A lot of companies are working on their midyear performance reviews right now. Unfortunately, that process has become a huge drain of time, energy, and motivation in too many organizations. In fact, many companies are moving away from performance reviews with large majorities of employees pushing for a change.
The problem is that too many organizations do performance feedback poorly. Managers rely on the annual or semi-annual review as the main source of performance feedback but that is way too infrequent. If you’re going to do periodic, formal performance reviews, make sure your employees get lots of informal feedback in between. Formal reviews should really just be a summary of the regular, ongoing feedback that managers share with employees weekly and even daily throughout the year.
Regular, informal performance feedback has always been important but the Millenial generation, now the largest group in the workforce, is making it even more so. About 69% of Millenials think the traditional performance review process is flawed and want a new process with more frequent feedback. So, if you want to hire and keep the best people, now is the time to rethink your processes and find a way to give frequent and useful feedback!
