How to Do Formal Reviews and Evaluate Compensation
I’m not sure if something is in the water, but I was on four private coaching calls this week, and the topic of formal reviews and/or compensation reviews came up in each one.
As team leads, this is a really important topic, and your team deserves to have a structure in place for it. As owners trying to develop the next level of their leadership, your team leads deserve a structure or boundaries that they can work within.
Everyone is going to have different ways of managing this system. YOU need to develop your own system, your own tool to tackle this. I will share our system below, but more importantly, I want you to answer the following questions for yourself:
- Do I have a documented compensation strategy for employees, and has that been over-communicated to the team?
- Does the team know the timelines for their compensation so they don’t have to worry about asking?
- Does my team have regular check-ins with their team leads so that when the “formal” review occurs, no one is getting blindsided by feedback?
- Are the core values that I am evaluating my team on in place, clear, and well-defined?
- Are the roles and responsibilities of this person’s seat clearly defined and articulated well through training and checklists?
Develop your own system based on these questions and your past experiences dealing with this issue. Here is our system as a reference. Your team deserves this.
As always, reach out if I can help you in any way with developing your own system.
Much Love,
Jason
