Forget Annual Reviews! Set Up Quarterly Check-Ins With Your Team in 2017

January 6th, 2017

In the past, employees met with management annually to discuss their performance. Often dreaded by all parties involved, many companies have shifted away from this model.

Results of a 2015 Towers Watson survey of 169 large and mid-sized U.S. and Canadian companies revealed only 8% have completely abolished performance reviews. However, half of respondents have changed or are considering changing the process to increase the number of interactions between employees and managers.

Rather than only meeting with employees once per year, the accounting recruiters at Accountingpros Recruiting + Staffing are completely in favor of quarterly performance reviews. Learn why it’s best to schedule frequent meetings.

Five Benefits of Quarterly Performance Reviews

Adjust Goals As Needed

Business plans rarely stay unchanged throughout the course of a year, and this can directly impact the goals of your employees. If you only hold performance reviews annually, many or all of a staffer’s goals may become obsolete well before year-end. Quarterly reviews allow the opportunity to assess objectives and make any necessary changes.

Provide Meaningful Feedback

When preparing an annual performance review, it’s hard to remember specific ways each of your team members excelled and where they needed to improve in the past year. When you meet on a quarterly basis, this information is fresh on your mind, allowing you to provide valuable feedback. Increasing the frequency of reviews will be appreciated by your millennial staffers, as this generation craves managerial critique.

Address Problems Quickly

Addressing problems well after the fact is essentially useless. There’s no point in reprimanding an employee for coming to work late multiple times in April at their performance review in December. When you hold quarterly meetings, you can catch problems while they’re still an issue —or before they turn into a bad habit — and work with the person to find solution.

Open the Lines of Communication

Quarterly performance reviews are a time of open dialogue between employee and manager, but there’s no time to build a relationship if you’re only meeting with each person once per year. Quarterly meetings make staffers feel more comfortable with you and provide them with a set time for uninterrupted discussion. This is a great opportunity to chat about their level of job satisfaction, additional responsibilities they’d like to take on, and ideas for the company.

Make Employees Feel Appreciated

Employees know you’re a very busy person with a constantly full calendar, so it feels great to know they’re valued enough to get one-on-one time with you on a quarterly basis. Annual performance reviews are nothing but a formality, but meeting four times per year really makes people feel like they matter. This can boost retention rates and job satisfaction levels.

Searching for a talented accounting or finance professional to join your Seattle area team?

Contact Accountingpros Recruiting + Staffing to find top accounting and finance, audit and taxation, cost accounting, analytics and reporting, or accounting support professionals.