In today’s lean, fast-changing world, traditional business practices are being shaken up. One standard practice that many companies are revisiting is the annual review process. A growing number of workers are demanding more frequent and meaningful feedback about their performance, and in an effort to retain top talent, businesses are looking at how they can improve the review process to provide more regular performance updates.
Some would agree that changes to these processes were long overdue. Many candidates argue that, as is, their company’s review processes are not useful, productive, or even fair. As a result, many employers are now increasing their focus on fine tuning performance reviews.
Consider these three ways you can modernize reviews at your company:
Make performance an ongoing conversation
Instead of a one-way scenario, performance reviews should be discussions that occur fairly regularly and in one-on-one settings. To encourage this, create an open culture of feedback. Employees must feel comfortable expressing their concerns; they shouldn’t feel they are at risk of losing their jobs for speaking up.
Embrace career pathing
Instead of being reactive, career pathing should entail proactive discussions. Help lay out a plan, empowering employees to take ownership of their advancement. This also opens doors for mentorship and training programs.
Ensure reviews are fair
Reviews should take into consideration any changes in responsibilities, workflows and resources, which can impact workers’ productivity. In other words, reviews can’t be cookie-cutter; they must adapt to the situation at hand. Be sure your notes are constructive and measure everything from quantifiable achievements to soft skills. Performance reviews that are frequent, authentic, and constructive can lead to greater efficiency, productivity and team camaraderie that can drive stronger employee engagement and retention of high performers within the organization.