How to create a great performance review process
There are 6 repeating steps in a great performance review process. These steps should be undertaken by the manager (thinking about their team member) and the team member (thinking about themselves). Let’s take a look at them:
- Review the previous period (could be the last year, the last quarter): Take some time out to make some notes and reflect on these questions:
- What has gone well in the last year / quarter?
- Where do you want to develop, what do you want to build on?
- When you think about your career, what’s important in the medium term?
- What help might you need to achieve your goals?
- Set goals for the upcoming period: Take some time out to think about your objectives, and also how you’ll measure them.
- Objectives should be specific and describe key outcomes (for example: complete project A, on budget and by the 12th March)
- Think about your overall goal, and break it into key objectives you need to achieve to hit your goal
- KPIs (key performance indicators) should be measurable, indicators of performance (for example: open 10 new accounts)
- Meet to discuss the previous period and the goals for the upcoming period: The most important parts of the performance review process are the conversations, step 1 and 2, set you up for a great conversation. Book a meeting in and give yourselves at least an hour. Talk through your prior period review, and your objectives and KPIs for the upcoming period. Make notes and agree any changes.
- Track your progress: To get the most out of a performance review process it’s really important to track your progress, use an app like io-teams to keep notes on when your hitting goals, when you need to refocus or when the goals need adjusting.
- Discuss your progress, in weekly 1-1s and as required in more depth: regularly discussing objectives and KPI performance is a great way to keep you and your manager up to date with your performance, where you might need help, or where you’re hitting your goals.
- Repeat, at the end of the year (or quarter) go back to step 1 to review your progress and prepare your notes for a review and objective setting meeting.