All 50 states are now fully open. This means many managed service providers (MSPs) are returning to offices. Some people prefer to work from home. Maybe you’re an MSP. You may redefined your departments. You may have removed or cut back on some employee benefits. You may have sadly had to let some staff go.
Covid-19 is confusing us all. We are all trying to understand its effects on our future.
Let’s say you have delayed or dropped promotions. You may not have given wage increases. Yet, you should still make time for each team member. You should do a formal review with them. Their performance this year still needs to be reviewed. This performance record is kept in their file.
Now more than ever, goals and annual reviews are vital. Here are 5 reasons why.
#1 Accountability
Encourage an environment of responsibility. This is a great business practice. It helps your employees learn a useful soft skill. This skill sticks with them throughout their career. Responsibility also helps everyone work towards important targets. These targets affect your company’s earnings.
Discussing and co-creating goals are two great methods. Use a goal-management software. This will drive your team members to be more responsible.
When workers have particular goals, they get motivated. When these goals are watched, team members want to achieve them. Our human instinct is to want to excel. So, we hold ourselves accountable to reach our goals.
Today, there are fewer chances for a quick talk. But an annual review offers plenty of room and time. You can assess progress towards goals. You can spot weak spots in accountability. Then you can strategize on how to make things better.
#2 Promote Growth
Growing is vital. Long ago, remote work was special. Only few companies offered it as a unique perk. But now, it sticks around. It’s not leaving soon. MSPs and other groups need to think fresh. They need to hire in new ways. They need to keep the best talents. Budgets are smaller now. Perks need a makeover. The focus is on growth. Both personal and professional growth.
Research results provide us insights. Employees need growth opportunities. They hold them dear. If they can’t get them, what happens? They start looking somewhere else.
What about tough times? Like a crisis? In such times, don’t forget yearly reviews. They are super important. They make employees feel noticed. They show that their growth holds value. Their career is important too. This makes them feel like they matter. They believe their work counts. And when normal times return, they can be rewarded.
#3 Keep Morale High
Times are strange. Times are hard. People struggle with many feelings. Anger, sadness, fear. Or they might be lonely. Or swamped with too much happening. But if there’s something normal, it feels good.
What brings this normal feeling? Goals do. Setting goals and tracking them can. When world seems to be too much, work is still there. Goals guide people. They say where to focus. They highlight where people can be productive.
Goals do more. They show we are a team. As one company, facing one goal. It gives a feeling of unity. Even when we’re far apart.
When mid-year is near, many companies review performances. Keeping this unchanged feels nice. It’s expected to happen. While a lot’s happening unexpectedly around.
Having a review chat is important. A formal review of performance helped. Made employees feel proud about their work. They could plan for the rest of the year.
Without all the fun events, reviews might help. Even without the happy hours or the social events, reviews are there. Something to expect, to look forward to. It gives a feeling that things might turn okay soon.
Unity. That’s what we need. Tasks and goals that bind us. To push us forward. And keep this journey going. Let’s hold on to what we have. To keep going.
#4 The Pulse Check
Goals are like water. They flow and change shape. They adapt when business changes. For example, an unexpected event like COVID-19. It made many MSP leaders rethink their aims. They had to redefine success.
Setting and tracking goals is smart. Discussing goals in performance reviews is smart too. It’s like a two-way checkup.
If you’re the employer, it’s beneficial. You get to see your employee’s progress. You find out what more they need to advance. You learn about the challenges they face.
But it’s not just you. It benefits the employees too. They get an update on the company’s health. They hear about changes in goals. They receive constructive feedback. They understand what’s next for the year.
Performance reviews often take time. But it’s time well-spent. It allows employees and managers to chat. They can discuss personal or professional matters. We all need each other more in these times.
#5 Why KPIs are Key
Company key performance indicators (KPIs) are vital. They are important for managers. KPIs are like a guiding north star. Leaders use them to guide their company. And goals? They are the steps to follow along the path given by the KPIs.
Being careful about setting and tracking goals is crucial. It makes sure everyone knows their role. It ensures that nobody forgets about the important KPIs.
KPIs might change as the year advances. But individual goals have a constant role. They ensure that we take the right steps. These lead us to the best outcome.
