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How to make your performance reviews really deliver.

Despite all the additional and informal ways being promoted today for engaging employees, periodic performance reviews still stand as one of the best ways to formally measure, engage and plan the goals and activities of individual employees. However, the old ‘tick and flick’ performance reviews to meet HR requirements do not cut the mustard anymore. Employees want and expect more in the way of clarity, input and direction from, and with, their employers.

As a result, performance reviews are no longer one-sided, annual rating conversations. Which is great, as they have the potential to achieve so much more than what they once did. Today the purpose of performance reviews is much more strategic. Leaders and managers need to understand the objectives of performance review meetings today to really get the most from them.

The purpose of modern Performance Reviews

Effectively run performance reviews are part of a comprehensive and holistic talent management strategy. Their purpose has been extended to encompass:

• Culture development – consistently delivered performance reviews reinforce the values and behaviours that lead to the culture you want.
  
  
• Improvement & growth – based on past performance, reviews establish how a team member can build and grow their personal potential, maximising their own achievements, and business outcomes as a result.
  
  
• Recognition & reward – performance reviews formally measure and acknowledge the achievements of team members and reward them accordingly.
  
  
• Greater inclusion – team members need to feel they can influence their work, and therefore these meetings need to be collaborative and an avenue for feedback on both sides.
  
  
• Defined success – they provide an opportunity to mutually agree on what needs to be achieved to be successful in the coming period.
  
  
• Connectedness – reinforce the bigger picture, as team members perform better when they feel they belong, and are contributing to, something bigger than themselves.

In short, performance reviews contribute to engaged Team Members who know what they need to do, have the skills to do it, and can see how their work fits into the overall business objectives.

Performance reviews today are regular, collaborative, transparent, and action focussed, coaching conversations. And a timely, well-run performance review process clearly demonstrates to your team members that their success and growth is a priority for you and the business.

Call to action

Performance reviews are just one of the key components to culture and talent management strategies, crucial today as businesses compete for scarce human resources. More savvy employees know exactly what an ‘employer of choice’ provides and will seek, and stay with, the businesses that meet their needs.

The Team at Balanced Scoreboard understand the specific challenges small to medium sized professional service practices face. They also understand the pressure on current leaders to proactively attend to areas such as culture and talent management. Utilising their industry specific know-how can give you the professional edge that attracts and retains quality people.

Contact Balanced Scoreboard to find out more about how they can deliver and implement a strategy for recognising, retaining, and rewarding your greatest asset, your people, and transforming your good team into a great team.

For further information, enquire today via  www.balancedscoreboard.com.au.

You can also view our Blog ‘Why Balanced Scoreboard’ to see what a Talent Management Strategy includes.