07 Oct 7 Reasons To Move To Quarterly Performance Reviews
We have all experienced over the past twelve months, that when change happens, businesses need to take action. We must adapt and evolve. Understandably, one of the key objectives everyone is trying to achieve is to become more resilient to these changes. To have processes and systems in place that allow for more agility and less rigidity.As we have seen in our previous articles, there are many different ways to do this through goal-setting and feedback as examples. Today, we are going to focus on another. Today, we bring you our top seven reasons why you should make the move to quarterly performance reviews and bring your performance management into the era of modern leadership.
1. They allow for early intervention. Similar to our software, they help you as a people leader spot sooner if there is an issue, conflict or an area where someone needs your support. If you wait until the end of the year, something that started in January will be a whole lot worse, and your people will still be hitting roadblocks that could have been removed much sooner.
2. They support alignment. By every person at every level in a company being part of the quarterly performance reviews process, means a better opportunity for alignment across the board. It’s vital everyone is working towards the same overarching goals and know how they contribute to them. Quarterly performance reviews are a great way to ensure everyone stays on the right track.
3. They improve engagement and productivity. These two go hand in hand. You’ll be linking in with your people more often, meaning they will be more involved in their work, and more will get done.
4. They increase your people’s sense of purpose. Today’s hires want purposeful work. It’s your responsibility as their leader to help them find it. Regular quarterly performance reviews help people stay focused on their goals as well as frequently see the return. Along with supporting alignment, they can see better how they are contributing to the bigger picture.
5. You can make better decisions. Don’t underestimate the power of these conversations. You gain valuable insight during quarterly Performance reviews, and they help you understand your people better, what motivates and inspires them as well as how best to support them. By having this more personal view of each individual as well as the overarching one from all the reviews combined, you are better placed to see patterns and make the best decisions.
6.It’s easier to make changes. Imagine a practice begins in quarter two that doesn’t serve the company and you don’t hear about until the last quarter. It’s a lot harder to make changes now than it would have been if you heard about it when it just started.
7. They create a culture of consistency. Routine check-ins and quarterly performance reviews with regular feedback ensure a community of continuity in your company. As people leaders, it’s something we are all looking to achieve.
There are many more reasons why quarterly performance reviews are a good idea, from a sense of company cohesion to more motivation and a collective approach to performance. As well as these, they are an opportunity for you as a people leader to acknowledge people’s efforts and reinforce a great company culture of clarity, communication and target reaching. It will take time for your newfound quarterly performance reviews to become a practice, but it’s definitely one worth doing.
Get in touch with Ronan from the team Frankli today to see how.