For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter.
Benefits February 7, 2003
Employee Outlook Nosedives in January
February 7, 2003 (PLANSPONSOR.com) - The Employee
Outlook Index declined six points to 60 in January, as
employees expressed increasing concerns about the prospects
for their company in 2003.
Reported by Eric Hazard
The Employee Outlook Index, a joint venture of The Gallup Organization and UBS, is now close to its August low of 58 and far below its initial baseline of 72, with a ll three dimensions of the Index on the wane in January:
- Future Company Conditions Index dropped nine points to 61
- Present Company Conditions Index declined seven points to 77
- Job Security Index slumped two points to 42
Performance Review
Employees were also polled in January about their company’s periodic formal performance reviews. Overwhelming, 80% of responded affirmatively that their company conducts performance evaluations; compared with the paltry 18% saying their company does not. Among those being periodically reviewed, 52% say they are reviewed annually, 27% report they receive a review every six months, and 13% answer their performance is reviewed monthly or more frequently.
Additionally, approximately two-thirds of employees, 63%, reported their employer set specific performance goals for them and/or their team in 2002. However, only 56% of those employees with specific set performance goals say they “completely met” their goals in 2002, with another 29% replying they “came close to meeting” their goals, while 14% uttered they “partially met” or were “unable to meet” their goals.
A slight majority of employees who had specific performance measures, 58%, said they received a bonus or some other special incentive compensation to reward them for their performance. Aside from the commonplace monetary award, 39% of employees say that they received some other type of recognition for their work, such as a letter of praise, with 29% answered they received neither special compensation nor any other type of recognition and the remaining 26% responded they had received both a financial incentive and another type of recognition.
Among the remaining 37% without performance goals set by the company, the results were split. Only slightly more than half, 59%, set specific individual performance goals and 41% did not.