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.
Don’t let this topic wait until there are speeches given at company holiday celebration!
Your employees have been working hard all year and deserve updates on the performance of your organization. Employers who haven’t been communicating company performance throughout the year are encouraged to do so EARLY in the fourth quarter. The year is coming to an end and employees are curious how their hard work and dedication have impacted the company bottom line.
Performance Reviews and Goal Setting
If your organization completes performance reviews on a calendar cycle rather than an anniversary date cycle it can be expected that your employees are anxiously awaiting the timeline of the review process so they can prepare accordingly. This is especially true if you request a self-review from each employee or if you’re actively gathering 360-degree feedback from fellow team members and customers. Communicating a manageable and effective timeline of the performance review cycle takes some of the stress out of process.
Plain and simple, it’s extremely common for discussions on compensation adjustments to be brought up at the end of every year. These will become even more prominent this year given the increased levels of inflation of the US economy. We recognize these are difficult conversations that take place, especially if the budget dictates a limited increase on payroll in the upcoming year. Having these conversations EARLY in the quarter and offering solutions for how employees can grow their earnings in the upcoming year allow for adequate planning and goal setting. Furthermore, your employees will appreciate your commitment to open communication, even when the news is less than ideal.
HR Elements is proud to support you in planning, communication strategies and training around these conversations. If you believe you might benefit from an analysis of your approach or if you’d like to hear about how other companies in your marketplace are handling these conversations, we would love the chance to share our knowledge with you!
We wish you and your teams a successful end to 2023 and a prosperous 2024!