It’s high-time you revamp your Performance Appraisal Methods! Know why?

Appraisals are based on an employee’s performance. And with Appraisal Period arriving like a bullet train, everyone is awaiting what opportunities lie ahead.⏩

Following that track comes the performance reviews which are dreaded by most and by both the employees and the employer.🤔

With hybrid being a culture in today’s era, leaders are rethinking their ways of performance reviews as well. Read on to get an overview.📈

Importance of performance appraisals

• Employee development👩💻

Appraisals and the reviewing process gives the leaders an opportunity to identify their workforce development. Appraisals are a bonus to reward the deserved ones and to motivate the ones in the developing stage.

• To spot potential🔎

Appraisals are an opportunity to sit with the best-performing employees and help them in mapping out their growth path. 

• To manage changing roles🧑🏭👩🎨👩🚀

This evolving era leads to several transformations in the workplace too. Appraisals are a motivation for employees to keep up with the trends and present their best with changes in place. 

• To improve performance💯

Appraisals aren't only about employee development. The competitive streak among the workplace encourages every individual to perform their best which in turn is a personal learning and growth factor for them too. 

How to make appraisals effective?

1. Culture with feedback🗣️

Every employee needs insights on how they’re performing. Instead of a stand-alone event where opinions are shared, incorporate a culture with feedback as a guide.

2. Assessments and Rewards🏆

Proper employee evaluations are a necessity as they segregate who’re truly giving their best. In return they should be encouraged by being rewarded for their hard work

3. Realistic Goals should be the aim🎯

Instead of setting vanity metrics to make the organization look good. Set goals that are realistic, achievable, measurable, and time bound to make them effective for everyone by using OKR Software.

4. Be Positive - Highlight Strengths💪

Get rid of the criticism. Instead of pointing the flaws encourage the workforce by praising them for their growth. It’s human nature to feel motivated when fairly appraised or compensated for their work.

Modern Methods of performance appraisal

1. MBO

Management by objectives (MBO) wherein the managers and employees collaborate to concoct a plan, organize, and communicate goals to focus on in a time-bound appraisal period. 

2. 360 degree feedback

A 360 degree feedback method gathers feedback on the employee from not just the manager but from everyone else around like colleagues, customers, juniors, etc.

3. Assessment centre method

This modern method of performance appraisal predicts the future work performance of an employee based on their current performance. This helps in righting the wrongs and giving a clear path towards success.

4. Behaviorally Anchored Rating Scales (BARS)

Behaviorally Anchored Rating Scales (BARS) is a modern performance appraisal method that brings forth theoretical and practical benefits. BARS compare performance with traits and ratings are given based on that.

5. Psychological Appraisals

Psychological appraisal method focuses on analyzing the future work performance of an employee rather than frowning upon past works. An employee's true and hidden potential can be determined through this.

6. Cost Accounting Method

The types of monetary benefits an employee is bringing in for the organization are decided through the Cost Accounting Modern Method of Performance Appraisal. Calculated by comparing expenses done by an employee with the financial benefits they bring in.

With this you're geared up for the upcoming performance appraisal period. Use a Performance Management Software for even greater results and implement these tips and get a highly motivated and productive workforce for your organization.🙂🥇