Every businesses are making improvements with regards to the procedures in conducting a performance review. They even have to go too far to eliminate an annual review to have it in favor with a continuous feedback model which consists of weekly, monthly, or quarterly performance review. If you might ask, “would it be a little too much?” Basically, it would just depend on the culture that your business has. Before you try to bandwagon by having an extreme change over the evaluation process, take some time to think about whether having a quarterly evaluation definitely deserves to be implemented in your organization. Let us try to take some time exploring more information about quarterly evaluation.
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What is a Quarterly Evaluation?
Quarterly evaluations are designed to give you and your employees an opportunity to think of what you have done on the past quarter. This allows you to make an acknowledgment over your achievements and progress and give you enough time to discuss about your performance gaps that certainly needs improvement. Aside from that, it is the best time for you to tackle about the main goals and adjustments to make for the upcoming quarter. This type of evaluation is such a great opportunity to focus on the 4 R’s for the next quarter: reflect, refocus, realign, and reset.
There have been a lot of benefits that you can get out of having quarterly evaluations. Quarterly employee evaluation helps each of the employees who are new in the workforce in a most beneficial way. Although some of them might feel a little bit unsure about their performances, they are still going to give appreciation to whatever kind of feedback they will receive from their supervisors. Quarterly evaluations can make it easy in the part of the supervisors as it will help in augmenting each of the staffs duties or in suggesting what could be the best strategy that will help them improve their work performance. Problems faced by the employees like tardiness and inefficiency at work can easily be brought up and attended immediately with quarterly evaluations.
Pros and Cons in Quarterly Evaluation
There is great thing when it comes to having quarterly evaluations. They actually fit into the natural rhythm of every business and they can actually sync up easily with the objectives of your business. However, there are still some companies who can only offer a quarterly evaluation to new employees especially if they really need extra help in doing their roles. This might be one of the ways where they can actually reduce time and the struggle in paperwork of carrying out the process of a performance review. Quarterly evaluations also work best when they are easy and can be used among organizations to help achieving the milestones.
- Employees can easily act on findings in a quicker way.
- They can easily make themselves in lined with the company’s business objectives.
- They can contribute in reducing the load of the admin in performing an annual performance review.
- It is only applicable or is limited to only certain types of employees.
- They can be overloaded with the business objectives.
- They are not always focused on the long-term goals.
What are the steps in conducting a quarterly evaluation?
You have to establish your main objectives. Make sure that you don’t forget to conduct documentation of all the activities that take place within the organization. Conduct a mid-year evaluation because through this, you will be able to make a meaningful assessment. Organize meetings. This can give you time to provide feedbacks to the employees. Lastly, give proper feedback. You just have to make sure that you have done thorough research in terms of the employee’s performance.
When is the best time to conduct a quarterly evaluation?
It is usually from 2 weeks prior to 2 weeks after the quarter has started.
Can you skip a quarterly evaluation?
No. Every employee must have a meaningful time with their managers and they must know whether they are meeting the requirements of the company based on their performance.
If you want to see more samples and formats, check some of the quarterly evaluation samples and templates in the article to be guided.
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