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Transformative Performance Management: Building Strength-Based, Feedback-Driven cultures in Healthcare and Life-Sciences

Author(s) Priyanka Taranekar
Country United States
Abstract This paper examines the dire need for a different approach to performance management systems within the Healthcare and Life Sciences (HCLS) industry to drive transformation. As the sector faces rapid technological innovation, shifting patient needs, and strict regulatory requirements, traditional performance management approaches—characterized by annual reviews and standardized metrics—have become increasingly inadequate to address performance expectations. The literature review and existing research points to a transition from traditional to strength-based, feedback-driven performance management systems that are in alignment with the performance expectation of the dynamic HCLS sector. The paper analyses current challenges and industry drivers and dives deeper into the challenges presented by conventional performance management method such as workforce disengagement, misalignment with organizational objectives, and elevated turnover rates. The paper then proceeds to propose a structured framework for implementing modern performance management practices, emphasizing real-time feedback, personalized development pathways, and technology-enabled solutions. Finally, the paper proceeds to an economic analysis which suggests that for a 10,000-person workforce, implementing this approach can yield approximately USD 8.5 million in annual benefits through improved productivity and reduced turnover costs. This research provides actionable insights for HCLS organizations seeking to enhance workforce agility, drive innovation, and maintain competitive advantage in an increasingly complex healthcare landscape.
Keywords Performance Management, Talent Development, Health Care and Life Sciences
Published In Volume 3, Issue 3, March 2022
Published On 2022-03-09
Cite This Transformative Performance Management: Building Strength-Based, Feedback-Driven cultures in Healthcare and Life-Sciences - Priyanka Taranekar - IJLRP Volume 3, Issue 3, March 2022. DOI 10.5281/zenodo.15035799
DOI https://doi.org/10.5281/zenodo.15035799
Short DOI https://doi.org/g88kmg
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