How accurate would you say your employee reviews are?
It might not surprise you that your employees don’t always agree with your assessment. Here’s what will catch you off guard, though: if workers believe their evaluations aren’t correct, they’re not going to stay at the company. Read on to learn more about how employees feel about the
performance review process, and what you can do to change their minds.
How Employees Really Feel about Reviews
The workforce recognition solution provider Globoforce performs a semi-annual survey of employees. This study gives insight into how workers feel about various issues.
In the summer of 2013,
Globoforce’s survey focused on employee reviews. Respondents were quite negative about the process. Just over half of them see their evaluations as inaccurate. Moreover, 63% believe that assessments aren’t a true indicator of performance. And 40% say that reviews only represent one opinion – that of their boss.
Employees dissatisfied with the evaluation process aren’t content to sit around and complain about it. Workers who saw their assessments as inaccurate were twice as likely to look for new jobs.
The Hidden Costs of Turnover
You might say, “Okay, if an employee is so unhappy with his or her review, let that person quit. We’ll see how he or she fares elsewhere.”
Employee turnover is expensive, and managers should avoid it unless it’s absolutely necessary. When someone quits, he or she takes a store of knowledge away from the company. That knowledge might take weeks or months to replace, if ever. You also have to pay someone to train and supervise a new hire, which cuts down on the trainer’s productivity. And don’t forget that the recruiting process costs money and time, too.
Preventing Turnover by Revamping the Review System
Your business doesn’t have to suffer from high rates of employee turnover. You can retain workers by fixing the review process.
If employees feel that the current system leads to inaccurate assessments, ask them what you can do so that reviews reflect reality. There’s a good chance they’ll tell you they want feedback from their peers. Eighty percent of respondents in Globoforce’s survey saw crowdsourced reviews as more accurate. Asking coworkers to assess their colleagues’ performance leads to higher rates of employee satisfaction: 88% of peer-reviewed employees reported being happy at their jobs, as opposed to 67% of those who didn’t receive feedback from their colleagues.
Grapevine Evaluations: Improving the Assessment Process
Do you want to improve your employee review system to retain workers and increase their job satisfaction?
Contact Grapevine Evaluations today. Grapevine Evaluations are trusted by such companies as Pandora, Macy’s, and Thomson Reuters.