What is Performance Review Policy?

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Table of Contents

When done correctly, work reviews can aid employees in understanding their strengths and weaknesses and how they can overcome such weaknesses through training, how their work aligns with the company goals, and what is anticipated from them in their given position. Managers who effectively use these systems can easily recognize high-performing employees, proactively resolve the issues, convey expectations, promote growth and development, and foster employee engagement. Performance Review Policy clears the confusion about the review process, criteria, and cycle.

This policy gives a guide to the employees on the function of the work review and guarantees that the work performed and the employee’s training needs are managed effectively and moderately. With the Performance Review Policy, we aim to provide the individual employees and their manager a chance to review work, content, weight, and volume to look back on what has been achieved during the past year, and depending on it, agree upon future objectives. In this template, you will find an efficient policy of the company. This template is highly configurable and is formed to include companies from various industries. Download this template to have an easy guideline to develop a policy for your company.

In this policy, you will get

The purpose and scope of the policy.
Definition of good performance.
Provisions regarding rewards.
Provisions about the rewards cycle.
Provisions about training.
Management’s responsibility towards the team’s development.

Performance Review Policy Sample

The performance review policy of the “Name of the Company” involves guidelines that state the methods for our employees’ training, performance assessment, and recognition. The framework of our performance management depends greatly on open communication and constructive feedback.

Purpose

The Performance Review Policy is formulated to

Ensure that our employees understand the job responsibilities.
Ensure that our employees have specific goals to achieve.
Provide our employees with impartial performance feedback.
Help our employees to grow and develop professionally by offering opportunities.
Appreciate our employees either financially or non-financially.

Scope

This policy extends to all the employees of the company regardless of their rank and role.

Definition of Good Performance

At “Name of the Company”, we consider employee’s performance to be good when the employee meets their targets consistently, shows an enthusiasm to learn and develop, performs their responsibilities as expected, possesses the right attitude, and follows the code of conduct of the company.

To be considered a good performer, an employee needs to achieve minimum standards in the above-mentioned criteria.

Cyclical Reviews

“Name of the Company” conducts performance reviews on a ‘quarterly, half-yearly, or yearly basis. The “Title of the Person” will evaluate employees’ performance, create reports, and discuss it with the employee.

During these discussions, the “Title of the Person” will recognize the employee’s performance, specify career opportunities and identify the areas to be improved.

Reward

The company “ensure/does not ensure” to offer incentives or bonuses. However, if any employee deserves to be appreciated, the managers will recommend rewards for their team members.

The company shall not entertain any employees compared to each other on any basis.

Training

The company offers training and development opportunities to all the employees throughout their service period. If managers pick out any particular training need of an employee, it can be discussed during review meetings.

Further, training information is given in the company’s Employee training policy.

Responsibility of the Manager

The manager’s responsibilities towards the team’s performance are to:

Set transparent objectives.
Provide productive feedback.
Keep a record of the employee’s performance.
Keep the team involved.

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