Table of Contents
Introduction
Performance review is a formal, structured appraisal mechanism whereby managers and key stakeholders evaluate an employee’s job performance. The purpose is to study their strengths and weaknesses, provide constructive feedback for future skill development, and help them set goals.
Regardless of the methodology you choose for performance reviews, a well-planned and executed appraisal stimulates employee engagement and sets the tone for making a culture of continuous feedback and development in your organization.
Types of performance review
Weekly or fortnightly performance evaluation
Weekly or bi-weekly performance reviews do not need to collect much data each time or be specifically goal-oriented. They’re helpful in keeping records and ensuring a project, especially a fast-moving or fast-moving one, stays on track week after week.
Monthly performance reviews
These are especially useful for companies that hire people on short-term contracts and for new hires during the onboarding process as they move from job description to actual performance. Recent projects also benefit from monthly employee reviews to keep them on track and meet organizational goals. Some employees tend to prefer monthly checks over annual reviews.
Quarterly performance reviews
Corporations divide their business year into quarters (Q1, Q2, Q3, Q4), setting goals, objectives, and budgets. It makes sense to evaluate performance along with these. Three months is enough time for an employee to achieve his goals and objectives and hone his organizational skills. You can also add weekly, fortnightly, or monthly reviews each quarter to generate a report on employee progress, ready for a review meeting.
Annual performance review
Some companies still conduct an annual audit, but it is more and more being changed, or at least supplemented, by surveys and 360 audits throughout the year. These formal and traditional performance reviews tend to be over the top, with too much information to manage or be a fair assessment of an employee’s efforts. They looked at past performance rather than future performance, and the year is too long for employees to go without feedback.
However, the reviews and comments throughout the year compiled into the 12-month comprehensive performance report are a helpful bank of information as long as all comments are attached to the actions.
Why are performance reviews critical?
In addition to positive long-term results, performance appraisals provide an immediate boost to companies and workers who need a summary of their strengths and weaknesses and career growth. Here are some of the profits that performance appraisals can provide:
1. Aligning personal roles with work goals
A job performance review is an opportunity to make sure everyone appreciates the organization’s vision and goals and how their job fits into the better picture. Individual performance drives organizational performance.
2. A clear understanding of job roles
Performance management enables people to reflect on their role within the organization and clarify any areas they have questions. When workers and supervisors clearly understand and assume their job duties, workplace ambiguity is removed. Each person is responsible for their work and responsibilities.
3. Regular feedback on performance
Regular feedback contributes to better overall communication in the workplace. Performance reviews help identify an individual’s strengths and weaknesses, and most importantly. They give employees a better understanding of the expectations they have.
Performance management can remain a motivational tool, encouraging employees to feel good in their work and perform beyond what is expected.
4. Career Development
A performance review provides an opportunity to plan and set goals for the further development of the employee’s career. Performance management will also assist them in obtaining additional training or guidance that can serve as a basis for developing future succession plans by HR.
5. Rewards For Good Performance
Performance management offers rewards beyond rewards that show gratitude for a well-done job, such as vacation and bonuses. The prospect of an above-expectations performance review, a review in which you are recognized as having gone above and beyond, is an incentive to perform well. And can open the door to future career advancement.
How to set the goals in a performance review?
When it comes to worker goals, striking the right balance is everything. The plans can’t be easy or won’t satisfy employees – most people enjoy a challenge. They want to extend and broaden their knowledge and develop new skills. However, just as challenging, too-challenging goals can be frustrating. Employees will strain to try to achieve them, or not at all, believing that they are impossible.
Practical goals must be set collaboratively between the manager and the employee. SMART (Specific, Measurable, Achievable, Relevant, and Time-Based) should be tracked regularly. Also, regular meetings should be held to discuss the goal’s progress. And what can be done to help the employee achieve the goal.