Timing Is Everything: How Often Should You Conduct Performance Reviews?
Hello and welcome to Episode 238 of The People Powered Business Podcast.
Today we are continuing the conversation we started last week on performance reviews, but today we are focusing on timing – and looking at how often you should be doing performance reviews.
We start today's episode by discussing how the regularity of reviews impacts engagement and productivity. I shared some statistics and data to help demonstrate this including:
An article from Cultureamp that found that “companies that conduct effective performance reviews are 30% more likely to meet their financial goals”.
Research from Gallup that found that “80% of employees who have received meaningful feedback in the last week are fully engaged”
And finally an article from Smartcompany referencing Gallup research that showed that conducting performance reviews boosts productivity by 56%!
We then looked out how to choose the right cadence and timing cycle for reviews in your business. The thing is, there is no one-size-fits-all approach to performance reviews, factors like your business size, industry, and team dynamics will all impact and dictate the cadence.
Finally we discussed whether you can do reviews too often, and what review fatigue looks like.
As always, I’d love you to join us inside our free Facebook Group, HR Support for Australian Businesses, so I can learn more about what’s working for you and any challenges you might be having.
Join Here.
