Your people are your company's biggest asset... and, often, its largest expense. In order to retain and support your people, you must deliver feedback and appraisals regularly.
Review and reward, regularly
Most employees want to know how they're doing and where they can improve. But how can you expect employees to improve if you only offer constructive feedback once or twice a year? Giving feedback to your employees more often is less intimidating for all involved, and this way of working will help you and your colleagues set better goals.
Little and often has proved to be the right cadence for gathering employee feedback. Constant and continual feedback will help you and your employees understand exactly what they are doing, and areas where they may need additional support.
According to BetterWorks, employees who review their goals ten or more times over the course of a quarter are 21% more likely to achieve them compared to those who check their goals infrequently. By holding regular, goal-driven feedback sessions, employees can really focus on what matters to them and to the business. And, by recording this information it is easier for managers to keep track of performance and then reward employees accordingly.
Unlocking the value of learning reviews
J.T. O’Donnell, CEO of career and HR coaching company Work It Daily, suggests HR managers who dislike traditional forms of performance management (like appraisals) hold regular learning reviews with new talent.
“An employee comes to you and presents exactly what they’ve learned over three months, six months, a year,” she explains. “They talk about what they’ve learned and how they’ve grown, and specifically how what they’ve learned has made them grow and do their job better.”
Learning reviews should be held within the context of the individual’s ability to contribute to the company’s revenue and performance overall.
Even if you prefer a more traditional process, there’s still scope to evaluate the learning milestones of your team within the context of performance feedback and appraisals.
“You want your employees to be able to come to you and say, ‘This past year these things that I did worked out great, and these is the results I got, and these are the things that didn't work out,” explains Jeanine. “This is what I learned from it as well, and this is how it’s going to help you as an employer.”