Periodical Performance Feedback Anchors Employees Career Plans
A survey has revealed that 72 percent of employees felt that their performance would improve with corrective feedback
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Measuring the performance of an employee at the end of the year is not ideal as the employee is not able to determine the improvement areas and it somehow is projected as a negative trait around the appraisal time leading to low morale and sometimes resulting in attrition.
Siddhartha Gupta, Chief Revenue Officer, Mercer | Mettl talks about the importance of periodical performance feedback, its impact on the employees and from an employers' point of view.
How important is performance appraisal for employees and from an employers’ perspective?
Performance appraisal is a systematic way to collect genuine data related to employee performance. Performance appraisals especially using 360-degree feedback removes biased decisions. A survey has revealed that 72 percent of employees felt that their performance would improve with corrective feedback. The anonymous ratings from different stakeholders give reliable and actionable development reports which if implemented, helps employees in meeting their personal development goals.
Appraisals not only benefit the employees but also turns out to be beneficial for employers. As per Survey Analytics, companies who implement regular employee feedback have turnover rates that are 14.9 percent lower than for employees who receive no feedback. It measures and validates the effectiveness of an employee by collating opinions from different groups of people working closely with the employee. Additionally, the data-driven reviews help in structuring the appraisal process.
What is the process of periodical feedback? Will more organizations follow suit and move towards a merit-based salary program in the coming years?
Periodical feedbacks are conducted biannually to track employees’ performance. Pre-assessments using 360-degree appraisal gives insight into an employee’s current performance and skills that he or she lacks. When conducted after a certain interval of time, 360-degree post-assessment help in mapping employees’ development journey. This is being increasingly adopted by organizations because periodical performance reduces the workload of managers who don’t have to spend weeks collating performance data for a whole year but also keep employees engaged and productive.
In Mettl - Not only are we getting more clients that want periodical 360 reviews done in their organization, but Mettl itself also carries out periodical 360 reviews. We review our employees biannually. It drastically reduces the workload on managers who don't have to spend weeks collating performance data for a whole year for each employee. It also works wonders for employee morale as they are motivated to maintain high performance all year long.
How does the periodical assessment replacing annual review helps the organization play a role in building individual careers?
Periodical assessments of employees make them feel valued at the organization. Annual feedback sometimes creates distrust among the employees as there is no means to track growth journey. Meanwhile, periodical performance anchors their career plans. The personal development report highlights an employee’s strong and weak areas and thereby suggests required training to improve in the future. A concrete plan that aligns with employee’s career trajectory
How does the performance review coupled with technology help organizations to lower the attrition rate?
Performance review through 360-degree assessments has brought a revolutionary wave in talent management. It saves the HRs ample of time and considerably reduces logistical hassle. 360-degree review collects anonymous reviews from raters. As the surveys reach the completion stage, the opinions are analyzed to produce actionable development reports. These reports in turn act as a benchmark for employees to keep a tab on their growth. Research indicates that employees who receive timely feedback do not turn out to be job hoppers. A feedback tool becomes a medium of voice opinion and makes it heard in organizations where individual hard work often gets shadowed by a person possessing a strong personality but not necessarily skilled. So, employees uphold the performance review to further their career goals, thus lowering the attrition rate.
What is the optimal outcome for periodical performance management?
As the skill ecosystem has rapidly evolved over time, so has the need to track the progress of learning and development through data-backed results multiplied. Periodical feedbacks help in bridging the gap between what employees think of themselves and others opinion of them. It is a good practice towards self-awareness. Periodic feedback from peers not only boosts their morale but also helps employees and their managers work better, thus showing improved productivity and profitability. As feedback results are delivered and discussed among team members, things become more transparent, creating a culture of openness.