There’s an old saying in the advertising industry that an agency’s most important assets depart every night in an elevator. While that may not be the reality in many organizations today with Covid, it remains a fact for just about every industry. Employees should be your most valuable assets.
The annual performance review is a key component to maximizing these valuable assets. And while major corporations and companies employ formal, systematic reviews, small to medium organizations — whether that’s hospitality, health care, retail, pretty much any industry — often fail to make the most of the annual review, or in a lot of cases, don’t do them at all.
That’s doing a disservice to your company, and your employees.
So we thought we’d dish a little today on how NOISE conducts performance reviews, why we do what we do, and why we think it’s worth sharing with you. We call it the “360 Degree Peer Review.”
WHAT IS IT? In our case as a smaller firm, a department head and an equity owner will in confidence poll the employee’s peers. Depending on the employee’s responsibilities, specific questions are asked of items such as reliability, productivity, responsibility, attention to detail and other specifics. We’ll also inquire of more global attributes such as honesty, integrity, ability to interact with clients and similar.
Accomplished through email, responses are then tabulated and when more than 50% of peer responses report a positive or a negative, that area of interest is then itemized in “Positives” or “Opportunities for Improvement.”
Ultimately, NOISE assigns a numeric score to the Peer Review, which then factors into the employee’s salary adjustment and title adjustment, if warranted. Next steps are also provided to address Opportunities for Improvement, which are then re-reviewed in three months.
HOW THIS BENEFITS THE EMPLOYEE. A Peer Review outlines for your employee the strengths of their performance, as well as areas they can improve upon, directly from his or her co-workers (but presented anonymously). This isn’t some top-down, at-a-distance human resources review; this is how it is for others to work with you, the employee. That’s terrific and useful input that will benefit the employee and peers.
HOW THIS BENEFITS YOU. Clearly, a quality employee who takes a Peer Review in the spirit of team will work to expand their strengths and improve their opportunities. That makes for a happier, more productive team, and every company can benefit by that outcome.
NOISE is founded in travel and tourism, serving more than 100 clients across 25 industry categories, while winning more than 500 industry awards and media praise.