16 Benefits from conducting Performance Reviews

1. Allows you to provide your employees with necessary constructive criticism to improve performance.
2. Allows your employees to give you feedback on the company and their success.
3. You can learn about areas in your business that could use improvement.
4. It could help you identify employees who could use more training.
5. It can help boost morale and teamwork because the employees feel heard
6. It also allows fair assessment of pay raises and compensation.
7. A good way to review processes and team success
8. It can help advise on promotions and employee recognition
9. It increases job satisfaction and motivation
10. It is proved to improve performance and profitability
11. Allows open line of communication between you and your employees
12. Allows you to set goals with teams and individuals and track progress
13. Creates sense of career growth and ability to grow for employees
14. Helps set and clarify expectations with staff
15. Provides documentation to keep in employees files
16. It can strengthen work relationships with managers and employees

In summary, Performance Evaluations can be a good check and balance for your company. It can allow you to evaluate not only your staff but also your systems, processes, goals, and company relationships. It can point out the areas that could use more attention and highlight the areas going well. All in all, which makes your business more profitable and creates a better morale within the company. Performance Evaluations can also be very beneficial to the employees because it allows them to voice their concerns, be highlighted for their successes but also have that one-on-one discussion with their manager.