A Totally Rad Total Rewards Glossary

Glossary of Employee Recognition, Total Rewards, and Company Culture Terms

Performance Review

Performance reviews are a formal evaluation of an employee's job performance over a specific period. It is an opportunity for employers to provide feedback on an employee's strengths and to set goals for future development. These evaluations help organizations track employee progress, align goals and objectives, and identify opportunities for improvement.

Enhance Your Total Rewards

Total rewards can be intimidating—but Awardco makes it easy to build culture, drive behavior, and recognize the good around you. Learn more about how we help enhance your total rewards today.

Get a Demo

What is the impact of performance reviews?

Effective performance reviews help managers and supervisors identify top performers and provide constructive feedback to those who need improvement. This information is critical for managers to provide ongoing coaching and support to their employees, which, in turn, help employees stay engaged and productive.

How can performance reviews drive employee engagement and motivation?

By setting clear goals and expectations, employees understand what they need to do to succeed in their roles. When employees receive recognition and feedback for their achievements, they’ll feel valued and be more likely to repeat those positive behaviors.. Furthermore, regular performance reviews help employees see their progress and celebrate their successes, which can increase their motivation and enthusiasm for their job.

What are some best practices for performance reviews?

Here are some practical tips and advice:

Set clear expectations and goals for the employee before the review process begins.
Provide ongoing feedback throughout the year, not just during the review period.
Use objective criteria to evaluate employee performance.
Keep the conversation focused on performance and avoid personal attacks or criticisms.
Provide constructive feedback that is specific, actionable, and goal-oriented.
Encourage employees to provide feedback on their own performance and seek their input on how to improve.
Follow up on the performance review with action plans and training opportunities to support employee development and growth.

By incorporating these best practices, companies can create a performance review process that is fair, consistent, and effective in driving employee engagement and motivation.

‍