Performance Evaluations with no raises???

Several people have asked me how to handle performance evaluations when there will be no raises because of the economy.  Many have planned to ditch evaluations altogether.  BAD PLAN!!!!

Performance evaluations aren’t just about raises.  If they are, you’re not doing them right.  People want and need to know how they are doing.  They need feedback and instruction on the things that need to improve, and they need attaboys and congratulations for the things they are doing well.  Career and knowledge growth don’t stop just because a raise isn’t imminent. 

Most of us believe that the economy will rebound (perhaps is already doing so).  How will you decide who deserves raises and bonuses if you haven’t been evaluating performance along the way?  How can your employees work to be the best if they don’t know what they are doing wrong?  The current economy gives them time to improve before the next round of raises comes about.

Money isn’t the only motivator–and for many people isn’t even the primary motivator.  Sure, it’s nice, and we like it, but it isn’t the only option.  If you feel that you have to give something to reward good performers, think about an extra day off, a gift card for a dinner out, some small token of appreciation.  At a minimum, give them your feedback and thanks for jobs well done.

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