Business Savings Blog | January 2018 – Appraising performance

The start of a new year is a good time to take stock of your business, appraise past performance and set goals and objectives for the next 12 months.

For instance, here at Hampshire Trust Bank we are in the middle of conducting our annual employee appraisals.

So, why do we believe this is important and how could this process help smaller businesses achieve their growth ambitions?

Well, for a start, performance reviews can help to ensure your employees are on track and are prepared for the year ahead.

The key is to ensure you listen to your employees and that the appraisal is a two-way conversation, helping to set realistic and achievable goals that will not only help your business but also ensure your people remain engaged and feel part of your company’s success.

Larger businesses may have dedicated HR personnel with expertise in appraisals, however, the good news is that there is plenty of information out there for smaller companies that may not have this resource to hand.

The Advisory, Conciliation and Arbitration Service (ACAS), for example, provides a number of different appraisal forms, which can be downloaded for free. ACAS also provides a templated appraisal questionnaire so managers can find out what employees think of the appraisal process.

While mainly used by HR professionals, with some areas only available to members, the Chartered Institute of Personnel and Development (CIPD) website could also be worth a look as it features a range of information for small businesses on recruiting, developing and managing people.

Whether you adopt a formal or more informal approach to appraisals, we believe they can be useful in reviewing performance and outlining the way forward, ensuring you are all pulling in the same direction.

Find out more about our Business Savings and Personal Savings accounts.

Stuart Hulme
Director of Savings

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