What is a Performance Review?
A performance review is a formal assessment in which a manager evaluates an employee’s work performance, identifies strengths and weaknesses, offers feedback, and sets goals for future performance. Performance reviews are also called performance appraisals or performance evaluations. In the past, many organizations conducted annual performance reviews for their entire workforce; however, more and more companies are moving toward a frequent feedback performance management system in which managers conduct quarterly, monthly, or even weekly reviews. In fact, some organizations are doing away with formal performance reviews altogether in favor of more casual manager check-ins and one-on-ones.

When done right, performance reviews can help employees understand what they’re doing well, how they can improve, how their work aligns with larger company goals, and what is expected of them. Managers who use performance reviews effectively can more easily recognize high performing employees, correct issues before they become insurmountable, communicate expectations, encourage growth and development, and foster employee engagement.

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