Robert Half ：a third of businesses deem performance reviews unnecessary
(Nov.18, 2016, /stuffingindustry.com/)One in three CFOs from New Zealand companies don't think annual performance reviews are necessary, according to research from international recruitment firm Robert Half.
The research also showed that 3% of finance leaders in New Zealand believe employees want to receive feedback annually. The majority say their staff would prefer feedback on a more regular basis: 33% believe employees would like monthly feedback, 29% point to quarterly feedback and another 19% see value in providing immediate feedback on the spot.
There is less preference for annual reviews among small business leaders. Four out of ten (39%) CFOs of small organisations do not favour annual performance reviews compared to 26% of medium-sized businesses and 27% of large business organisations.
"Performance management is still an important aspect of any Human Resources policy,” Megan Alexander, General Manager Robert Half New Zealand said. “If done efficiently and thoughtfully, performance reviews can foster a corporate culture that encourages staff career development and it can also be an effective way to improve employee engagement and loyalty."
"However, the chance to deliver feedback to employees and offer career development doesn't need to only happen on an annual basis. There are numerous other ways to keep employees motivated, and businesses need to be prepared to think creatively of other ways to gain the best output, results and loyalty from their staff," Alexander said.
More than half (53%) of New Zealand CFOs believe one-on-one discussions between employees and their managers which are geared toward career development can be effective in keeping employees engaged and motivated, closely followed by 52% who see training opportunities as being a source of motivation. Another 42% say awarding salary increases and promotions, followed by 41% who encourage employees to offer suggestions and putting their ideas into practice. Meanwhile, 21% refer to employee recognition programmes and awards.