Innovative approaches to performance reviews tend to be more effective than traditional approaches to performance reviews. For instance, performance reviews that take place every quarter help convey more accurate, unbiased feedback about recent events. Conversely, performance reviews that take place annually tend to be less accurate because a significant amount of time passed. These reviews also tend to be more biased toward what went wrong or did not get accomplished rather than what went right and got accomplished.

As a result, you should consider using innovative approaches to performance reviews to increase employee performance and retention rates. These suggestions can help.

Follow these guidelines to implement innovative approaches to performance reviews.

Conduct Quarterly Performance Reviews

Engaging in quarterly performance reviews helps you accurately recall recent data and information. Therefore, you have clear talking points about what went well, what could have been better, and concrete suggestions for improvement.

Regularly connecting with your employees helps show ongoing value and support for their contributions and results. These activities help elevate employee engagement, productivity, and performance. The results include higher job satisfaction, employee morale, and retention.

Emphasize Two-Way Conversation

Encourage each employee to share their ideas and perspectives throughout performance reviews. You want to gather their input and feedback for additional insight to improve your management skills and your employee’s performance.

Focus on Professional Development

Engage in proactive discussions during performance reviews that emphasize employee development:

• Praise each employee for their skill development, project completions, and other positive outcomes during the past quarter.
• Bring up any issues, resolutions, and lessons learned.
• Discuss the employee’s progress toward goal attainment.
• Identify any roadblocks they have encountered or resources that will assist them in achieving their goals.
• Recognize and reward achievements.
• Offer guidance, resources, and support for learning and growth.

Clarify Your Quarterly Expectations

Share what you expect from each employee throughout the next quarter and the steps to get there. Having clear guidance lets your employees know what they should focus on and when to reach each objective.

Discuss what should be accomplished, where to go for support, and whom to ask for help. Include time to answer questions and resolve potential issues for increased success.

Do You Need Help to Hire Accounting and Finance Professionals?

Mercer Bradley can match you with experienced accounting and finance professionals to help reach your Manitoba company’s goals. Reach out to us to learn more today!