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How to make quarterly performance reviews work for your team?
Performance Management

How to make quarterly performance reviews work for your team?

Pearl Remedios
May 21, 2024
9
mins

Are you letting your team's valuable skills erode while we wait for annual assessments?

It is crucial to acknowledge the drawbacks of relying solely on annual performance reviews. While these assessments serve a purpose, they often come with significant downsides that can impact both individual and organizational growth. By waiting a whole year to evaluate and provide feedback, we risk allowing our team's valuable skills to deteriorate over time. This approach not only hinders employee development but also undermines the potential for timely course corrections and improvements. As stewards of our team's success, it's essential to consider more agile and effective performance management strategies that prioritize continuous feedback and development.

How can quarterly performance reviews come to the rescue?

Quarterly performance reviews offer a solution to the challenges of annual assessments. They give us regular opportunities to offer feedback, preventing valuable skills from slipping away unnoticed. With this approach, we can make timely adjustments, keeping our team agile and responsive to change. Quarterly reviews help us create a culture of ongoing improvement, benefiting both the organization and its employees.

Impact of quarterly performance reviews

Based on a survey report by Zensai, insightful discoveries were made regarding the global impact of quarterly performance reviews on organizations. In summary, there was:

1. An increased demand for feedback:

A survey by Zensai reveals that 33% of employees are seeking feedback beyond the traditional annual performance reviews, indicating a growing appetite for more regular evaluations.

2. A boost in engagement:

Regular feedback significantly enhances engagement levels, with studies showing that more frequent feedback nearly triples the likelihood of employees feeling engaged and invested in their work.

3. An enhanced perception of feedback quality:

Employees are five times more likely to perceive the feedback they receive as meaningful when it's provided on a more regular basis, underscoring the importance of timely communication.

4. The Millennial concerns:

A staggering 74% of millennials express feeling "in the dark" about their work performance, highlighting the need for more frequent and transparent feedback mechanisms.

5. An impact on retention:

Inadequate performance feedback can have serious consequences, with 24% of employees admitting they would contemplate leaving their jobs due to a lack of constructive feedback and recognition.

6. A boost in performance and engagement:

Companies with recognition programs witness a notable uptick in employee productivity, performance, and engagement, with metrics showing a 14% improvement compared to those without such initiatives.

7. A significant rise in managerial recognition:

Research suggests that the most meaningful and memorable recognition comes directly from managers, accounting for 28% of impactful acknowledgments, further emphasizing the critical role of managers in fostering a culture of appreciation and feedback.

Can performance management systems in HR tech enhance review cycles for your teams?

HR tech speeds up HR operations including performance reviews cycles giving you the promptness when it comes to feedback cycles. For instance:

1. It streamlines the review-cycles

Performance management systems in peopleHum HR tech, automates many aspects of the review process, from scheduling reminders to collecting feedback, making the whole process smoother and more efficient.

2. Leads you in the right direction with data

It helps you gather valuable data and insights about employee performance over time, helping you make more informed decisions during reviews.

3. Continuous 360-degree feedback made possible: 

pepleHum HR tech platform offers 360-degree feedback tools, allowing you to gather input from multiple sources to provide a more comprehensive evaluation of employee performance.

4.  Makes goal tracking easier: 

Set, track and update goals easily ensuring that both managers and employees are aligned on expectations and progress.

5. Helps with continuous feedback:

Facilitate ongoing feedback and check-ins between quarterly reviews, fostering a culture of continuous improvement and development.

6. Offer customized feedback:

You can tailor HR tech solutions to suit your company's specific needs and processes, ensuring that they align seamlessly with your existing review framework.

People Also Ask

How do you write a quarterly performance review?

Writing a quarterly performance review is manageable with a structured approach. Start by preparing thoroughly, reviewing past feedback and goals. Be specific and objective, providing balanced feedback that acknowledges achievements while addressing areas for improvement. Set clear, SMART goals (Specific, Measurable, Achievable, Relevant, Time-bound) for the upcoming quarter aligned with the employee's role and company objectives. Encourage dialogue to foster open communication and mutual understanding. Document the review comprehensively for future reference and end on a positive note, recognizing the employee's contributions and expressing confidence in their growth. Ultimately, the aim is to support employee development and enhance overall performance.

What is an example of a good employee performance review?

A good employee performance review sets the stage for growth and success. 

You start by highlighting the employee's strengths and achievements, pointing out specific examples to illustrate your points. Then, you address areas where improvement is needed, but you do it with empathy and a focus on support rather than criticism. It's about guiding them toward becoming even better, not just pointing out flaws. Together, you set SMART goals—ones that are specific, measurable, achievable, relevant, and time-bound—that align with their role and the company's objectives. Throughout the review, you keep the conversation open and honest, encouraging dialogue and mutual understanding. With this approach, a good performance review becomes a springboard for growth and development, benefiting both the employee and the company.

How to write a quarterly summary?

Writing a quarterly summary is a great way to capture the highlights and achievements of the past few months. Here's a simple step-by-step process to lead you to a successful review cycle if done right. 

  • Start by reviewing key milestones and accomplishments achieved during the quarter. This could include successful projects, meeting targets, or any noteworthy contributions from team members.
  • Next, outline any challenges faced and how they were overcome. This shows resilience and problem-solving skills, which are valuable traits in any workplace.
  • Provide an overview of key metrics and performance indicators to measure progress against goals set at the beginning of the quarter. This helps assess the effectiveness of your strategy and initiatives implemented.
  • Include feedback from team members and stakeholders, highlighting any areas of improvement or opportunities for growth identified during the quarter.
  • Conclude the summary by outlining priorities and objectives for the upcoming quarter, ensuring alignment with the company's overall goals and objectives.
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