heard many clients leave us B u s i n e s s F i n a n c e
heard many clients leave us B u s i n e s s F i n a n c e
please response to the 2 peers listed to the below topic
Performance Reviews
Consider the performance review process at your organization. Is it simply an exercise, or is it valuable for managers and employees?
Assess the performance review system, using the prompts below:
- Does the review have a self-assessment component?
- Does the process lead to an individual development plan?
- Does the financial and performance discussion happen in the same review?
- Are the outcomes of the review tied to any talent management opportunities?
What two changes would you advise the CEO to make in your organization’s performance review process?
peer#1 matthew
Greetings,
Performance Review Process
I have yet to fully experience the performance review process within my new organization, so I will examine the differences between the startup company we were and the global company we are in now. Although our bigger organization has a refined process including self-assessments, IDPs, and nested goal setting, it is largely regarded as busy work. The managers on our team give feedback mostly based on events or when they get feedback from a customer or colleague. These informal performance discussions carry much more weight because of their candid and caring nature and add value by giving us behaviors to work on.
Self-Assessment
During our informal discussions, our managers will likely ask how we think we did in each situation. I’ve noticed that this question can serve two purposes. It shows how self-aware you are by noticing where you can improve, and it gives the manager the ability to identify a mutual problem and allow for further discussion (1). The self-assessment tool we use now just prompts us to acknowledge if we reached our stated goals from the previous year. I admittedly did not write any comments and just checked yes or no.
Individual Development Plan
Our manager will often call at seemingly random times and ask us what we want to do and how can he help us get there. These discussions happen often so there is usually nothing unexpected here, but mostly a check on if our performance is leading us where we want, or do we need to change course. This interaction also serves as a reminder of what behaviors we need to improve upon to keep progressing.
Financial Discussion
My only experience here has been a raise at the end of the year that I was told about over drinks at our national sales meeting. If we have a formal process for this, I am unaware of it. But the way my manager presented this to me, and the atmosphere made it feel very celebratory. The background of this discussion made it more impactful and memorable. I would prefer that was much better than an office meeting because it separates talking about your performance and allows you to celebrate a win.
Review Outcomes and Talent Management Opportunities
Like the informality of other performance related discussions, when opportunities come, there’s a short list in our manager’s head and he knows who is ready for the job. Our managers make these informal processes work so well because they care and because they have demonstrated their buy-in to the team, we trust them deeply. This high level of trust allows them to be relaxed and not have to design rigid mechanisms to manage us. As we grow larger, the need for such mechanisms will become greater because our teams will change, people will move on or be promoted, and it takes time to build this kind of trust. I believe its easier for most organizations to build a framework that they can look and understand than it is to cultivate an environment that makes everyone feel so comfortable that everyone is an open book.
Matt
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