Performance evaluations, and why they are so important for companies

Crystal Faulkner

Question: We currently have an informal review process at my company. As we grow, should we consider implementing a more formal review and feedback process?

A: For many business owners, the last quarter of the year is a time of reflection and goal setting. For your employees to perform at their best, they need feedback to know if they are doing their job correctly and what changes they need to make. The most effective way to provide this is by conducting formal evaluations and reviews consistently for both employees and managers. Doing so can help boost morale and job performance, and ultimately, your bottom line.

Some considerations:

Tom Cooney with Wealth Dimensions
  • Keep the team informed. It’s human nature to want to know how we’re doing, and this is especially true regarding our jobs. When employees don’t receive feedback on their performance – good or bad – they don’t know whether to keep doing what they’re doing or change course. Exceptional performers should be recognized and inspired to continue their performance.

Unfortunately, managers get so busy with all the tasks involved in running the business that performing employee reviews often gets pushed to the wayside. It can be easy to put off a performance review for a week or two (or longer) when there are other pressing priorities.

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