If you want a business filled with enthusiastic, ambitious employees motivated to perform, it is now more important than ever that as a business you are investing one-on-one time with your team and delivering on promises made when you were selling the dream at interview time.
Believe it or not, your staff welcome and want a defined performance management schedule and your ability to deliver on this schedule is critical.
Show leadership! The last thing you want is your employee having to follow up on their probation or annual performance review or having to remind you that they were promised a salary review at 6 months. By initiating the dialogue yourself, you are strengthening your relationship with your employees, improving team morale and improving retention rates.
Here are a few key stats for you to consider.
83% of employees with a good reward and recognition structure in place say they are content in their position.
69% of workers will work harder if they know their work is valued and appreciated.
Businesses that have effective reward structures enjoy an almost 50% rise in employee engagement.
Whether you choose as a business to conduct your appraisals annually or prefer a continuous performance check-in each month or quarter, this one-on-one time with your employees will help you track progress towards KPIs and targets, identity training needs and promotional opportunities and help you make an informed decision around pay-rises or bonuses.
Here are some of my tried and tested hints on how to manage the performance process and delivery on promises made within your business:
Make sure you document promises made at interviews as soon as that letter of offer is signed. For example, if you agree to a salary review being undertaken at 6 months then immediately schedule this into your calendar and set a reminder 2-3 weeks out so you can send your employee an invite. This will show that you are ahead of the game and make them feel valued.
Always conduct the 6-month Probationary Review. If you plan on keeping the employee on beyond this review, formalise it. Again, it is all about making your employees feel valued. Why not gift them with a $50 gift voucher or a simple box of chocolates as a warm thank you for a job well done.
Conduct annual reviews for each employee, you can either do this at their annual anniversary or schedule them at a particular point in the year for your entire team. When do you set your annual company budgets? If it is in line with the EOFY, why not set this time of the year where everyone has a performance and salary review at the same time.
Set a calendar reminder for annual workplace anniversaries - remembering these keys dates will allow you the opportunity to celebrate these key dates and show your appreciation for staff loyalty.
We all know how competitive the job market is and having to hire replacements can carry a high price tag with time, recruitment fees and an impact on your overall staff morale. Adopting these small but significant steps in your HR process will keep your employees loyal and you as the employer of choice in your marketplace.