One of the staples of any successful business is an annual employee performance review, where employees are individually evaluated based on the quality of their work, their efficiency, their ability to complete goals and meet deadlines, and other factors that are important to each company. The reviews are an indispensable part of managing a business and ensuring that employees are on track, know what is expected of them next and that the business is running smoothly and successfully.
Monthly reviews have the same purpose but are less formal, less structured and take place much more frequently. They have the added benefit of making sure that employees are on track more often, fully understand their roles and tasks, and ensure that all tasks and assignments are reflected and nothing is forgotten, which often happens by the time the annual review takes place.
According to the experts at Bayt.com, here are the 4 main benefits and top reasons you should start scheduling monthly reviews with your team.
1. Keep track of employee satisfaction
Having a monthly one-on-one session with your employees comes with the advantage of giving your employees a time and space for open and honest communication. It is important to let your team know that they can speak freely and honestly with you, and give you direct feedback on how they’ve felt about the tasks tackled, whether they’ve enjoyed them, if they are feeling overwhelmed, bored, challenged enough and generally happy.
2. Maintain a professional and personal relationship with your team
We spend the majority of our time at work, so it is extremely important to build a healthy relationship with our teams and coworkers. Since monthly review sessions are usually less formal and less structured than annual reviews, they can encourage a more personal relationship with your team members, and can lead to overall higher levels of employee engagement and work satisfaction.
3. Ensure monthly targets are being met
Waiting for the annual review to give employees feedback is one of the biggest mistakes managers make. Regular and constant feedback is important to make sure that employees understand their roles well, know what is expected of them, are on track to meet their goals, and have the support to achieve success in their positions. Monthly sessions can help employees understand exactly what they are doing right or wrong, and how they can further improve to meet their goals on a regular basis.
4. Motivate employees and boost morale
A monthly review session is the perfect setting to praise and thank your employees for a job well done. Letting your team know that you’ve noticed all the hard work they’ve done and recognizing their efforts is essential to keeping your employees happy and fulfilled with their jobs. In fact, the Bayt.com “Work Satisfaction in the Middle East and North Africa” poll revealed that 79.2% of professionals in the MENA are happy with the recognition they receive for their accomplishments at work. It is extremely important to always acknowledge and appreciate the hard work and the efforts that your team exerts towards the success of the company.