Prioritize Ongoing Performance Reviews in 2024
For most organizations, performance management involves conducting annual or bi-annual reviews with employees. While these reviews are an excellent way to track employee performance over time, they do not provide real-time feedback. For this reason, many HR leaders have started to make ongoing performance reviews a priority. Below, we explain why ongoing performance reviews should be a priority for HR leaders in 2024 and how your organization can use our enterprise-level HCM system for success.
Real-Time Feedback Improves Employee Performance
Annual performance reviews provide a snapshot of employee performance over the past year. On the other hand, ongoing performance reviews provide real-time feedback that can help employees improve their performance immediately. With ongoing reviews, employees can set goals and receive feedback on a regular basis, which helps them stay on track and feel more engaged in their work. A study by Gallup found that employees who receive regular feedback are 3.5 times more likely to be engaged at work and 14% less likely to quit their jobs.
Engage Employees in Their Career Development
One of the biggest benefits of ongoing performance reviews is that they help employees take ownership of their own career development. This is because ongoing reviews give employees more control over their performance and career growth. Employees who can set goals and track their progress are more likely to feel invested in their career development. This can lead to increased motivation, productivity, and job satisfaction.
Boost Employee Morale and Retention.
When employees feel like they are valued and supported, they are more likely to stay with an organization long-term. Ongoing performance reviews provide employees with regular feedback and help to build a sense of support and community within the workplace. This helps to boost employee morale and creates a more positive work environment. In turn, this can lead to higher employee retention rates, which benefits the organization in terms of cost and productivity.
Use our Enterprise-Level HCM System for Success
In partnership with isolved, we provide our clients with a robust human capital management platform that offers HR leaders the tools to implement ongoing performance reviews effectively. With the iSolved system, your team can set up regular reviews and track employee progress. The system also allows for accessible communication between managers and employees, which helps to keep everyone on the same page. It also provides valuable insights and analytics that can help HR leaders identify areas for improvement and make data-driven decisions regarding employee performance and development. By using this solution, organizations can ensure the success of their ongoing performance review process.
Prioritize Ongoing Performance Reviews
Ongoing performance reviews should be a priority for HR leaders in 2024. With real-time feedback, employee engagement, and improved retention rates, ongoing reviews can help organizations improve performance and retain top talent. Through our partnership with isolved, we’ve simplified the review process, allowing you to make data-driven decisions about employee performance.
Contact Chris Kelly at [email protected] for guidance in prioritizing ongoing performance reviews for your company in 2024.