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The Value of Performance Reviews

Payroll Service in Tulsa

According to recent studies, over 70% of individuals in the workforce desire regular feedback on how they are doing in their jobs. Yet, only 24% of people receive regular performance evaluations.

For the most part, employees come to work ready to work hard, deliver good customer service and help the company grow. We all want our jobs and careers to be fulfilling, and even more; we want to be valued for what we do.

Employee performance reviews are important to both employees and management. Performance reviews give employees needed feedback, direction and confirm to employees that they are part of the “greater organization”. Performance reviews allow management to assess and communicate to employees about performance and improvement needs. For these reasons, among others, we believe regular performance reviews are of great value to your business.

How Performance Reviews Benefit the Organization

There are many ways in which performance reviews benefit your organization as a whole. A few of those include the following: 

  • Regular performance reviews establish accountability between leadership and employees.
  • Reviews allow opportunities for open and honest dialogue between working partners.
  • Performance reviews help to align an employee’s day-to-day actions with “big picture” business objectives.
  • Reviews allow employees to identify and document their career paths.
  • Routine performance reviews provide time for teaching and learning.

The Process of Regular Performance Reviews

It is always best to provide feedback to your employees on a regular, on-going basis. This allows for more accurate information and an open door of communication between leadership and employees throughout the year. 

Here are a few suggestions for assessing an employee’s daily performance:

  • Observe behavior regularly.
  • Provide instruction for specific tasks and watch for improvement.
  • Correct areas of weakness while offering positive reinforcement.
  • Recognize excellent performance.
  • Listen to the employee’s concerns or ideas.

By implementing these steps in your management process, you will provide yourself with a more clear picture of your employee’s performance.

Formal Performance Evaluation Process

There are many ways to set up a performance review with your employees. Here are a few tips for getting started:

  1. Set a specific time. This will allow both you and your employee to prepare adequately.
  2. Use a form that has been completed before the meeting.
  3. Make sure you have job descriptions to compare the employee’s performance against expectations.
  4. Identify strengths and weaknesses, pinpointing areas for improvement.
  5. Set measurable goals or job standards.
  6. Review your organization’s strategic goals and how the employee fits in the big picture.
  7. Ask the employee to review themselves and identify areas for improvement.
  8. Help the employee develop personal and professional goals.
  9. Ask for feedback from the employee on ways to improve the organization as a whole.

By using these tips to establish routine performance reviews, you can not only improve employee morale but also boost the efficiency of your organization! 

 

LUXA Enterprises specializes in HR services, outsource accounting, bookkeeping, and payroll services. We match up with ideal candidates for services by allowing small to midsize businesses to increase focus on their growth through outsourcing. If you want to know how we can help you, contact us today!

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