Guide for Performance Management

By Vinod Khosla on

Why do Performance Reviews?

  • Most managers complain about having to do performance reviews - so why do them? Performance reviews are not required by law. However, they are important tools to ensure you and your employees are on track re: performance expectations.
  • It is important to decide how you will provide employees feedback and assess performance in a way that is fair, sound and consistent. Even if you decide to not conduct a formal performance management process, you do want to provide regular on-going feedback and avoid situations where the employee is surprised at how their performance is viewed.
  • Feedback (both positive and course correction) is an important part of managing the performance of individuals and/or the team. It’s how you reinforce the desired behaviors and provide course corrections for the behaviors you want to improve.
  • The goal is to create an environment of continuous feedback - up, down and across the organization.
  • The purpose of a formal performance review is as a “forcing mechanism” to ensure feedback is happening and to be at a point in time to review overall performance for a specific period.
    • It’s an opportunity to recognize and reinforce great performance
    • It can (but doesn’t have to be) be tied to determining compensation...

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