Common Problems With Performance Reviews

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A few common problems with performance reviews are that they are rarely done in a timely manner, they could set the company up for greater liability, and there is always the potential for bias on the part of the reviewer. Understand the common problems associated with performance reviews with information from a portfolio manager in this free video on business strategies.

Part of the Video Series: Business Strategies
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Video Transcript

Do you use performance reviews in your company? Hi, this is Roger Groh of Groh Asset Management. Today we're here to talk about problems in performance reviews. What might they be? Well, if performance reviews are not done on a timely basis, it's the most common problem. Number two, setting yourself up for greater liability instead of less liability is a big one; you need to carefully check with your corporate lawyer about. Third, the inherent biased on behalf of the person doing the review against the employee. Meaning, if the reviewer hates the employee, well, it's tough to have a good review. Fourth, the inability to communicate between the two parties. Meaning, if the person doing the review is in the face of the employee, then the employee may just clam up and not respond at all to the interviewer's question. At the end of it though what you're trying to do is to tell the employee what you expect of them; to point out where their weaknesses are and where they need to improve in order to reach that minimum standard. It may help you implement programs to help the employee go from a deficient area to a proficient meeting. A performance review's a good thing. You bet, they will help you either retain or fire employees. You need to consult with your corporate attorney to determine exactly what that means for your company or sole proprietorship. In fact they can increase your liability if you're not careful. I'm Roger Groh with Groh Asset Management. Thank you very much for spending time with me.

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