Employment trends expert explains why most companies fail miserably at performance reviews
Statistics show that 95 percent of managers are dissatisfied with their company’s performance review process, and 42 percent of employees agree that performance reviews are ineffective. So how can companies better review and maintain their staff’s performance?
“Performance reviews have never been more important,” says Rob Wilson, President of Employco USA and human resources expert. “We know that 91 percent of millennials are going to stay at their current positions 3 years or less. Recruiting and training employees is expensive, and your company loses something every time another employee cuts ranks. A strong performance review system can help you to maintain your staff and ensure that you don’t lose employees due to ineffective management.”
Indeed, Wilson says that 79 percent of employees leave their job due to feeling unappreciated by their managers.
“Performance reviews can benefit both workers and their employers,” says Wilson. “It lets employees see that their work is not invisible and that their efforts are seen and valued by their higher-ups. And, it helps managers to pinpoint potentially problematic behavior and ensure that goals are being met.”
Wilson says that companies need to realize that training managers for these performance reviews, or hiring an employment-solutions firm like Employco USA to handle such measures, is an absolute must.
“Performance reviews are a skill that needs to be learned,” says Wilson. “It needs to be practiced and role-played for managers to really understand the best way to go about it and for companies to make the most of these reviews.”
Wilson also says that every company should consider having regular conversations with staff, even outside of annual or biannual performance reviews.
“Talk with your employees for just 10-15 minutes in the conference room about their ongoing projects,” says Wilson. “Troubleshoot any possible issues they might be having, and help set action items moving forward. Open feedback will keep your relationship strong and projects moving forward.”
For more on this topic, please contact Rob Wilson at firstname.lastname@example.org.