Time to rethink Annual Reviews

March 30, 2020by Faber Infinite

It is time to rethink annual reviews to improve employee performance and build high-performance teams! In this note, we would want to draw your attention to some of the facts from researches on current Performance Management mechanisms in organizations. Some glaring facts as mentioned below:

  • 53% of employers said they don’t actively track improved performance
  • Employees who communicate regularly with managers are 3 times more engaged
  • 43% of highly engaged employees receive feedback at least once a week
  • 69% of employees say they would work harder if their efforts are recognized
  • 45% of HR thinks annual performance reviews are not an accurate appraisal
  • Organizations with managers providing regular feedback showed 9% greater profitability

Considering the above points, do you want to strengthen your performance management system with transparent and objective-based performance reviews? Do you want to improve the productivity of your employees, improve team performance?

Team Faber Infinite has devised an extremely powerful Performance Management System (PMS) to address these points. It is one of the most effective tools that efficiently tracks, plans and help strategize goals and targets. It is industry neutral, unbiased, transparent and highly efficient. It supports effective rewards and recognition systems.

Key Features of PMS by Faber Infinite

  • 11 additional improvement opportunities per annum to improve as compared to 1 opportunity with the traditional performance management system
  • Performance of the entire organization can be presented on one scale and dashboard considering due weightage to the organization, department/team and individual performances.
  • A holistic approach with hierarchy driven weightage to company performance, department/team performance and individual performance
  • Timely feedbacks on monthly basis avoiding delayed corrections
  • Objective system eliminating all the subjectivity thus removing chances of favoritism
  • Transparent system eliminating doubts from the employees mind regarding the calculation methodology, since evaluation is done by the self and not by the boss or reporting manager
  • The focus of the system is on “Team Win” over “Individual Win “
  • Extremely easy to manage and deploy
  • Helps build high-performance teams and not just put in a control mechanism

Team Faber has supported leading organizations across sectors and geographies in achieving continual and sustainable improvement. Below is the glimpse of some of the benefits delivered at client sites:

  • 21% cost reduction in Raw Materials Purchase in 3 months
  • 38% increase in Net Profit Achievement
  • 43% increase in sales target achievement
  • 64% increase in service revenue achievement
  • 23% reduction in discount offering
  • 18% reduction in manpower cost

Yes, it can be done for your organization as well!

Contact us to build high-performance teams with Performance Management System by Faber Infinite.

Written & Compiled by Faber Mayuri and Faber Priyal

by Faber Infinite

Faber Infinite is an International Business Management Consulting Organization offering consulting solutions and services for Increase Profitability in Business.

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Taking seamless key performance indicators offline to maximise the long tail.

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