For the most part, job reviews induce sweaty foreheads, clammy palms and queasy stomachs. While the intention is noble — a tool to compare performance with goals to identify needed changes — they are exercises in resilience and anxiety management usually.
Midyear reviews shouldn’t cause uneasiness. Entrepreneurs should concentrate on performance and progress when comparing reality with goals. These reviews identify both strengths and weaknesses to help transform insight into action.
Benefits of a Midyear Review
Unlike annual reviews that can be mired in financial statements and endless line items, midyear reviews can concentrate on slightly more abstract, qualitative concepts that use numbers as a springboard to the bigger picture. In other words, as the second quarter draws to an end and you start looking down the road to strategize on a strong finish, sit down with your team, a freshly printed set of your financials, a pot of coffee, and a healthy amount of honesty and candor to take a realistic assessment of where you are and where you want to be.
The midyear point provides enough financial data to reveal strengths, weaknesses and emerging trends. The end of second quarter gives you the benefit of time to make any needed changes. This review is a tool to develop strategies to finish the year on a high note.
A Few Best Practices
- Take a look at the bigger picture.
- Use a more personal approach with your team.
- Delve into motivators for each individual.
- Ask what they appreciate about the company.
- Encourage them to suggest changes to help their position and the overall organization.
The midyear review is an opportunity to allow the team to speak frankly without repercussions.
Take the time to review yourself. Gauge where you are against your personal and company goals for the year. Use it as an opportunity to adapt and improve your performance. As the leader, your actions guide the team. Make sure you are guiding them in the right direction.