June 27th, 2018
Reviews are a vital tool for improving and recognizing employee performance. Many organizations conduct reviews on a yearly basis, but there is a significant benefit to increasing the number of formal reviews to a bi-yearly schedule to include a mid-year review. So, how do mid-year reviews contribute to higher levels of employee retention?
The Benefits of Mid-Year Reviews on Retention Efforts
Recognizes Work and Performance
Organizations that conduct mid-year reviews better recognize and formally acknowledge employee performance and contributions. By doing this, employees feel “seen” and that their work is valued. When an employee feels valued, they are less likely to seek out other employment opportunities, thus keeping employee retention stable, which significantly increases institutional knowledge.
Adjustment of Goals as Business Needs Change
In business, work goals and objectives change constantly. Conducting a mid-year review allows changes in focus to be formally discussed and acted upon more quickly, leading to a more agile environment. This input enables employees to better adjust to changes and make the most impact to organization goals.
Facilitates Performance Discussions Allowing Early Intervention
Mid-year reviews can also serve as a forum to have delicate discussions about employee performance issues. Taking this early opportunity allows problems to be dealt with before they become an even more significant problem that could damage the employee-employer relationship or lead to potential legal issues.
Shows Support: Ensures an Employee Feels Connected to the Organization
When formal review discussions take place twice a year, employees feel more connected to their employer. Including employee career development goals in these discussions makes employees feel supported by the organization. This support can go a long way to encouraging a positive work environment which maintains high levels of retention.
Thinking Beyond the Mid-Year Review
Employee reviews are critical for both the employee and employer. Organizations that conduct mid-year reviews report happier, more productive and fulfilled employees, which leads to better retention. With high retention rates, organizations maintain institutional knowledge which is vital for success.
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