PERFORMANCE MANAGEMENT
What’s included on this page:
DOCUMENTS LINKED ON THIS PAGE:
The result of standard performance review meetings is often unclear, leaving employees perplexed whether they were praised or lectured for their performance. However, if done with the right approach, with more frequency and informality, performance reviews can be an excellent way to reinforce strong behaviors and improve leadership effectiveness as well as develop employee skill sets in a deep and meaningful way.
PERIODIC EMPLOYEE PERFORMANCE REVIEW:
MONTHLY EMPLOYEE HEALTH REPORTING: Each month the Manager completes the Employee Health Report for each team member. Managers will use this report to reflect on various data points as you assess your team members when preparing year-end performance reviews. Though reports will be distributed periodically, you can request a report at any time.
TRI-ANNUAL PERFORMANCE REVIEW: Every 4 months, Managers assesses progress towards deliverables and skills for each employee using the Performance Review Template. Deliverables are pulled from the LOU Addendum Deliverables Form. Deliverables are generally based off specific measurables pertaining to an outcome of a task and as deliverables are achieved, new deliverables are added. Generally, one of the five deliverables is defined as specific to the team member’s development as it relates to their current job or career path, agreed upon between the Manager and the Employee.
Refer to the Skills Ratings Definitions when determining the ratings for Skills on the Tri-Annual Performance Review (this is also included on the Performance Review Template).
YEAR-END PERFORMANCE REVIEW
In advance of the Manager writing their final Tri-Annual Performance Review, the Employee completes a Year-End Self-Assessment. In addition to updating the Performance Review document for the third review, the Manager gives a total assessment rating for each Deliverable and Skill and chooses the Overall Performance Rating. Using the Performance Ratings Definitions, the Manger will then determine the Employee’s merit increase (this is also included on the Performance Review Template).
GENERAL TIME-LINE FOR TRI-ANNUAL PROGRESS REPORTS - HR will send an email with timelines for the review process and steps below*:
1st Week following period close, the Manager drafts a performance review and files in the individual employee’s personnel folder.
2nd Week following period close: Quiet Period. Reviews will be checked by HR for uniformity, observations and edits.
3rd Week following period close: Reviews to be conducted.
*specific dates will be provided to Managers in advance
GENERAL TIME-LINE FOR YEAR-END REVIEWS - HR will send an email with timelines for the review process and steps below.
1st Week following Final commission close:
Assign your team members the self-assessment
Managers will draft reviews and submit requests for merit increases
Submit a consolidated merit increase request form
2nd Week following Final Commission Close:
Quiet Period. Reviews will be checked by HR for uniformity, observations and edits.
CFO and COO review merit increase requests.
First full week of new year:
Reviews to be conducted.
Merit Increases communicated
*specific dates will be provided to Managers in advance
ANNUAL MERIT INCREASES
For calendar years that CFG is able to offer merit increases, the Manager should offer a percentage that meets the definition of the corresponding performance ratings per the Annual Merit Increase Document. Once you have all your desired employees merit increases noted, submit this Request Form to HR for consideration BEFORE communicating to employees.
All merit increases will be reviewed during the Quiet Period. If there are any questions or concerns, the Manager will be contacted for a discussion prior to approving/not approving. Once increases for all departments and divisions are reviewed, the Merit Increase Request Form will be noted with the approval, letting the Manager know they can proceed with the review and corresponding merit increase.
YEAR-END SUCCESS SHARING BONUS: For calendar years that CFG is able to offer full or partial Firm-Wide Success Sharing bonus, the manager should communicate if the employee is in good standing to receive the bonus.
YEAR-END ROLE CHANGES: Refer to the Promotions section of the HIRING tab for the process and reference documents. This will cover corresponding salary increases.
ADRESSING IN-JEOPARDY EMPLOYEES/PIPS
UNDER-PERFORMANCE:
When a Manager identifies an employee as not meeting expectations of their role, it should be addressed as quickly as possible. If the Manager believes the employee has the knowledge and skills to do their job and is still underperforming, notify HR. The following escalation process should be implemented:
verbal warning followed by a summarized immediately after the conversation
written warning being specific to the issue, the required change and the deadline for the change using the Counseling Record for Performance Improvement
final written warning being specific to the issue, the required change and the deadline for the change again using the Counseling Record for Performance Improvement
In addition, if a Manager believes that development is needed to help the employee perform at their best, the Manager should implement an Individualized Development Plan which includes an on-going meeting agenda and tracking towards development goal. Reference the Development section for more details.
If every effort has been made to address the employee’s lack of performance, then the Manager should work with HR on steps towards termination. See the section on Terminating an Employee.
Store all personnel related documents in the Employee’s Personnel OneDrive Folder.