Channel Eye has joined forces with Royston Guest, leading Business Growth Coach and CEO/Founder of Pathways Global, in our column, ‘Ask the Business Coach’
The annual performance process has three primary functions: firstly, to provide feedback on an individual’s performance; secondly, to serve as a basis for modifying or changing behaviour or identifying areas of personal development; and thirdly, to provide data to managers for reward (pay rises/bonuses) and recognition (promotions/awards).
The annual performance process is central to effective management if it is done correctly.
The big three takeaways!
- Don’t bank feedback. Give in-the-moment feedback (or as close as possible).
- The annual review should be predictable; there should be no surprises.
- The annual review should be a summary of performance throughout the year.
Episode timestamps
- [0.45] Managers and leaders cannot and should not ‘bank’ their feedback for one day at year-end. They should know and recognise how individuals perform throughout the year. Any developmental feedback should be given in the moment.
- [1.30] An annual review should summarise an individual’s performance for the year; there should be a half-yearly check-in to summarise an individual’s performance at the midway point, and there should be a quarterly check-in summarising performance quarterly. Managers and leaders may also choose to complete monthly or even weekly check-ins. All these discussions and conversations should make up the annual review – hence why it is a summary of the year’s performance. There should be no surprises.
- [2.55] If the annual review is linked to pay rises or bonuses, then a year-end process to assess their performance against metrics and behaviours is essential.
Do you have a question for the Business Coach?
Send your questions to askthebusinesscoach@channeleye.media
Missed a previous episode? Catch-up and watch the series here.
