A recent article in Forbes Magazine outlined ten workplace trends that employers and employees are likely to see in 2017. One of the most compelling is the idea that employee performance reviews will shift from annual to ongoing. This could be a win-win for employers and employees alike.
Continuous Reviews Promote Continuous Improvement
The promise of regular feedback energizes and motivates employees, most of whom sincerely want to please their employers. Instead of waiting until the end of the year to learn if they’re doing a good job, they look forward to regular praise and constructive criticism. As an employer, you can’t expect your employees to fix what they don’t know is broken! Regular reviews provide an opportunity to address any problems before they spiral out of control. They also provide an opportunity to tell employees they’re doing a great job — which can increase morale.
Regular Reviews Reduce Attrition, Save Time
One employer that has already ended its annual review process in favor of ongoing feedback is Adobe. Managers still meet with employees at the end of each year to set goals for the coming year; however, they use a much more streamlined and much more frequent “check-in” system. The company estimates that the new approach has saved about 80,000 hours that time managers formerly spent conducting the annual reviews. Adobe’s human resources personnel also report the number of employees who resign each year has dropped since annual reviews were replaced.
About World Wide
For the last 50 years, World Wide Specialty Programs has dedicated itself to providing the optimal products and solutions for the staffing industry. As the only insurance firm to be an ASA commercial liability partner, we are committed to that partnership and committed to using our knowledge of the industry to provide staffing firms with the best possible coverage. For more information about Staffing Professional Liability Insurance or any other coverage we have available to protect your staffing business, give us a call at 877-256-0468 to speak with one of our representatives.