Formal appraisals have a huge impact on how motivated and productive their employees are. The sooner employers recognize that, the better the performance of the organization as a whole will be. However, 72% of the organizations conduct formal appraisals only once a year. Formal performance appraisals could be beneficial to both the employer and employee. Unfortunately just one evaluation in a year is just not enough. Continuous evaluations are one way to achieve results sooner.
Benefits of continuous evaluations:
Make your people feel valued
The key is to make employees feel that their contributions are being valued. That their work does not go unnoticed. Only then will they be truly satisfied. A performance appraisal is a great opportunity for you to talk to your employees on a one on one basis and give your sincere feedback and make sure it is heeded. Employees value constructive feedback as much as they value appreciation and recognition. You can also focus on the key areas where they need to work and strengthen.
Set new goals on the way
Setting achievable targets during a performance evaluation helps motivate the employees and they feel empowered that they will successfully achieve them. It is also a good opportunity to realign business objectives with the changing market. Setting new goals needs to be done during each evaluation.
Resolve any grievances
Every day managers are engrossed in their day to day activities and seldom find time to understand what an employee actually wants. A continuous performance evaluation or appraisal could be a great way to communicate with your employees and understand what they have to say. It’s a perfect way to address any concerns and acknowledge any issues – and work towards them.
As mentioned earlier, performance appraisals open up new opportunities for communication between the employees and their managers. This greatly helps strengthens the bond between the two. Well, it creates a good environment for working as a team. Managers can use this opportunity to discuss various matters and align the business priorities.
Refocus on your team and its vision
Appraisals can be used to communicate your vision to the team. It helps you ensure that everyone in your team is on the same page. It is also a good chance for managers to manage expectations of their employees with regards to goals, achievements, pay raises and lots more.
Assessing the training needs
Different people come with different skill sets and appraisals can be used to evaluate this and define training needs for each employee.
If conducted frequently and correctly, appraisals can have a positive impact on the overall success of any business. Well, using advanced performance management software is the answer. You can get all the data and take your business to new heights of success.
If you are looking at implementing a performance management system for your organization, contact us and we can talk about what is a best fit solution for your organization.