Performance reviews generally—and traditionally—take place once a year and are associated with salary increases. However, doing performance reviews all at the same time is not only time-consuming for managers but also intimidating for employees. An entire year's worth of work summarized in one meeting? This is why annual performance reviews tend to fall short in delivering clear feedback and expectations.
Regular performance reviews are a great way to create a continuous feedback loop, where employees aren’t left wondering how they’re doing. Research shows that 68% of employees who “receive accurate and consistent feedback” feel fulfilled in their roles. Regular feedback also allows managers to create goals for employees, and evaluate how each employee’s performance aligns with personal, departmental, and organizational goals.
Want more information about setting up regular performance reviews? Download our Performance management policy template to set yourself and your employees up for success.
Regular performance reviews benefit employees in numerous ways. Here are some:
- Providing your employees with regular recognition and rewards can improve overall performance. By completing regular reviews, you’re able to acknowledge your employees’ hard work and reward them more frequently, which can increase employee productivity. As one survey found, “69% of employees say they would work harder if they felt their efforts were better recognized”.
- Any work that is being done improperly can be corrected. Regular feedback means that employees will know for certain that they’re doing their jobs properly, rather than finding out at 6 months or a year that they’ve been doing at least one thing wrong the entire time. Regular feedback can save your employees from embarrassment/dejection and save you a significant amount of time not having to fix or undo mistakes.
- Regular reviews can help establish transparency and foster trust. Creating clear expectations and goals will ensure that no one feels blindsided by their feedback, creating a sense of trust.
- Employees can benefit from self-reflection, too. Employees can improve their own performance by being encouraged to self reflect.
Regular performance reviews can also help you as a manager.
Providing regular feedback to employees ensures that you’re always in touch with them and can keep up with the work they’re doing and ensure their progress towards goals. Checking in with employees will also help you identify and reward employees who are continually invested, engaged, or show leadership potential.
Regular reviews also give employees the opportunity to give you feedback, helping you be a better manager. On top of that, research shows that managers who receive regular feedback on their strengths had 8.9% higher profitability.
If you’re unsure where to start with providing regular performance reviews, download our free Performance management policy template to create a framework for reviews and improve employee performance.