Yesterday, we looked at some performance review recommendations by Alan C. Fox, the president of ACF Property Management, Inc. and the author of PEOPLE TOOLS: 54 Strategies for Building Relationships, Creating Joy, and Embracing Prosperity. Today, we present the rest of his list.
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- During the review, ask how you, or other managers, can better assist employees to perform better. “Replace my 7-year old computer,” was one answer Fox got. “I was embarrassed,” he says. “I had allowed a valued member of my accounting staff to struggle for 2 years with entirely outdated equipment.”
- Give a bonus. If a member of your team has made an outstanding contribution to the company that saves time and money, increases profits and productivity, or improves the working conditions in the office, consider awarding them a one-time bonus. This way, the annual review can be just as much about rewarding performance as it is about offering constructive suggestions on how to improve.
Why shouldn’t you want to encourage the best performance possible and pay fairly for that performance? “If my goal is to retain my team member for another full year, I sometimes pay part of their increased salary as a bonus at their next anniversary date,” Fox says. “We all like something ‘extra,’ and often a $2,000 bonus looks larger than $166.67 a month, before payroll taxes.”
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- Be prepared to be flexible, especially when it comes to hours of work (some people prefer to begin their workday at 6:00 am), and time away from the office for personal matters.
“One of the biggest perks I enjoy myself, as an entrepreneur and business owner, is that I set my own hours. I can take off Thursday afternoon and come in on Saturday morning if I like.”
“So I refuse to be a prison warden for my staff. They work with me to accomplish a mission, not to lose their freedom to visit a doctor when they need to, or watch their daughter’s soccer finals,” Fox says.
“When I improve as a manager, my coworkers improve at their positions. That is why I no longer dread reviewing them, because, in reality, we are helping each other,” he concludes.
This article is adapted with permission from the publisher, SelectBooks, from PEOPLE TOOLS FOR BUSINESS: 50 Strategies for Building Success, Creating Wealth, and Finding Happiness by Alan C. Fox. Copyright 2014.
Top performers may very well expect a raise after their next evaluation—but with the proper planning, you don’t have to dread requests for merit increases. How to get there? Fortunately, there’s timely help in the form of BLR®’s new webinar—Merit Increases: How to Accurately Budget for Performance-Based Salary Increases. In just 90 minutes, on Tuesday, May 19, 2015, you’ll learn everything you need to know about how to budget merit increases to both retain talent and keep your budgets healthy.
Register today for this interactive webinar.
Merit increases (done correctly) can make both employees and managers happy. Join us May 19, 2015, for a new interactive webinar, Merit Increases: How to Accurately Budget for Performance-Based Salary Increases. Earn 1.5 hours in HRCI Recertification Credit. Register Now
By participating in this interactive webinar, you’ll learn how to:
- Recognize the differences among past, present, and future of merit pools
- Determine the correlation between performance to merit pay
- Select a merit increase option
- Set up different types of merit increase options—including the pros and cons of each
- Determine how to budget for the various merit increase options
- Identify what you need to analyze before approving increases
- Truly reward top performers
- Determine when to award merit increases
- Establish the salary budget for other compensation increases
- Communicate the merit increase option clearly
- Consider meaningful alternatives to merit increases
- And much more!
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Tuesday, May 19, 2015
1:30 p.m. to 3:00 p.m. (Eastern)
12:30 p.m. to 2:00 p.m. (Central)
11:30 a.m. to 1:00 p.m. (Mountain)
10:30 a.m. to 12:00 p.m. (Pacific)
Approved for Recertification Credit
This program has been approved for 1.5 credit hours toward recertification through the Human Resource Certification Institute (HRCI).
Join us on May 19, 2015—you’ll get the in-depth Merit Increases: How to Accurately Budget for Performance-Based Salary Increases webinar AND you’ll get all of your particular questions answered by our experts.
Great idea about asking how managers can help employees perform their jobs better–it really goes a long way in terms of helping both productivity and employee relations.