PERFORMANCE REVIEWS ARE IMPORTANT FOR YOUR SMALL BUSINESS

 


PERFORMANCE REVIEWS ARE IMPORTANT FOR YOUR SMALL BUSINESS

By: Resourceology360

Performance reviews are key to a small business because they provide the necessary feedback employees need for growth and compliance. Performance reviews are not a one-time process, the review process is happening all the time. All throughout the year employees are tasked to accomplish the organization's goals that have been set. This means you have to be able to identify the key talent so that you can mentor them for the next level. Because small business leaders are inundated with the daily responsibilities of managing the core concerns such as marketing, finance, and sales they often fail to recognize the employees who can support and help the business grow.

 

Performance reviews provide an even playing field for all employees because it is a structured process and leaves no room for speculations regarding favoritism or discriminatory practices. Many times, without an evaluation process in place you lose key employees who can potentially result in the normalcy of underachieving and doing minimal work. Small businesses don’t have the luxury of l the retention roller coaster because of the costs of replacing one and the time involved.

 

I particularly like performance reviews because they hold an important place in goal setting for the business. When we look back on how performance reviews were viewed they were designed to make the employees accountable for their levels of work performance. However, in a small business, this tool can be utilized as a way of looking to the future of the organization. This will allow employees to set individual goals and become more invested in the success of the business, rather than just being an employee who comes to work and punches a clock.

 

We all can agree that every employee wants recognition for the hard work and great performance. Depending on the employee this could mean a variety of recognition such as a promotion, commission, or a raise. As a small business owner, you have the flexibility to utilize a performance review process that is simple yet effective and provides you and the employee an opportunity for feedback and growth.



 

www.resourceology360.net

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