Whilst January is always full of plans and resolutions for what is to come, it is also useful to reflect on what you have achieved, what you are proud of and what maybe could have gone better by having an end of year review. An end of year review can be on an organisational or individual level or it can even be a combination of the two and how they intertwine.
Let’s take a look at what you might want to include in your end of year review in order to get the most out of it.
Successes
Success comes in many forms and will vary from person to person so make sure that you don’t apply a one size fits all approach to measuring and talking about success. For some employees success will be learning a new process and being able to produce work consistently, for others it might be that they gained a promotion during the year or that they won a lucrative new contract for the company. Whatever the level of success, recognise its importance to the individual and if possible to the company and make sure that it is celebrated so that the employee is proud of whatever their achievement is. When reviewing the success of your business over the last 12 months you are likely to have a whole host of measurables and again your measurement of success will be different to the next company even if you are in the same sector. The first measure of success that most business owners look for is profit on their bottom line but there are many other metrics and methods of gauging how successful your business has been in the last year. As well as profit Forbes talk about people and planet. The people here doesn’t just relate to the success of employees, there are various success indicators around customers and clients in terms of satisfaction, retention, conversion rates and growth. You can also look at people in terms of the impact of your business on the local community and if you have made a positive difference there through any initiatives or partnerships. When you consider planet then think about the impact your business has on the environment, if it is sustainable and if it could do better.
Areas For Development
In business, as in life, not everything goes to plan, and nobody and nothing are ever perfect so there’s always room for improvement and development. For employees, having time and space to take stock of the last 12 months and to talk about what could have gone better and any areas they want to develop in is important. This does not have to be in a formal, appraisal style meeting, it could just be a chat over a coffee. Employers should encourage open and honest discussion, this is not punitive or designed to point fingers, it is a chance for staff to input into a constructive process of continuous improvement. Staff see what works and what doesn’t and they are the best people to provide suggestions. If a new process or practice has been implemented during the year then talk about how that has gone, if it can be fine tuned or what issues still exist. If something is a real pain point and needs addressing then it can also be discussed at the end of year review so that plans can be factored in for the following year to take appropriate steps to resolve the problem, whatever it may be. Professional and personal development is also worth reviewing as employees may have in mind a New Year’s resolution to learn a new skill or gain a new qualification and as their employer you may be able to support and guide them with that aim so ask the question.
Other Elements
Putting employees to one side, as a business owner it is also crucial to include in your end of year review external factors which have impacted your business and how you have dealt with them. A SWOT analysis is a great way to do this and is reflective but also forward looking, the CIPD offer some excellent insight and resources on SWOT analysis if you want to read more about the process. If you want to go deeper then you could use a PESTLE analysis. The end of the year also provides the perfect occasion for reviewing your company’s mission and culture. In times of rapid change a company’s mission and culture can often be overlooked as the focus is on getting things done. Even if your business has been relatively stable in the last year you should take time to think about your mission and culture and assess if they are still relevant, if they have become diluted in any way and if all your staff fully understand and embrace them. A great way of doing this is with a quick end of year pulse survey to gather everyone’s thoughts.
If your business carries out an end of year review with the elements above then you will more than likely glean a number of important insights. It is therefore worthwhile putting aside time, in what for many is a quiet business period anyway, to have these conversations, to carry out these exercises and to really think about the year just gone and what lies ahead.
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Why not also check out our blog on a similar topic Policies – 3 Things About When You Should Review Them
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