This post is one in a series designed to help SME businesses benchmark their business and create a best practice business improvement plan across all of their business processes. You can find the links to the full series here.
What are best practices for performance feedback, performance appraisal and training and development?
Conducting formal Performance Appraisals at least annually is an important, formal method for providing employees with performance feedback, for the development of career and training plans and to align performance with company objectives through specific performance targets. Best practice companies also assist employees by providing informal feedback throughout the year – in real time. Such regular, open and two-way communication and allows for greater trust and rapport which means minor issues to be detected and rectified early, while being able to recognise employee contribution.
Managers require specific skills to be able to give daily and weekly feedback and in order for the Performance Appraisal process to be meaningful and constructive. Managers therefore need the skills and confidence to be able to be an effective coach and provide both formal and informal feedback to employees. Without these strong people skills, your Managers may only be able to deliver half of their roles.
On-going training & development has numerous benefits for employees including the opportunity to learn new skills leading to increased confidence, self-esteem and job satisfaction. There are also benefits for the employer, such as increased staff retention and loyalty, improved customer service, better safety practices and productivity.
How does your business measure up?
Here’s a checklist to help you determine how well your business meets this benchmark.
- Our Managers have received training and have the tools to be effective Managers and give feedback
- We have a culture that encourages and fosters real time feedback
- We have a formal process to give – and seek – feedback
- We have a focus on development and training and we promote this in our informal and formal coaching and feedback discussions