Performance review, well, is it not self-explanatory? But still, a formal definition of a performance review or performance appraisal is the evaluation of an employee based on quality, output, time, and cost.
A performance review is usually done by the respective supervisor or manager. The main objective of a performance review is to discuss the development of the employee.
Performance Review or Appraisal
Well, do you remember your school days when you used to get tensed just before your teacher handed you the progress reports? The performance review is exactly the same, the only difference is that a working adult gets a performance review from his employer.
A performance review gathers and analyses an employee’s strengths, weaknesses, failures, and successes.
Based on this review an employee is suggested further measures for improvement or in the case of an exemplary review an employee is granted a salary raise. In some extreme cases, an employee may also be asked to quit.
Benefits of a Performance Review
A performance has countless benefits for both an employee and an employer. To mention a few:
- Employee feedback.
- Recognise the areas that an employee needs to improvise in.
- Implement personnel decisions like pay rise,promotion or disciplinary actions.
- Provide a channel for communication between employee and administration.
- Look for the areas the organisation needs to improve.
- Provide counselling sessions for the employees.
Performance Review Tools
The most widely used performance review tools are:
- Kissflow HR Cloud
- BambooHR
- SAP SuccessFactors
- Workday HCM
- Zoho
Employee and His Performance Review
An employee can take a lot out of a review as does an employer.
- The whole point of an appraisal is not to intimidate an employee but to enable the employee to communicate in a direct manner.
- It is always a good policy to have an appraisal as this gives the employer a chance to instigate what he exactly wants out of his employee.
- These appraisals are strictly confidential thus enabling the employee to express his concerns and welcome suggestions. This way you can see a rapport building among you, your colleagues, and your bosses.
- Always be prepared to face a review. Be enable to list your accomplishments. You do not have to be modest in your appraisal.
- Convince your employer that he has benefited from you through your work by being able to show him exact outputs and profits where necessary.
- Never be put off by a poor performance review.
- Always do a self-assessment after you have received your appraisal. Check if the appraisal has it right, if not address the issue with your assessor.
- Make your point with a strong set of productive work that was done by you. In case your appraisal is just enough learn to correct your errors and improve where ever necessary before the next review.
Performance reviews are an essential part of your job curriculum. Always be prepared to learn from your performance reviews. Consider it as a learning opportunity.
How to make a Win-Win Salary Negotiation?
Making a win-win salary negotiation is quite an art. Salary negotiations are a very important part of your job interviews or discussions. But, this is one of the most important aspects of an interview that is very much undermined.
Most people like sticking to this notion: get a job first and do not worry about your salary, it will take care of itself in the months to come.
Never commit the grave mistake of securing a job without proper salary negotiations. Most often that does not work.
Never under-estimate yourself when discussing your salary package. Show the employer that you are worth what you demand. Remember, the employer needs your skills as much as you need the job.
Let us look at a few aspects that are to be examined and discussed thoroughly that would ensure a win-win situation for both you and your employer.
1. Determine your value
Try to figure out what the employers of your industry are being paid in the market. Find out what your prospective organization is paying the employees in your field. Based on the results put forth a proposal.
If the company tries to negotiate on this, be sure to let them know of the advantages and effectiveness you could bring to them.
2. Conceal your previous salary
This is a very important point you need to take into consideration. Once you give away your previous salary you are sure to lose your ground in the battle of negotiations. Also, this would surely show your inexperience at an interview.
3. Don’t be the first one to start negotiating
Never make the first move in your negotiations. Once you put forth your package, give the employer the time to contemplate. Not only your employer but you too need some time to discuss what you are asking for. Never show the first impulse.
4. Understand the package you are being offered
This is a mandatory step you need to exercise before reaching a consensus with your employer. Know what your basic pay is going to be, consider the special allowances you are being offered and make sure you know what you are being taxed on each.
5. Make sure your employer is happy with the deal
Once you have agreed to what your employer has offered, make sure if he is happy about what he is paying you. Bear in mind, the relationship with your employer is very important. He is the one who would decide your future in the company.
6. Know the precise moment at which you stop bargaining
Most companies are usually happy when it comes to satisfying an employee. Be grateful for what they have offered and never try to stretch your bargain. This could have a telling effect on your future with the company.
Making a win-win salary negotiation can be a little tricky but has to be done nevertheless. A happy employee-employer relationship is a must for mutual benefits.
