Employees crave feedback. The right insights can help us to improve productivity, establish paths for professional and personal growth, and even become better at what we do.
According to statistics, companies that implement a regular performance review have 14.9 percent lower turnover rates than businesses that don’t offer constructive comments.
The right review solution can motivate employees, help them to overcome difficulties in their performance and lead to better profitability for the business overall. Unfortunately, some company executives attempt to organize all their thoughts into a single annual event that’s relied upon to fix a range of problems. This is the basis of the dreaded annual performance review.
The annual performance review is an outdated approach to team management, and yet companies across the globe continue to use it. Despite the inefficiency, time-consuming nature and complexity of performance reviews, many organizations have yet to look elsewhere for a method to get better results from their staff.
Unfortunately, giving feedback is complicated, and a performance review that’s too harsh or negative can easily have a disastrous impact on your team. In fact, studies show that around 30 percent of performance reviews lead to lower employee performance and engagement. So, what’s the answer?
The following infographic contains everything you need to know about choosing a new alternative to the annual performance review. Each of these innovative solutions eliminates the time consuming, morale draining and motivation-damaging aspects of the performance review, and focuses on actionable suggestions for success.
Alternatives to the annual performance review