Workplace trends have undergone significant transformations over the past four years since the COVID-19 pandemic. The way companies handle performance management has drastically changed since 2020, and it seems to be having beneficial outcomes.  

Here are the new trends for performance management that small business leaders should be aware of:  

Removing performance ratings  

Performance ratings seem to put too much focus on employee failures, so many companies have decided to completely remove annual or monthly performance ratings. 

Instead, many companies have decided that regular feedback and frequent one-on-one meetings have been more productive in helping employees reach their goals.  

Holding frequent one-on-one meetings  

Leaders have discovered that an annual check-in meeting to discuss an employee’s entire years’ worth of performance was not effective. Now, the new trend is to schedule frequent check-in meetings with employees.  

These check-in meetings allow leaders to immediately address any concerns they may have, which gives the employee plenty of time to fix the issue. Having frequent meetings also helps employees ask any questions and receive help from a leader in a timely manner.  

Setting short-term goals  

While it is okay to have a few annual goals, try to make most goals either weekly or monthly. Most companies no longer have a long list of yearly goals for their employees. Instead, many leaders try to make goals and objectives short-term that way they can give immediate feedback instead of waiting for the end of the year.  

The era of annual performance reviews for employees seems to have come to an end. There are new performance management trends arising that leaders are finding to be more beneficial for employees. Consider implementing some of these changes to your company.