The Value of Performance Reviews
A Low Cost Way To Motivate
Have you committed to completing annual reviews, but failed to follow through? This could be a big mistake, particularly if you wish to retain above average performers. Failure to officially review the performance of your employees sends a message that you don’t care about their contributions.
Costing you and your employees only a brief amount of time, performance appraisals can be an effective tool to motivate your valuable employees and weed out those who are underperforming. For below average employees, negative feedback on an annual review should not come as a surprise. A good performance management system is an ongoing process with regular communication that includes goal setting, coaching and receiving feedback.
Not sure where to start?
- Create or review the job description so you know what to measure.
- Have the employee complete a self assessment to uncover how they view their work.
- Define performance objectives – what the employee should be accomplishing.
- Define performance factors – how the employee accomplishes their tasks.
Benefits of conducting an annual performance appraisal include: increasing the employee’s level of engagement with the company and their position; providing a sense of job security; improving the employee’s view of the relationship with their manager; contributes to an employee’s sense of accomplishment.
Build an appreciative culture! Annual performance appraisals are a low cost method of motivating your workforce.
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