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Five dos and don'ts for holding a successful performance review

by , 24 January 2013
Antony Jenkins, the new CEO of Barclays bank in London, told employees to leave if they don't want to sign up to a set of standards aimed at rebuilding the bank's reputation after a string of scandals, Fin24 reports. He's tightening his belt on how employees will be judged at their performance reviews. But performance reviews can be hard all round. Managers don't know how to prepare properly and employees feel they're going to be tricked. Here are five common performance review pitfalls to avoid and five ways to get the best result from your employees' performance reviews.

'My message to those people is simple: Barclays is not the place for you. The rules have changed. You won't feel comfortable at Barclays and, to be frank, we won't feel comfortable with you as colleagues,' Antony Jenkins, CEO of Barclays told employees unwilling to sign the bank's new set of standards.
The bank's new values are respect, integrity, service, excellence and stewardship.
Jenkins added: 'Performance assessment will be based not just on what we deliver but on how we deliver it. We must never again be in a position of rewarding people for making the bank money in a way which is unethical or inconsistent with our values.'
His employees are probably putting together a list of achievements to show they work according to the bank's values in preparing for their next performance review.
Performance review season is a stressful time for managers and employees alike. But it's more than just a process to document and deliver feedback, coaching and ratings. When you go beyond the basics, a performance review becomes a powerful tool to help employees develop and achieve their full potential, and improve productivity within your company
Deirdre Elphick-Moore, co-founder of The Office Coach, lists five common pitfalls of performance reviews that managers should avoid.
Five common performance review pitfalls to avoid
1. Not linking performance reviews to tangible advancements like bonuses or promotions
2. Not getting buy-in from employees and managers alike.
3. Not getting a 360 degree perspective of performance by including the employee, the manager and the employee's colleagues
4. Not linking performance reviews to job descriptions/ day-to-day operational expectations
5. Not making performance management a daily exercise
You can avoid these pitfalls by following the five ways to hold a successful performance review as suggested by the Practical Guide to Human Resources Management:
Five ways to ensure performance reviews get the best outcome
1. Get employees to complete self-assessments
2. Gather feedback from multiple sources
3. Align employee goals with organisational goals
4. Create development plans for employees
5. Reward good performance          
Employees will find the performance review less stressful if they understand how your company conducts its performance reviews, according to Dave Johnson on CBSNews MoneyWatch.
You can also make the performance review easier by telling employees to track their achievements by writing them down as they happen, so they have a clear list when their performance review comes around.
Follow these tips for a dramatic change in the way performance reviews are seen in your company today!

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