Why you Should Consider Implementing Annual Performance Reviews

By October 10, 2022 Managers

Have you formalized the process of giving reviews to your staff? If not, it may be something worth considering. While you should be providing regular feedback to your team, it can be helpful for them and you to meet annually to discuss their performance, expectations, improvements, and accomplishments. Here are some reasons annual reviews can help you and your company succeed.

Help Low Performers Get Back on Track

Annual reviews serve as a way to positively start a new initiative to help your lowest performing employees get back on track. Provide the feedback and what needs improvement honestly and transparently, but then work with your employee to develop an action plan that they can use to improve their productivity.

Recognize Employees Who Go Above and Beyond

Every organization has superstars. The problem is when companies don’t acknowledge the performance of these team members who go above and beyond. Your employees may start to feel underappreciated and look for opportunities outside of your company. You can prevent this by providing this positive feedback and rewarding their performance.

Discuss Future Goals

An annual review is an excellent opportunity to discuss future goals. This should encompass individual employee goals and how they fit into the bigger picture within the company goals. Talk to them about their interests and what they want to learn moving forward, and then figure out a plan to encourage their growth within the company.

Improve Talent Retention

If nothing else, the annual review creates a time to provide meaningful feedback to your employees. Be sure to show gratitude, share positive news, and discuss things that need improvement. The annual review should also be when your employee can provide their thoughts and feedback on your management process, the team, and the company. Organizations with this level of communication see much higher employee retention numbers.

Are you still struggling to find the talent you need to make your team run as smoothly as possible? Get in touch with our team today!

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