Eight ways to make annual performance reviews more meaningful this year

Eight ways to make annual performance reviews more meaningful this year

As the end of the year approaches, companies across all industries will begin scheduling year-end performance appraisals with their employees. But instead of sticking to what has always been done, even if it hasn’t been very effective, leaders can strive to extract more meaning from these assessments and give their team members more actionable, personalized feedback that they can take into account. new Year.

But to do this, leaders will need to consider a few tips first. Below, eight members of the Young Entrepreneur Council share their best advice on how companies can make year-end reviews more meaningful and explain why these techniques may actually be better than what is traditionally done.

1. Make them part of a goal-setting process

The best way to make year-end performance reviews more worthwhile is to make sure they’re the first step in the New Year’s goal-setting process. The process should assess the good – and not so good – and take the time to identify strengths and areas for improvement. Use the development areas to then set goals to drive improvement in the new year. – Zane Stevens, Protea Financial

2. Get a 360-degree viewpoint

The year-end performance review should be the highlight of your monthly and quarterly reviews, so be sure to check back. Leverage feedback from peers and other managers to achieve a 360-degree view. This allows your feedback to be practical, useful and objective. Finally, make sure to ask your employee for their observations about your company, as feedback should work both ways. – Daria Gonzalez, Wunderdogs

3. Focus on the future

Make this year’s performance review about the future. Ask your people to each describe their perfect role, regardless of what you offer. This strategy allows you to learn what fuels your team. With these sources of positive motivation, you can look for creative plans that will give your employees what they want while giving your company what it needs to thrive. Recap the past, but focus on the future. – Tyler Bray, TK Trailer Parts

4. Treat them like two-way conversations

Conduct year-end performance reviews more like two-way conversations where both parties can share, discuss, and find clear ways to participate in the future. Unlike traditional models, these conversations should create clarity, promote trust, reduce anxiety, and show alignment. Employers should be able to help employees identify their challenges and come up with practical solutions to solve them. – Brian David Crane, Spread great ideas

5. Change your evaluation system

One way companies can make year-end performance reviews more meaningful is to use an evaluation system that rates employees on a scale of one to five. This will help create a more understandable and supportive environment where employees are rewarded for their performance while providing constructive feedback. – Kristin Kimberly Marquet, Marquet Media, LLC

6. Offer actionable feedback

If you really want to make your year-end performance review more meaningful, focus on providing feedback that is not only valuable to your employees, but actionable. When conducting your assessments, be sure to point out how your team can perform better by giving them actionable tips they can use to improve their performance. – Josh Kohlbach, Wholesale Suite

7. Look for contributions to company culture

One thing to include in a performance review is an employee’s contribution to the work culture and environment. It can help employees increase their engagement, which ultimately leads to better results for the company. It also makes for a more pleasant workplace for everyone. This is a more meaningful approach because it encourages employees to contribute more holistically. – Syed Balkhi, WPB Beginner

8. Ask what the employee would like to learn

To get more value from your year-end reviews, ask your employees what they want to learn in the coming year. You can learn a lot from this question whether someone is interested in a promotion or a move to a new department. You can also see how seriously they take their role. I think this is a much better tool than a simple pat on the back. – John Turner, SeedProd LLC

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