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According to Newstrom, a performance review is 'the process of evaluating the performance of employees, sharing that information with them and searching for ways to improve their performance.'
Performance appraisal is a process undertaken by the management to find out how effective it has been at recruiting and promoting the right employees.
Six critical factors need to be taken into consideration when reviewing a performance: purpose, resources, incentive, visibility, encouragement and capability.
The performance appraisal exercise can start by allowing the employee to rate himself/herself. The next step is to constructively criticise the employee's performance, showing him/her how he/she can improve. Finally, the employer needs to review the initial rating, and, together with the employee, compromise on a new score.
It's vital for you as an employer to understand why an employee is not achieving the company's targets. Try to understand the challenges that the employee is facing and solve them together. If done right, you may find that this exercise significantly boosts your relationship with your staff.