Performance management plays a key role in  helping organisations measure how effectively their employees are contributing to business objectives. Yet despite 94 percent of workforce leaders in a global survey believing performance management improves business performance, only 39 percent of them think their current practices help to achieve their organisation’s business objectives. This isn’t just the employers’ view, within the workforce, 89 percent of people believe their performance would significantly improve if changes were made. The main reason for this credibility gap is the impact digital technologies are having on the nature of both work and the workforce. In the Accenture Strategy report, Is Performance Management Performing? – 92 percent of respondents report that work is faster, more networked and collaborative, and demands ever-evolving skills. This means that organisations need to innovate to keep pace.

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A large number of businesses in the UK aren’t investing enough in bridging their own digital skills gap and instead assuming that they can fix things and improve their productivity simply by employing younger ‘digital natives’ who just know all that sort of stuff anyway. That is the key finding of a new report from Barcays, which claims that companies are knowingly starving themselves of funding for key digital skills training despite understanding how that impacts their productivity. The report claims that firms on average invest just £109 per employee on digital skills training and are planning to increase that by just 19 percent over the next five years. They do this despite the fact that nearly half (47 percent) concede new tech skills would improve productivity. Instead 40 percent assume they can buy in the skills they need in the form of Millennials because they don’t trust older workers to pick up digital skills as quickly, if at all.

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