Again, there is no one-size-fits-all model for performance management, but there can be a lot said for adding more time to discuss employee performance. One of our clients, for example, found that with feedback only being offered once a year, employees were left with information that was often outdated or irrelevant. Compounding the issue, leadership had very limited data to make promotion and compensation decisions. After adding quarterly feedback to their annual performance reviews, leaders had access to accurate, substantial, and current data to back compensation and promotion decisions while employees were provided with valuable feedback that they could use for self-improvement and setting future goals.
Instead of only relying on annual performance reviews, start filling your calendar with periodic, more informal performance discussions where employee and manager get together and provide two way positive and constructive feedback. The more frequent the feedback, the more in tune employees will be with what is expected of them, how they have contributed to the company objectives, and the more opportunities they will have to improve. Regular feedback sessions can also help managers determine what makes each employee tick, and how they can use that knowledge to help motivate their employees to reach department goals.
Don’t immediately abandon your entire performance review process; simply make it pertinent to your organization’s current needs. Evaluate what parts of the process work for you and adapt or eliminate the parts that don’t.
We’d like to hear from you. What does your company do to make the most out of your performance review process?