Purpose of Performance Review
1. Bringing Personal Roles in line with Business Objectives: Performance evaluations provide a valuable opportunity to ensure everyone is on the same page when it comes to the company’s vision and goals. By focusing on individual performance, the organization as a whole thrives.
2. A Well-Defined Understanding of Job Responsibilities: Through effective performance management, employees are encouraged to reflect on their role within the company and address any uncertainties they may have. When both employees and supervisors have a clear understanding of their specific job duties, it eliminates any confusion and promotes accountability for tasks and responsibilities.
3. Continuous and Meaningful Feedback: By conducting regular performance evaluations, individuals can gain valuable insight into their strengths and areas for improvement, while also gaining a clear understanding of the standards they are expected to meet. Additionally, performance management serves as a powerful motivator, empowering employees to not only find fulfilment in their work but also exceed expectations.
4. Career Growth: Through performance evaluations, employees have the opportunity to strategize and set goals to enhance their career progression. This process also allows them to receive necessary guidance and support, which can serve as a foundation for HR’s succession planning.
5. Incentives for Excellence: Performance management goes beyond monetary compensation to acknowledge and appreciate employees’ hard work. From bonuses to time off, there are various rewards to recognize outstanding performance. An exceptional performance review, where an employee’s effort and dedication are acknowledged as “exceeds expectations,” can serve as motivation for continued success and pave the way for future career advancements.