Efficient Monthly Performance Reviews: A Comprehensive Software Guide

Jan 30

Want to see how ManageBetter can enable fast, effective monthly performance reviews? Book a demo today.

So what makes monthly performance reviews a gam-changer in today’s world? We’ll explore that in today’s blog post.

What are monthly performance reviews?

Monthly performance reviews involve routine evaluations conducted by organizations to assess an employee's performance, progress, and contributions during a specific month.

Monthly performance reviews are like your team's monthly checkup, ensuring we're all on the right track. It's not just a meeting. It's a roadmap to success: providing timely feedback, spotting areas to level up, and giving a high-five for the wins!

Why leaders love monthly performance reviews

In today's dynamic work environment, leaders are increasingly turning to monthly performance reviews for several compelling reasons:

Timely Feedback: Monthly reviews offer leaders the opportunity to provide timely feedback, allowing for the immediate recognition of achievements and the swift addressing of performance issues.
Continuous Improvement: We're all about that growth mindset! Monthly reviews empowers employees to make ongoing improvements based on regular feedback. This approach contributes significantly to ongoing professional development and skill enhancement.
Agile Goal Alignment: Goals can change, and that's okay! Monthly reviews keep everyone on the same page, adjusting goals to match the evolving game plan.
Employee Want More Frequent Feedback: According to a survey by Zippia, a staggering 80% of employees express a preference for receiving feedback in the moment rather than waiting for aggregated feedback in an annual or bi-annual review. Nulab found similar findings: 71% of employees prefer immediate feedback, even if it includes constructive criticism. Employees want real-time insights for growth.
Engagement Boost with Weekly Feedback: Gallup's study found that 43% of highly engaged employees receive feedback at least once a week. This frequency not only contributes to employee engagement but also fosters a culture of continuous improvement.

Why leaders don’t like about monthly performance reviews

While Monthly Performance Reviews are the superhero cape your team deserves, we're honest about the challenges:

Time-Consuming for Managers: We get it – time is precious. Conducting monthly reviews for a large team may be time-consuming for managers. The need for frequent assessments can potentially impact their availability for other critical responsibilities.

Past struggles with the traditional approach to monthly performance reviews

The traditional approach to monthly performance reviews was characterized by several drawbacks. Here are some of the negatives associated with this conventional method:

Writing Intensive: Old-school monthly reviews demanded writing marathons, eating up time. The writing fatigue invariably led to generic and formulaic responses, lacking depth and individuality.
Time-Consuming Nature: There’s enough paperwork as it is. Monthly reviews added to it, which led managers to procrastinate even more, resulting in more delayed feedback.
Bland and Generic Feedback: The emphasis on written documentation sometimes led to bland and generic feedback, lacking specificity and actionable insights. This generic nature of feedback failed to address individual strengths, weaknesses, and areas for improvement, diminishing the overall impact of the performance review process.

ManageBetter’s approach to monthly performance reviews

The ManageBetter approach stands out as a superior alternative to the traditional method of monthly performance reviews, addressing several key drawbacks and enhancing the overall effectiveness of the process. Here's how ManageBetter provides a more streamlined and efficient solution:

Speed and Efficiency: Say goodbye to the writing struggle! ManageBetter's innovative point-and-click interface eliminates the need for extensive written self-assessments. This results in a significantly faster and more efficient review process compared to the traditional approach.
Automated Reporting for Accuracy: We've got your back! Our automated reporting feature ensures accuracy, turning data into eye-catching reports and charts.
Actionable Feedback and Personalized Plans: No more cookie-cutter feedback. ManageBetter uses AI to craft personalized action plans, tailored just for your employees.
Optimal Allocation and Goal Alignment: We're not just about the past – we're future-focused! Our AI-driven reports propose projects that align with your team's strengths and business goals.
Continuous Feedback Collection: Weekly check-ins, anyone? ManageBetter lets managers record feedback every week, creating a positive and proactive work environment.
Centralized Access for Enhanced Interactivity: Everything you need in one place! ManageBetter provides centralized access, making coaching sessions and discussions a breeze.