The Annual Review is Out. What’s Next?
With workers increasingly looking for more frequent feedback, the annual review is becoming a thing of the past in companies of all sizes. What can employers do instead that will engage employees on a regular basis to improve performance and retention? Here are three ways to give employees the continuous comments they want.
- Real-Time Reactions: Productivity can dip when employees are left wondering how they’re doing or where they could improve. Instead evaluate employees routinely – even informally – to recognize outstanding work that can boost their confidence, identify learning opportunities to help them excel, or address performance concerns before they have a more significant impact on the employee and the business.
- Dump the Data: Employee self-evaluations – often part of an annual appraisal – can leave workers guessing at how they should answer. And the rating systems used by managers can be equally confusing. Instead of trying to measure performance, try a check in to discuss the employee’s goals and progress toward them. Whether you choose to schedule the dialogue at regular intervals or on a more impromptu basis after, for instance, a big project, the conversations will likely be more revealing than any numerical scale.
- Invest and Inspire: No one wants to be reminded of a mistake that happened months earlier or find out they’ve been wasting lots of time working in the wrong direction. Rather, look for chances to help workers improve and reinforce desired behaviors as they go. Not only can this approach help employees set goals and develop in the short term, but the added interest in development can advance their careers over time as well.
By investing in open and frequent conversations with employees, they’re likely to feel more valued and engaged – turning the dreaded annual performance review into a performance boost. To learn more about the evolution to this new assessment approach, read the article in Harvard Business Review. For help with optimizing your process, contact Complete Payroll Solutions at 401-332-9325.