Posted: 14 Nov 2018
It is estimated that millennials will make up 50 percent of the world’s workforce by 2020. Career progression is very important to this generation and progressive employers are providing employees with continuous feedback on their performance throughout the year. However, although feedback is ongoing, the end-of-year review still takes place and many employers will invest considerable time on performance reviews in the coming weeks.
Managers and employees often complain that these end-of-year reviews lack meaning or are only relevant for bonuses. However, a well-conducted performance review is an opportunity for a broad discussion about career aspirations and development plans. In a competitive market where top talent is vulnerable to being poached by competitors, this opportunity to listen and learn can be very worthwhile for employers. It also demonstrates your willingness to invest in your employees and can enhance your company’s ability to retain talent.
To get the best out of your team’s performance reviews, good preparation is vital. You will want to align individual goals with overall company goals. You also want to gain insight into how your employees view their current role and what their future plans may be.
It is important to plan ahead and encourage open conversations. So, prior to the review, consider asking your team members to think about issues such as:
If you have lost employees over the last 12 months, it’s particularly important to heed any complaints that may be aired during the performance review. Listen out for opportunities to improve employee satisfaction and loyalty — for example through increasing your investment in mentoring, training, flexible working opportunities or non-financial benefits such as workplace wellness programmes. Deloitte’s 2018 Millennial Study found that after financial rewards, millennials rank flexibility, a positive workplace culture and opportunities for continuous learning as particularly important when choosing an employer.
At the review meeting, remember that communication is a two-way process. The more you listen, the more you will learn and the more you learn, the better your chances of understanding the factors that can help you retain and develop your team.
Finding good employees can be time consuming so it makes sense to invest in retaining those you have already found.
Remember that performance reviews are essentially a communication tool. Good communication should be an ongoing process. It shouldn’t just happen once a year.
Finally, keep in mind that if you need to replace talent lost during the last 12 months or require additional talent to service your company’s future growth and development, Eolas Recruitment can help you source, screen and select suitable candidates for specialist roles. Contact us for information on our services and details of how we can help.
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