Lately, it’s become very fashionable to talk about annual performance review time as an antiquated practice; ineffective, too traditional and too infrequent to be of any value to the employee or the organization.
Performance reviews are certainly not useless, but when improperly executed, there is some truth to that statement. We believe that performance is an ongoing practice and while annual reviews aren’t inherently bad, when used as the sole bar for performance or the only feedback valve, they aren’t effective.
Whether your company chooses to keep annual reviews and supplement them with more modern types of feedback and performance conversations or you decide annual reviews can be replaced with a total performance culture, there is one very specific kind of review that’s often left out of the conversation when evaluating employee success.
At many companies, year-end leads to a hastened scramble to evaluate everyone at once in order to create merit raises. Tell a harried HR professional or manager they’ll need to add more performance reviews to their already packed schedule and they might just riot. But what if you could add feedback loops into performance and not have to manage additional time constraints?
You can do that with peer reviews, or 360-degree reviews. In this way, you can fulfill the needs of employees (who are increasingly demanding more feedback and additional performance insights), ensure all employees at the company have a voice and don’t create a culture where performance reviews and feedback are dreaded due to overloaded managers.
Did you know?
“ 80% of Gen Y said they prefer on-the-spot recognition over formal reviews. What’s more is they feel this is imperative for their growth and understanding of a job.” — LinkedIn
Peer reviews can quickly turn into a “pile-on” if the employee isn’t given his or her chance to respond. Ensure you have them fill out a self-evaluation on the same attributes and duties their coworkers are judging them on.
Did you know?
“51% of employees are unengaged, and 17% are actively disengaged in the United States.” — Inc.
Peer reviews are a fantastic tool to put in your performance culture and talent management tool belt. Now you know how to implement them internally, what to look out for, how to ensure you’re not missing key performance conversations or opportunities and finally, the intangible benefits that peer reviews can bring to your company (aside from better performance and employee empowerment for all!)
This article was originally published on the ClearCompany Blog.
About Sara Pollock:
As the head of the Marketing department, Sara makes sure that ClearCompany’s message, products, and best practices reach and assist as many HR practitioners as possible.
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