Continually setting employee performance expectations in a process. It’s part of an on-going routine that will align with your investment into employee growth. You’re observing your team members throughout the year and providing feedback in small incremental portions. However, about twice a year, you want to formalize the performance management process by conducting a performance review.
00:43 – How to Conduct a Performance Review with Your Team
02:01 – The Problem with Reviews
04:42 – Why Conduct Performance Reviews
08:04 – Performance Management vs. Performance Review
09:23 – Purpose of Performance Reviews
09:46 – Preparing for the Appraisal Session
12:52 – Conducting the Appraisal Session
17:28 – Be Descriptive and have Examples
17:46 – Performance Levels
20:31 – Core Message: The Last Word
Unlike the continuous performance management process, the performance review is a singular meeting that typically happens two times a year. It’s a dedicated time when everything stops, and no one gets sidetracked. It’s a time for summarizing and formally documenting employee performance. The performance review is a time for employee engagement where you give and receive feedback.
Yet, if you’re actively engaging in performance management throughout the year, why would you need to conduct a performance review? What purpose does it serve? Well, performance reviews clearly explain to employees how they’re doing and what they gain from meeting individual and corporate expectations. Essentially, the formal review reinforces your expectations for your employees and for your organization.
A performance review:
Before you jump straight into the formal valuation, you should prepare for the meeting.
So that’s preparing for the review meeting. Yet, you need some tips for the actual review, too.
Ultimately, rate each employee’s performance. Give them ranks like platinum, gold, silver, and bronze. Or give them grades like exceeds expectations, meets expectations, or fails to meet expectations. As you go through this performance review, document everything. Go into it with clear goals and expectations for employees and place them in positions where they can flourish within your company or where they head on to a different company.
The whole idea behind performance valuations is to find out which team members are performing at the level that will create the greatest possible value for your company. Top performers bring higher value when you’re selling your business or asking others to invest in your business. That’s just the way it goes.
Don’t miss our next set of Business Growth articles that deal with your business’s Operations.