In business, time spent equals money spent. This simple fact means that for the sake of accountability, it’s a good idea to hold regular performance reviews. Assessing your team’s performance at different points during the year keeps the lines of communication open between you and your employees, and it makes meeting goals a lot easier.
When your company’s performance reviews are shorter and more frequent, you come away reassured that your employees know what you’re looking for. Here are some of the other advantages:
You can point out strengths you’ve seen in your employees. No matter the job, people like recognition for the work they do. When an employer can see talent and coach those who need it, employees are more loyal and enthusiastic about their work.
High job satisfaction is key to retention. When you meet with your employees briefly, but on a consistent basis, you have the opportunity to develop a strong relationship, understand their day-to-day work, and clarify expectations, resulting in increased job satisfaction.
Whether someone is doing fantastic, is having issues, or has just been distracted, regular performance reviews can make sure they’re on the right path. Most companies start the quarter with goals in mind, but if these are met quickly, employees can be left sitting around.
Regular performance reviews allow you to track and grow employee outputs, without the stress of infrequent and uncomfortable annual appraisals. This is a great opportunity to set short-term goals that will keep people focused.
The most common reason for a performance review is to let employees know where they need to improve. For new and entry-level workers, especially in Generation Y, frequent feedback is vital to providing mentoring and constructive criticism. Quick conversations and short messages help your employees develop without the fear of defeat or termination.
The opportunity to talk about where employees want to be in the future does not often arise naturally in the workplace. Shorter and more frequent performance reviews are a great chance to bring this up. How do you feel about your job? What would you rather be doing? How can we help you get there? These one-on-one communications can help fix minor issues before they become big problems.
Opponents of frequent reviews believe that the process is too time-consuming, which can detract from other important tasks. That’s why it’s vital that your feedback mechanisms are natural for your team, and compliment your other core managerial functions.
Employees appreciate when constructive criticism feels like great advice, instead of behavioral correction. Many managers prefer providing feedback over the course of the day, instead of on a schedule, when it can feel like a chore.
Reviewing your employees’ performance often will let them know what they’re doing well, and where they need to make improvements. For a thriving business, open and honest communication is an absolute necessity.
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