HOW TO HAVE A REWARDING ANNUAL REVIEW
Annual review period can be very anxious & stressful for most, not just because it is linked with pay raise & promotions but it also paves way for employee’s future prospects with the company & beyond.
If this is not planned well, majority of the attrition for the year would occur around the period of annual reviews, most of them would be “premature resignations” as I would like to call them, basically meaning – Employee leaving too soon with money & opportunities on the table. They misinterpreted the signs and took a hasty decision. On the other hand, misinterpretation can also cause “overstaying”, thought, the writing is on the wall to look for a different role in the same company or outside.
Below are few key areas to consider making it a productive, constructive and forward looking review discussions.
1. An open mind opens door for better prospects
Employees usually carry a perspective of self-performance and achievement. The leadership on the other hand, could be looking at 3-4 additional factors – Performance of the team, company, peer feedback and manager’s feedback of you on what & how the results were achieved. When these factors are involved, there’s good possibility that combined leadership perception could be different than you own impression.
Being aware of this fact will greatly help in guiding the discussion towards a win-win situation.
2. Have your facts ready, not feelings.
You are the only person who knows everything about your achievements in totality. Though there are status meetings ands reports, few important facts might have missed attention of your manager and could affect their perception about your performance. Document your achievements and share prior to the discussion. This could be an educational opportunity for your leadership to discover your hidden strengths.
Do not share feelings, state only facts, backed by data & metrics.
3. Be “Realistically ambitious”
Organizations operate under constraints of company’s performance, rewards, budgets and career framework. However, being ambitious is important for an aspirational employee- A clear vision of career growth, title, compensation helps longer term career planning. Expectations need to be realistic, fact based and need to take company & market conditions into consideration.
Your leadership would love to converse with people who can think big and wants to contribute big under given circumstances. With this proposal, you might have just opened up a new path for yourself…
4. Stay grounded – Remember, This won’t be your last annual review (If it is, this discussion wouldn’t matter anyway)
World is a small place, you never know who might be up for your rescue when you need it. You can respectfully negotiate or disagree, but ensure not to burn bridges. If your management did take care of you and decided to further invest on you, convey your gratitude and stay humble.
The notion of “entitlement” is often the cause for continued dissatisfaction.
5. Have a longer term vision – Delayed gratification pays.
Always have a 3-year view of your role. Career growth compounds over longer periods, with consistent efforts. Though your current title or compensation is not at par with your needs, it could out run your expectations in 3-5 years horizon. If you see such potential in the role & company, make an informed decision to stick to it.
More often than not, biggest learning & role elevation occurs with in a company, not between companies…
With you above considerations, you can make this a rewarding experience. You can create a win-win and rediscover your corporate relationships.
Knowing that you are the master of your fate, these discussions are just stepping stones in the journey, you can eventually control the outcome though carefully guided behavior & execution and emerge as true winner.
All the best!