Employee performance reviews should happen more than once a year – here’s why
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Employee performance reviews should happen more than once a year – here’s why
In today's competitive business industry, companies constantly seek innovative ways to enhance employee performance and drive organizational growth.
Performance reviews are a crucial element of an effective performance management system in any organization, allowing companies to evaluate employee progress, provide feedback, and align individual goals with organizational objectives.
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While annual performance reviews have been the norm for many organizations, at Accensis, we have moved towards quarterly performance reviews and incentives, which offer a range of benefits that contribute to improved employee development, engagement, and overall company success.
Employees currently want to get the recognition and benefits of their hard work now instead of getting it annually.
Employees tend to get demotivated on a yearly incentive scheme as they often feel they are not getting the timely recognition they deserve.
Implementing the quarterly performance and incentive scheme will motivate staff to work towards a goal every quarter, benefiting the company and employees.
Here are some of the benefits of implementing a quarterly performance & incentive scheme:
Motivation and Performance Improvement
Employees are encouraged to perform at their best throughout the year, as they can earn rewards every quarter.
Timely Feedback
Provides regular feedback on performance, which helps employees understand their strengths and areas for improvement.
Team Collaboration
Encourages teamwork and collaboration as employees work together to achieve common quarterly goals.
Alignment with Company Goals:
Allows the organization to align incentive payouts with its quarterly or short-term goals, ensuring that employees work towards the company's immediate priorities.
Properly executing the quarterly performance review and incentive approach can foster a culture of continuous improvement and elevate the company's overall performance advantages that contribute to a more engaged, productive, and growth-oriented workforce.