The company is conducting their annual performance reviews with supplemental monthly updates on goals and milestones.
The result: First Reliance Bank gained a stronger understanding of employees' perception of individual and group performance, including gaps in communication.
This act is in itself a form of positive recognition; however other recognition or reward opportunities will present themselves during the performance evaluation process as the manager tracks progress on employee goals throughout the year.
This process leads to greater job satisfaction, improved morale and employee retention because your organization is staffed with a workforce of people who are highly productive, continually learning new skills and being challenged to do their very best.
This helped the company to align communication and expectations - and from there, more resourcefully ascertain and target areas for improvement.
Their employees were more accountable for their performance with the increased visibility of goals and resources and management had the tools to clearly measure associates growth and properly allocate compensation based on performance.
Upon meeting with the employee for the performance evaluation, you allow them the opportunity to discuss the events and present their side of the issue and see if you can resolve the situation together.
The goal isn't simply to defend the company in court, but to advise the employee of what's expected of them and whether they are meeting those expectations.
With an employee performance evaluation, a manager has the tools at-hand to measure individual performance throughout his or her team, identify top performers for further development and establish a pay-for-performance compensation plan.This documentation can be a very positive process as the employee may have been previously unaware of how his or her actions were affecting others and causing a breakdown of efficiency, and, once known, corrective measures can be put into place that will turn things around and may, as a result, create a new and better working situation for everyone on the team.The issue: First Reliance Bank wanted a performance management system that would enable them, among other things, to quickly identify core competencies by employee role and allow the managers to set goals and measure against them in a disciplined, structured setting.Reasons often given for employee turnover include the following: an increase in pay, better work conditions, more interesting work, opportunity to learn new skills, and a feeling of a lack of respect or recognition in the current job.Many companies use employee performance evaluations as a snapshot of the employee that includes a listing of past achievements, current projects, skill sets, and measurable behaviors.They wanted to use this application to gather pertinent information, conduct employee evaluations and create a compensation plan that was tied to performance appropriately.