Alternative to Annual Performance Reviews
Annual performance reviews probably don’t help you achieve your strategy and business goals. Most places I go it seems they are more used to justify end of year bonuses or fire low performers. Reviews should be used as a feedback mechanism for learning and improving. The longer between reviews and feedback the less likely learning happens. A great alternative to the annual performance review is a 2 week performance review. Here is an example of what you would cover:
- Open forum for any concerns that the employee might have
- Opportunity for employee to give manager feedback
- Things employee has done well in the past 2 weeks (specifically towards strategic items or behaviors that you want to promote)
- Things employee could do better in the past 2 weeks (specifically towards strategic items or behaviors that you want to promote)
- Performance review on their individual performance
- Specific high leverage activities they can focus on to get better at their jobs.
These six steps are a guide and can be easily tracked in an excel spreadsheet to get started. Step six is critical because you should see results in their behavior and/or performance improve quickly. If you don’t there may be an issue with the type of actions or the ability of the employee. Either way you get some insight as to what needs to change and you can make changes quicker than 1 year. By moving to a two week cycle you are effectively shortening decision cycles which leads to better outcomes in the long run.
For more ways on how to run these meetings see our post on Delivering Feedback to Millennials (and everyone else).
If you want to learn more about how to give feedback apply for a discovery call now and we can do a deep dive discovery of your situation at no cost if you qualify.