The benefits of performance reviews | My Assignment Tutor

The benefits of performance reviewsFor managersA performance review is a two-way conversation used to guide, support and develop yourteam. It gives you: Insight into the individual and their career aspirations so you can be a fully supportiveas a line manager and create a winning team Opportunity to be clear about the objectives and expectations you have set for yourteam, as well as gain feedback on your own performance.For individualsSpending dedicated time together is crucial to building a successful manager/employeerelationship. An open and honest conversation lets both parties understand where theystand. It’s a chance to: Discuss career, development and growth aspirations Suggest how to make improvements within the team Learn about the aspirations and goals of the organisation and how you fit in Share feedback on the manager’s performance.For organisationsFuture-focused organisations use performance reviews to establish the strengths andcapabilities of the team, to: Assess suitability to fill roles within the organisation Identify where skills and capabilities might need a boost Understand where further development support is required to help achieveorganisational goals.The 4 F’s of successful performance reviews1. FrequencyAccording to Gallup, 26% of employees say their performance is evaluated less than once ayear, while 48% say they are reviewed annually. Annual reviews are great for looking backover the year and consolidating where you stand, but employees and managers gain greaterbenefit from meeting more often. In fact, employees who have conversations with theirmanager in the past six months about their goals and success are 2.8 times more likely to beengaged.Quarterly review meetings allow for continual coaching and ensure both employee andmanager are on track to achieve their objectives. Meetings should also be flexible (anotherF!) to respond to the achievements and expectations of the employee and the organisation.2. FocusedPerformance reviews are most effective when both parties are clear about their expectations.The diagram below from Gallup outlines best practice. Set realistic objectives andaccountability for each one. Objectives should focus on the aspirations of the individual andyour organisation.3. FeedbackFeedback is possibly the most effective form of development. Hearing feedback on yourstrengths and areas to improve from someone else’s perspective helps us to challenge and seebeyond our current reality.360 degree feedback is a popular tool that encourages individuals to gather feedback on theirperformance from a variety of other people within the organisation. If you’d like to developyour own skills in providing feedback, take a look at this Institute of Hospitality’s trainingworkshop and learn how to give regular feedback and maximise the talents of your team.4. Future-orientedPerformance reviews exist to help you guide, support and develop your people. Whilstconversations should look back on performance since the last meeting, they must also focuson where the individual and the organisation aspire to be in the future. Keeping this front ofmind will help you to build an engaged, motivated and effective team of individuals who canachieve their own career aspirations whilst delivering those of the organisation.

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