Performance management helps the managers to know the nitty-gritty of their work and make recommendations. These recommendations help other employees to work on their flaws and achieve their goals. Organizing regular meetings help enhance communications and establish a more transparent work environment.
What is the key element of performance management? The answer is performance review conversations. But it is not just limited to the events happening at the end of the year. You need to include the things like setting goals and objectives. And it happens at the beginning of the year. You need to ask yourself some important Product Management interview questions to have some clarity. In this blog, we will learn the power of performance reviews and what steps you can take to become a better Product Manager.
But first things first, common mistakes that managers make with respect to performance reviews.
There are multiple times when performance reviews are not done in the right way. Many times the reports do not induce hope but dread. Managers treat performance reviews as a chore and not as an opportunity. But if the performance reviews are done well, they can expedite your career.
Let’s find Out The Mistakes Managers Make Concerning Performance Reviews.
Lack of preparation – Performance conversations highly influence the direct reports that include career prospects. If you are only making time for filling out expense reports instead of developing the performance reviews, you are following the wrong path. Spending at least 3 hours per direct report every six months is advisable while preparing for the performance reviews.
Depending on peer feedback – Sometimes, the highest performers mess up things that result in negative peer feedback. But don’t depend solely on peer feedback. If you judge yourself based on your feedback, you will optimize for what is expected from you, and you won’t be able to see what is right.
It is very important to have your own opinions if you are a right group Product Manager. You should have your thoughts regarding the peer feedback and how you should perform the direct report.
One-sided conversation – It is frequently seen that managers directly tell their reports what they think and what should be done ahead. That leaves not much space for conversation. Leaders always want to show themselves as strong and become insecure if there is any slight mistake. An effective performance review process requires mutual commitment and two-way communication for learning and growth.
Not having a follow-up plan – Most managers take part in performance conversations. They expect that the direct report yet to come will retain everything they have conversed about. But when they witness the performance review, they find that there is not much progress. And they end up blaming the report for the lack of improvements.
Antidotes To Becoming A Better Manager.
Prepare – Prepare a major amount of your time in preparation. Take the inputs from your peers and also self-assess yourself. There are many ways to gather feedback. For instance – Get in touch with six to nine employees who can directly provide you the input and ask simple questions to all of them like –
Things that XYZ employees are doing? Things XYZ employees should start doing? Things XYZ employees should stop doing.
Tell the employees that you will keep their answers anonymous and request them to give honest reviews.
Until you get the feedback from your employees, start forming your opinions on the performance of your report. What were the things that have gone well? What are the development areas you can focus on the next time? In this way, you will be able to keep a balance between your opinions and the opinions of your peers.
Deliver – Performance reviews are much more than sharing the rating and working on the development areas. You must also put effort into delivering it, as it is a vital part of the change. Schedule your performance conversation time early than the actual meeting time so that you can rehearse your points. Bring paper copies and a highlighter to keep your focus on the conversation.
Follow-up – Create a follow-up plan at the end of the performance review process. Make a list of 5-7 possible actions you can take in the next six months for improvement. Ask your employees to follow these actions to be successful.
To sum it up
The best feeling in the world as a manager is to see the growth of your reports. You just have to pay attention to your performance reviews with more structure and attention. Let the power of performance reviews help you to become a better Product Manager.
