The Impact of Continual Performance Reviews

October 16, 2020

Ongoing, regular – and actionable employee assessments are not only meaningful for employees but also a proven positive investment for any company who adopts this behavior. In general, we all know reviews are important for justifying raises and promotions. But those are annual reviews designed for that sole purpose. In order for a review to really have an impact on someone’s engagement, productivity – and overall contribution, the reviews need to be conducted regularly throughout the year so the employee, manager and leadership can all observe changes over time, recommend actions based on reviews, and then measure the impact of said changes. Only then can you see the impact of reviews on personal growth, employee effectiveness, overall morale, and real ROI. Let’s dig deeper:

  1. Employee Development: Employee development is supposed to be the primary goal when it comes performance reviews. Reviews help analyze and conclude strengths and weaknesses. This gives employees insight they need, while giving employers an idea of how productive and talented each employee is. Having these insights on a regular and ongoing basis is vital for a business to measure overall success, rather than assuming their management strategies are working. Truvelop’s performance evaluation tool does just that with easy, fast and effective continuous reviews.
  2. Promotion: Promotions do not come easily for everybody. In fact, some employees never know when to even expect one because they are not being regularly evaluated. Or – they expect one every year because that’s the only time they are reviewed. With ongoing performance reviews, employers and employees will know when a promotion is due, based on level of skill, overall productivity, accomplishments – and more importantly, the data and trends shown over time from regular reviews, feedback and insights.
  3. Measurement of Growth: Performance reviews do more than tell employees how well they are doing. They also help to measure the growth of a workforce, and determine if a team is improving. Measuring growth helps discover what changes need to be made internally as a group and not individually. Truvelop’s Dashboard feature allows leadership to track and measure employee performance independently, in teams, groups, departments -and more.
  4. Closing of Skill Gaps: Having a skill shortage in your business can hinder growth, but it’s hard to tell if you need to give someone a skill or hire more people. With Truvelop’s continuous feedback and recommended action plans (with recommended resources), managers can develop their people and help them learn new skills, which is cheaper than hiring a new workforce.
  5. Culture: Ongoing performance reviews help uncover a company’s culture. The overall data and insights will present trends by category which will help explain why things are the way they are. You may think you have an open door policy but the reviews may say employees don’t feel that. You may think morale is awful, but the reviews may show the exact opposite. Reviewing and engaging with your teams weekly rather than annually shows you are invested in their career growth, eager to develop and motivate them, and genuinely care about their well-being and how they feel about their job. Thus, creating a more collectivism culture in the workplace.

Allow your corporate values to come alive with ongoing performance reviews. All businesses want to measure their growth, close skill gaps, create a better culture, know who and when to promote, and most importantly, aid in employee development. Ongoing performance reviews will make sure that these areas of your business are always growing and leaning towards the betterment of your company. Contact us today to learn how we can help.