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How Annual Performance Reviews Impact the Business

Say the words annual performance review in a workplace and you’ll be met with groans of frustration, stress, and perhaps even some anxiety regarding work bonuses. These performance reviews are the bane fo every employee and manager’s existence. It means criticism and possibly hash feedback for employees and a ton of paperwork for managers.
Annual performance reviews used to be an integral part of the performance management system but, over time, have become redundant. Its slowly fading out from all companies and is being replaced with ongoing feedback and continuous review and analysis. Let’s look at its evolution and how it impacts a business.

Evolution of Performance Management System

Initially, before there was anything like an LMS or even before computers, companies realized that reviewing the performance of employees was important. They had to make sure that employees were meeting their targets. Employees were appraised annually and were reprimanded for their mistakes.

This wasn’t a productive method because employees couldn’t fix all mistakes after simply being told about them, they needed guidance so managers were put in charge of them, who along with the annual review report provided guidance and positive feedback as well. It was a better system than before but still not efficient, managers many times, played favorites and there was nepotism present too. When technical advancements happened, an LMS took over which made this task much easier and managers weren’t burdened with all the paperwork.

In the past few years, companies realized that while annual performance review had its benefits, I wasn’t an efficient system. Employees were progressing as they should and work would slow down during the time in which these reviews took place. Annual performance reviews were then replaced with 360-feedback and continuous advice, guidance, and analysis by managers. This was taken a step further when organizations placed emphasis on interactions and encouraged employees to learn and seek help from each other and other departments as well as provide feedback on how the organization could improve.

Objectives of an Annual Performance Review

The following are some of the objectives of an annual performance review:

- Identifying the weaknesses and strengths of employees
- To provide correct feedback to employees regarding their work performance
- To assess who is up for pay raise and work bonuses
- Maintaining a record of salaries, pensions, and wage structure
- To identify the potential each employee has for further growth and development
- To improve the working habits of employees

Pros of Annual Performance Appraisal

Many companies still include annual performance appraisals as a regular part of their organization because they believe this is a reliable way to survey the work performance of the employees, the employees expect so work hard at their jobs, and constructive criticism can be given to employees as well as conversing about the future of the organization. Some of the pros are:

- Managers are able to provide one-on-one feedback
- They quantify performance
- They can motivate employees as work bonuses and pay raise depend on annual
performance reviews
- Provide broad access to information

Cons of Annual Performance Appraisal

Annual performance reviews aren’t all that they claim to be and this is the reason most companies have to change the way they’re conducted altogether. Below are some of the cons:

- Are stress-inducing for both employees and managers
- Agility isn’t considered an important factor
- They aren’t timely
- Require a hefty time commitment
- Reviews are many times faulty
- Progress is slowed during the days the annual appraisal takes place

Conclusion

It is evident that annual performance reviews have their advantages and have changed the way how work progress is assessed but, it’s also important to understand that it is a system that has become redundant and while it may outline problems, it has a lot of flaws that derail efficiency.

360-feedback and interaction are better reviewing and improving work progress methods, which timely identify weaknesses and need for guidance. They also make employees feel confident in their work and create a healthy, productive environment.
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7 Amazingly Efficient Lead Nurturing Tactics
Although there are various lead nurturing strategies out there, here are seven of the most efficient, no matter what type of business you run for. 1. Leverage targeted content. When it comes to lead nurturing, one size surely does not fit all. As the analysis proves, strategically nurturing your leads with targeted content can significantly enhance results. Start by working to understand each of your different buyer personas. Then, build a variety of targeted content designed to nurture each of your personas based on their characteristics like interests, objectives, goals, and marketing triggers. You should also have a marketing automation platform in a position to help you classify, segment, and target your unique buyer personas as you scale your strategy. 2. Use multi-channel lead nurturing techniques. In the past, most lead nurturing tactics included setting up a simplistic email drip campaign that would send out generic emails to a list of prospects. Today, marketers like you are looking for unique strategies and technologies that include and go beyond email nurturing. With the help of powerful marketing automation platforms, savvy marketers are now performing multi-channel lead nurturing strategies. Efficient multi-channel lead nurturing most usually includes a mixture of marketing automation, paid retargeting, email marketing, social media, dynamic website content and primary sales outreach. Because there are so many tactics included, to execute this accurately, you need to assure that your sales and marketing teams are well aligned and working cohesively. 3. Focus on multiple touches. While the buyer's journey for every product and help can be pretty different, research has recommended that on average, prospects get marketing techniques from the time they become aware of your company till the time they turn into customers. As you can assume, the most prosperous lead nurturing tactics deliver content that benefits prospects progress through the buyer’s journey by approaching common questions and concerns. In addition to email strategies, examine how you can use a mix of content types like social media, whitepapers, interactive calculators, blog posts, or even direct mail, to nurture your prospects into buyers. 4. Follow up with leads on time. The advantages of prompt follow-up calls seem very evident, but most businesses still aren’t acting very immediately. Automated lead nurturing can help you reach large groups of possibilities, but a timely follow-up email or a phone call is still often the best way to turn inbound leads into qualified sales possibilities. That's because the benefits of converting a lead into a sales opportunity are exponentially higher when the lead is communicated quickly following a website conversion. When you get a timely, well-planned call to an inbound lead, it’s far more efficient than any volume of cold calling. You know specifically what the prospect is researching based their current browsing behaviour — plus, you have sufficient data about the prospect to do some initial analysis about the business they work for and their role within the company. 5. Send personalized emails. Email marketing remains to be a highly efficient strategy for lead nurturing — and the personalization of those emails tends to provide better results. Research by Accenture found that 41% of customers turned businesses due to a lack of personalization. There are several ways to personalize emails to increase your lead nurturing tactics. You can send triggered emails when a visitant performs an action like downloads your gated content, visits certain pages on your website, clicks on links in your emails, or demonstrates a high level of engagement. When you combine the skill of marketing personalization with behaviorally triggered emails you can deliver the right marketing messages to the right audience, at accurately the right times. 6. Use lead scoring strategies. For those who are new to the concept of lead scoring, this methodology is utilised to place prospects on a scale that describes the observed value each lead represents to the business. Lead scoring can be performed in many marketing automation platforms by allowing numeric values to specific website browsing behaviours, conversion events, or even social media synergies. The resulting score is utilised to decide which leads should be followed up with immediately by a sales rep and which leads need to be nurtured more. 7. Align your sales and marketing strategies. When sales and marketing align, lead nurturing tactics are more prosperous and consumer retention rates increase. For both sales and marketing to provide to lead nurturing recognise the exact points in the buyer's journey that prospects should be transitioned between duos — to do so, consider various triggers like workflow enrollment, lead scoring, and conversion events. The shared expectations, abilities, and goals for this cross-team collaboration should be described in a sales and marketing service level agreement (SLA). Designing a SLA will help the two teams hold each other responsible for turning leads and efficiently nurturing them into paying consumers. https://wwwaioziumcom/