent – making them valuable assets to an organization.3 Technology solutions can nurture better performance, focus individual efforts on key business strategies, and make it easier to recognize and reward superior performance.
To download the complimentary white paper, visit http://www.cornerstoneondemand.com/landing/ST/PerformanceMM/index.php?ca=701000000005RtY=EmailCampaign.
For more information about Cornerstone OnDemand, visit www.cornerstoneondemand.com. To read Cornerstone OnDemand’s talent management blog, visit http://www.cornerstoneondemand.com/blog. To follow Cornerstone OnDemand on Twitter, visit http://twitter.com/cornerstoneinc.
About Cornerstone OnDemand
Cornerstone OnDemand empowers people around the world with on-demand, integrated learning and talent management software and services for connecting, developing and performing in the workplace. Cornerstone’s Software-as-a-Service (SaaS)-based solutions span the workforce lifecycle, including onboarding, learning, social networking, compliance, performance, compensation and succession planning. The company also provides extended enterprise solutions to help companies better train and collaborate with customers, vendors and resellers. Available in 16 languages and supported by global, 24x7 customer care, Cornerstone is used by more than 3.7 million active subscribers in 141 countries. The company is headquartered in Santa Monica, California and has international offices in London, Paris, Munich and Tel Aviv.
Cornerstone® and Cornerstone OnDemand® are registered trademarks of Cornerstone OnDemand Inc.
1. CedarCrestone. Value of HR Technologies, 2008.
2. The Aberdeen Group. Managing Employee Performance, 2008.
3. Workforce Management. The True Value of Hiring and Retaining Top Performers, August 2002.
Cornerstone OnDemand, Inc.
P: +1 (310) 752-0178