Communicating Expectations
Critical conversations will drive a successful end to 2023 and help to start 2024 successfully for all employees.
For many of our clients, the fourth quarter of any year is always a busy time. There are significant budgeting discussions taking place in addition to decisions made regarding staffing, training and technology. With all of this work and the expected PTO being taken, it can be difficult to overlook or push off on some of the difficult conversations that need to take place at the close of any year.
We always encourage all of our clients to over communicate to their employees on three key topics in the fourth quarter of any year. These topics are always top of mind at the end of the year and employers who spend time discussing and educating their employees set themselves up for success in the following year.
Company Performance
Don’t postpone addressing this matter until the speeches at the company’s holiday celebration! Your employees have dedicated their efforts throughout the year and deserve timely updates on the organization’s performance. Employers who haven’t consistently communicated about company performance throughout the year are advised to provide these updates early in the fourth quarter. As the year concludes, employees are eager to understand the impact of their hard work and dedication on the company’s bottom line.
Performance Reviews and Goal Setting
If your organization conducts performance reviews based on a calendar cycle rather than an anniversary date cycle, it’s likely that your employees are eagerly anticipating the timeline for the review process to prepare adequately. This is particularly true when self-reviews are requested from each employee or when actively collecting 360-degree feedback from team members and customers. Providing a clear and realistic timeline for the performance review cycle can help alleviate some of the stress associated with the process.
Compensation Adjustments
It’s common for discussions about compensation adjustments to arise towards the end of each year. This year, with the heightened inflation levels in the US economy, these discussions will likely be even more prevalent. We acknowledge that these conversations can be challenging, particularly when budget constraints limit payroll increases for the upcoming year. Initiating these discussions early in the quarter and presenting solutions for how employees can enhance their earnings in the coming year allows for proper planning and goal setting. Moreover, demonstrating a commitment to open communication, even when conveying less-than-ideal news, will be appreciated by your employees.
Mainsail HR is here to assist you in planning, communication strategies, and training related to these discussions. If you’re interested in evaluating your approach or learning about how other companies in your market are handling similar conversations, we’d be delighted to share our knowledge with you!
Wishing you and your teams a successful conclusion to 2023 and a prosperous 2024!
