Should employers say bye-bye to one-way performance appraisals?

Should employers say bye-bye to one-way performance appraisals? | Insurance Business

Should employers say bye-bye to one-way performance appraisals?
That would be a yes − at least according to a survey from global recruiting expert Hays which reveals that three quarters of employees want two-way performance appraisals, one that is followed by action at that.
Hays’ Staff Engagement: Ideas for Action report shows that 77% of employers consider regular performance appraisals as “important” or “very important” in engaging their workforce; while 76% of employees want instead the opportunity to give feedback on cultural and performance factors, such as through reverse appraisals or employee surveys.
If not given this opportunity, 17% said they would look for another job and 46% said they may consider looking for a job elsewhere.
Employees find it even more important to see their feedback result into action, with 92% of employees rating this as “important” or “very important.”
According to Hays Managing Director for Australia & New Zealand Nick Deligiannis, “Performance management is important in employee engagement terms because people need to know how they’re performing, where they’re going, and how they can improve.”
“But this should involve more than one annual performance review. With many organisations reviewing the value of a once a year review, they are instead considering a more regular ongoing feedback system in which employees receive timely feedback on an ongoing basis.”
“Crucially, performance management needs to become a two-way process. Employees want to voice their opinions on their progress as well as hear their manager’s.”
Reverse appraisals can also be meaningful for managers and organisations. Said Deligiannis: “Employees should be given the opportunity to evaluate their managers and the organisation. ‘Upward’ feedback can identify areas for improvement that will help employees be more productive and give them the tools to do their job better.”
“They can be very insightful provided an organisation is prepared to take the feedback on board and make change accordingly. After all, nobody is perfect. Even the best manager or organisation can improve.”
Hays’ Staff Engagement: Ideas for Action report is based on a survey of 1,196 employers and employees, 90% of which are based in Australia, and another 10% based in New Zealand.