How Performance Appraisals Can Help Retain Employees
According to research by McKinsey & Company, the top reason employees quit their jobs from April 2021 to April 2022 was a lack of career development and growth. Due to a high quitting rate, many organizations are getting creative in retaining their employees, from extra benefits and signing bonuses to flexible work schedules.
With career development and growth being the top reason employees quit, the question arises—is the key to retention going back to the basics with employee performance appraisals?
Refresher: What Is a Performance Appraisal?
A performance appraisal is a reoccurring review of an employee’s job performance and overall contribution to a company. These appraisals happen as often as a company wishes—annually, quarterly, monthly, or weekly. Employers use performance appraisals to evaluate an employee’s skills, achievements, growth, and/or lack thereof.
How Performance Appraisals Help Retain Employees
Employee performance conversations significantly impact how satisfied, motivated, and productive an organization’s employees are. According to HR News, 61% of employees would consider leaving an organization if they did not receive frequent feedback.
We asked our internal team members at BerniePortal how weekly 1:1 meetings with managers impact their careers, and they shared the following:
“I only had yearly performance reviews in previous jobs. It’s been nice to receive feedback more frequently so that I can improve and learn in real time.”
“Having the chance to meet weekly with my manager to address different questions and challenges is incredibly important.”
“These meetings are weekly reminders of the problems we are trying to solve as a team, as well as a way to reflect on growth and development both professionally and personally.”
If performance appraisals are avoided, you risk damage to employee morale, management credibility, retention, and your organization’s overall effectiveness.
How BerniePortal Can Help You Conduct Performance Appraisals
BerniePortal’s Performance Management feature is a digital hub that allows organizations to grow relationships with their employees, in one place. Moving performance management into a digital hub enables managers and leadership teams to effectively communicate with each team member with decreased time commitment.
When creating a plan for performance appraisals, it’s important to establish consistency. According to Business News Daily, 92% of employees want feedback about their job more frequently than once a year to encourage career growth.
At BerniePortal, we conduct weekly 1:1 meetings with employees to provide an ongoing outlet for open communication and dialogue on the full scope of an employee’s responsibilities, successes, and concerns. These 1:1 meetings can be a crucial part of an employee’s growth and development at your organization.
The key to performance appraisals and reviews is ensuring accountability. The BerniePortal 1:1 tool within the Performance Management feature can serve as a note-taking device to document agendas and valuable takeaways from your time together for both the employee and manager to utilize.
While performance appraisals do take intentional effort from management, the payoff can be immense to the organization. See a demo of BerniePortal’s Performance Management feature today.
You can stay informed, educated, and up-to-date with important HR topics using BerniePortal’s comprehensive resources:
- BerniePortal Blog—a one-stop-shop for HR industry news
- HR Glossary—featuring the most common HR terms, acronyms, and compliance
- HR Guides—essential pillars, covering an extensive list of comprehensive HR topics
- BernieU—free online HR courses, approved for SHRM and HRCI recertification credit
- HR Party of One—our popular YouTube series and podcast, covering emerging HR trends and enduring HR topics
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