Performance reviews are mandatory for the success of any organization. They help evaluate employees, identify areas for improvement, and acknowledge good performance.
Reviews help:
- ensure you understand your job responsibilities and have specific goals to meet,
- provide you with actionable and timely work feedback,
- invest in development opportunities that help you grow professionally,
- recognize and reward your work in financial or non-financial ways (e.g. awards)
To make sure you receive timely feedback, a performance review will be done quarterly. You don’t need to stress. These reviews are an opportunity for you to openly discuss the challenges you face or any career goals or work-related issues you may have, and receive constructive feedback from your manager.
Tracking and measuring performance
Having an objective way of tracking and measuring performance helps us be fair and create a predictable work environment. Hence, to do the same, we use KRAs (Key Result Areas) and KPIs (Key Performance Indicators) at a department and individual level.
It’s the responsibility of every department head to set quarterly KRAs and KPIs for his or her team and track performance on a weekly and monthly basis. These KRAs and KPIs link to the company’s overall goals, and at an individual level define the areas of responsibility of each team member.
These indicators give individuals a direction in which they should put in their efforts and clarity of how their outcomes will be measured.