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What is a Performance Review?

Wileen Barretto on March 12, 2021 in Glossary

A well-structured and properly executed employee performance review can offer more than one benefit. When handled right, performance review can aid in employee engagement and foster a positive company culture.

Although conducting a timely performance review is important, doing it effectively makes all the difference. Learn how you can do so and everything else that you need to know about performance reviews.

What is a performance review?

A performance review/appraisal is an evaluation of an employee’s performance during a certain course of time. It is conducted to identify if the employee is utilizing its strengths and working on its weaknesses. Additionally, performance reviews also help outline the employee’s future goals and let the recruiting managers offer constructive feedback about the employee’s performance.

Advantages of performance reviews

A performance review not only works for the betterment of the employee but also for the company’s growth. Read on to know-how.

  1. Noting the similarity between employee career goals and the business vision

    Strong employee performance is directly proportional to the company’s growth. An honest review will help you understand if both of these factors are in sync, thereby helping create a positive work environment.

  2. Knowing the job role responsibilities

    Performance reviews help employees understand what is expected of them. Outlining the job role helps avoid misunderstandings and in clarifying any other issues an employee may have.

  3. Offering timely acknowledgment

    Performance reviews help employees talk about their goals and difficulties, making them feel listened to and acknowledged for their contribution

  4. Helping with skill enhancement/development

    Since performance reviews help understand the employee’s strengths and weaknesses, recruiting managers can offer necessary support or enroll employees in skill-building workshops.

  5. Availing attractive benefits

    Based on the review, hiring managers can offer necessary perks to the employees. These can be in the form of salary hikes, bonuses, or allowances.

Checklist for performance review

Now that you are aware of the benefits of conducting timely performance reviews, refer to the below-mentioned checklist the next time you plan on having one.

  • Prepare yourself before the performance review
  • Point out expectations and duties clearly
  • Outline business goals and objectives
  • Keep employee’s past performance review data handy
  • Facilitate and be prepared for a two-way conversation
  • Discuss employee’s long-term career plans
  • Give space for negotiation and a healthy discussion
  • Be ready for retaliation
  • Maintain written documentation of the review
  • Promote in-person performance review
  • Send out employee surveys or questionnaires before the review

How to carry out the entire performance review process?

A performance review does tend to consume much of your time but is crucial for a healthy workplace environment. To help you save time, take a look at the pointers to know how you can carry out the entire review process.

  1. Plan and develop an evaluation form

    Create a form containing sections that look for the employee’s strengths, shortcomings, goals, and achievements. Ask the employee to rate themselves and fill in the details to make the performance review more meaningful.

  2. Provide an evaluation form submission date

    Allow the employees time to fill in the form details with ease. But ensure that you provide a deadline to avoid unnecessary delays. Doing so will also allow you time to read through the answers and prepare yourself for the review.

  3. Schedule the performance review meeting

    Coordinate with the employees and finalize a date and time that works for you both. Scheduling a meeting in advance avoids last-minute miscommunication and misunderstandings.

  4. Record and document the details of the performance review

    This is an important step that no hiring manager should miss. Documenting the details of the review meeting will help in framing better workplace policies and in having the records in place for future reviews.

Since performance reviews can be time-consuming, planning the entire process and streamlining it with the help of technology is important. Many project management software allows you to keep a track of workflow. These software offer a centralized location to access all of your files, thus saving you time.

Similarly, Jobsoid, an applicant tracking software, helps recruiting managers in storing all candidate information such as resume, work portfolio, or other details under each candidate profile. This makes the process of gathering and accessing important files at a later stage easier. Besides, it offers features that facilitate team collaboration and better workflow management. Register with Jobsoid for free to avail a range of benefits it offers!

 

Wileen Barretto

Wileen Barretto is a Content Writer at Jobsoid. She holds a Master’s degree in English Literature and loves reading fiction. When not creating content, she is whipping up a cake or baking cookies!