After developing an understanding of current and desired states of evaluation and compensation practices, I suggested a more structured evaluation process that would help the firm achieve multiple goals:
- Provide clear, constructive and regular feedback to employees
- Tie salary and bonus decisions to individual performance
I partnered with the firm to identify aspects with which managers conducting evaluations most struggled. I then developed multiple learning sessions to help managers build skills in writing and feedback delivery, as well as content to help employees provide and receive feedback from peers. Throughout the process, I provided coaching and guidance on messaging and delivery for first-time evaluators. In addition, I researched and presented market compensation data, allowing the firm to analyze the competitiveness of their current salaries, and subsequently their ability to attract and retain good employees. We then reviewed and discussed internal alignment of salary to gauge whether or not the best people were being compensated accordingly.
Newly formatted performance evaluations were well-executed and well-received by employees and managers alike. The process and tools we provided gave the company the mechanisms to identify their best performers and reward them accordingly. Additionally, the firm can now better identify weaker performers and convey stronger and clearer messages around the impact of performance issues, and how to rectify them.