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Year-end performance reviews – holding employees accountable and empowering them to improve
Forward Thinking Business Blog –
In recent years performance management trends have shifted from annual review meetings to monitoring performance on an ongoing basis, with employees receiving continuous feedback throughout the year. FPM adopted this approach some time ago and since then, we have been sharing best practice with clients in many different businesses and sectors.
In our own firm, we set individual targets for each staff member. Our TEAM approach (Together Everybody Achieves More) is founded on the belief that marginal gains can deliver a competitive advantage when individuals and teams work collectively. With this in mind, we set quarterly goals which incorporate individual staff targets and feed into the overall yearly objectives which are consistent with FPM’s core values and core focus.
It is no coincidence, that when staff can see the impact their input makes to the ultimate success of a business, this ownership produces a much stronger and more results-focused team. Managers and employees both find that achieving and monitoring progress with short term (monthly/quarterly) goals lessens prohibiting pressure, enables timely corrective action and increases the number of adrenaline peaks required to surpass targets.
Like many businesses, we still conduct annual performance appraisals. However, by rethinking performance management and providing continuous feedback throughout the year, this ensures that employees are not only held accountable for what they did last year but empowered to improve performance today and tomorrow.
‘Effective performance management is a continuous process’, says Teresa Campbell.
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Previously on this blog we discussed how to set meaningful goals using the SMART model where goals are Specific, Measurable, Attainable, Relevant and Time-bound.
In another blog on goal setting we highlighted the importance of:
• aligning individual and team goals with overall business goals,
• being specific about what you want to achieve
• avoiding contradictory goals
• setting clear timelines
• monitoring progress throughout the year
If we have just one key lesson to share with managers at this time of the year, based on best practice and our own experience, it is that, good preparation and commitment to the continuous process of helping employees be the best they can be, is key to effective performance management.
For more information, and to find out how FPM can help your business…
