We’re heading into the final months of 2009, and while there are signs of economic optimism, many companies are struggling or just holding at a level plane. Performance reviews are on the horizon and there are a few essentials to keep in mind.
First, performance reviews ought to be held a lot more frequently than they are now. Especially these days when employees are nervous. They want, need and deserve to know where they stand, what they’re doing well and what areas need improvement. They also need to know that the company is interested in their growth. More on that in a minute.
Formal reviews are best held quarterly. Here both parties can review past performance against objective and measurements agreed upon at the previous review. I know, that advice is contrary to standard practice at many companies, especially those who insist on holding them only yearly. You know, the “bonus review” at the end of the year. That has to stop! These days companies and employees need frequent feedback to accurately track performance.
I strongly suggest informal reviews be held between the quarterly reviews, so that every month every employee has contact with his/her manager or supervisor. This is a great time for those holding the reviews to offer praise and recognition, and ask about immediate concerns and questions so they don’t pile up and slow performance.
One final note: it’s essential to ask about and promote personal professional development as well as the employee’s contributions to the company. It’s easy in tough economic times to focus only on employee performance that directly impacts company goals and ignore their individual development. This is dangerous, as we know from many surveys that if employees do not feel valued and do not feel supported in their own career development, they will leave at the first opportunity. The job market may be tight now, but they will leave when they can. Build employee loyalty through effective reviews and talent management will take care of itself.
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