We all have seen the statistics and know that the traditional method of doing annual performance evaluations isn’t working. So, what is?
Performance management is necessary for the long-term health of an organization. But the performance management tools used need to be effective, not a waste of time. The old-style annual performance evaluation is not getting the job done any longer.
A few statistics:
6% of organizations believe that their performance review process is effective.
77% of all HR leaders agree that traditional annual performance reviews are not an accurate reflection of an employee’s performance.
Nearly 75% of employees feel unsure of their job performance.
Many firms are moving towards a more continuous feedback model of performance management. More than half of all employees want to receive feedback on a daily or weekly basis, and nearly 75% believe that feedback plays a valuable role in their daily productivity. 81% of employees feel like they should receive feedback from their manager at least quarterly.
So, what is a continuous feedback model and how do you implement one? Continuous performance management is done on a continuous basis throughout the year. This model typically focuses on employees achieving short-term goals.
Evaluating an employee’s progress towards goals can help that team member stay on track and focus on the immediate needs of their position. Meeting weekly or monthly to track an employee’s progress towards their goals gives them real time feedback, which helps them improve their skills. It also provides a qualitative assessment of their performance.
Short sessions done more frequently take less time than it does to prepare an annual evaluation and provide a more accurate assessment of an employee’s skills and performance. These frequent check-ins can help recognize faster those employees that need a little assistance to get up to speed.
A few tips for implementing continuous performance management.
· Be consistent. Create a system that tracks goals and progress towards them.
· Create a schedule of when check-ins will be done. This way you can be prepared and so can the employee.
· Encourage employees to develop their own goals as well. Making the process interactive gets more buy in from the employee and creates employees that are more engaged with the company.
Continuous feedback models can lead to stronger relationships between managers and their staff. Employees are more engaged because they are involved in the process. Reviews of performance are based on qualitative measures of the employee’s performance, so employees have a better idea of how they are doing in their position.
