Business

How to Conduct an Effective Employee Evaluation

Did you know that companies with frequent employee evaluation meetings have a 14.9% lower turnover rate than the rest? Most of us dread employee review meetings because they’re challenging.

Some employees also dislike reviews as they sometimes highlight their failures. After all, who’d enjoy a meeting focused on what they did wrong?

But, employee evaluations are only challenging because managers are yet to evolve. Human resource management has changed almost entirely, and so should employee reviews.

Not sure how to conduct reviews in a manner that better fits the current workforce? Read on for tips on how to conduct an effective employee evaluation.

Create Time and Space for Performance Reviews

Let’s face it: Most top bosses don’t view performance review phrases as necessary. For them, every minute spent in an evaluation is a minute that could be contributing to the bottom line.

Getting them to agree to create time and space for evaluations will be convincing. But reviews are necessary and should be given as much weight as an employee’s roles.

Create a comfortable environment once you get the green light from your bosses. You can do this by using the most convenient location and finding the best time for each employee. You don’t want them to feel like the reviews are extra tasks that don’t get compensation.

Be Prepared

Many managers mistake filling out employee review forms during an employee evaluation. It’d help if you did this in advance since meetings focus on the findings in these forms. The forms are crucial because they save time by keeping you on track throughout the reviews.

Also, prepare notes from supervisors, employees’ personnel files, and past review documents. Doing this will ensure you don’t miss the review’s most critical points.

Also, ensure your employees are ready by discussing your review’s agenda beforehand. They’ll be more willing to communicate if they know what to expect from their reviews.

Invest in Performance Review Software

Buying the right software now can make the review process more straightforward. The software automates functions, so you don’t have to do things manually. With the right software, you don’t need to keep track of reviews as it’ll remind you and all relevant parties.

An employee evaluation and performance review software also tracks employee performance over time and collects data. It’ll help you plan for the review and prepare the most relevant feedback for your employees.

Focus on the Future

It’s easy to get lost in the past when evaluating an employee. After all, you must understand an employee’s past actions to plan for the future. However, remember that you can’t change the past, so it’s more important to focus on the future.

Let your conversation revolve around what an employee wants for the future and how you can help them. Only then can you drive future company growth.

Know What Questions to Ask for an Employee Evaluation

Prepare your questions before each employee evaluation and performance review to keep the conversation going. The questions need to focus on employees’ goals and targets, but not so much that they feel like they’re on trial. Here are some questions to consider:

• What recent achievements are you proud of?
• What are your targets for the next three months?
• How can management help you achieve these targets?
• What hindrances stand in your way?

As you can see, the questions are open-ended to allow employees to speak their minds. They also focus on future improvement instead of past failures. Formulating your questions like this facilitates smooth conversations.

Ensure the Meeting Is a Two-Way Conversation

Traditional performance reviews focused on giving employees feedback, so managers dominated the conversations. On the other hand, the modern employee wants to feel included in an employee performance review.

You can ensure this by focusing on topics that allow them to lead the review. That’ll help ensure the review feels more like a conversation than an interrogation.

It’s also essential to actively listen to what your employees are saying. You can nod your head, ask for clarifications, and repeat employees’ answers. Doing so prevents the review from being a one-sided meeting.

Choose Your Words Wisely

Your words during a performance review determine employees’ outlook on evaluations. They also determine employees’ motivation after the review.

Be careful not to use harsh language or a demeaning tone, even when discussing failures. The last thing you want is an angry employee telling others what to expect from their reviews. Other employees will likely expect the worst.

Give Clear Remarks and Accompany Them With Examples

You don’t want your employees to leave the review with more questions than answers. So, ensure you back your feedback with concise examples.

Explain each score you give so that your employees understand where they need to improve. For instance, give examples of missed targets when discussing a low score on productivity. But be careful not to come off as overly critical.

Also, be clear on your company’s future goals and how your employees can help achieve them. Provide details on expected timeframes and the mode of measuring work performance. This way, the employees will know what they’re supposed to do to improve their performance.

Ensure You Give Frequent Performance Reviews

Unfortunately, performance review meetings don’t get as much attention as they should. Why wait a year to talk to employees when you can do so every few months?

A survey involving 1000 US workers revealed that 92% preferred frequent reviews to annual ones. This is an accurate reflection of the modern employee. They’re growth-oriented and believe that reviews help keep them on track.

Regular reviews also benefit your company by helping you achieve goals sooner. You don’t necessarily have to hold scheduled review meetings to discuss performance. You can hold informal constructive discussions to encourage employees to talk to you.

Give Your Company an Edge by Having Efficient Employee Evaluation

It’s no secret that employee evaluation meetings can be challenging. However, this article has highlighted some suggestions to help improve the process. Implement them in the future, and watch as your evaluations become more impactful.

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Business

PepsiCo Reduces Revenue Projections As North American Snacks And Key International Markets Underperform.

(VOR News) – In the third quarter of this year, Pepsi’s net income was $2.93 billion, which is equivalent to $2.13 per share. This was attributed to the company.

This is in stark contrast to net income of $3.09 billion, which is equivalent to $2.24 per share, during the same period in the previous year. The company’s earnings per share were $2.31 when expenses were excluded.

Net sales decreased by 0.6%, totaling $23.32 billion. Organic sales increased by 1.3% during the quarter when the effects of acquisitions, divestitures, and currency changes are excluded.

Pepsi’s beverage sales fell this quarter.

The most recent report indicates that the beverage and food sectors of the organization experienced a 2% decline in volume. Consumers of all income levels are demonstrating a change in their purchasing habits, as indicated by CEOs’ statements from the previous quarter.

Pepsi’s entire volume was adversely affected by the lackluster demand they encountered in North America. An increasing number of Americans are becoming more frugal, reducing the number of snacks they ingest, and reducing the number of times they purchase at convenience stores.

Furthermore, Laguarta observed that the increase in sales was partially attributed to the election that occurred in Mexico during the month of June.

The most significant decrease in volume was experienced by Quaker Foods North America, which was 13%. In December, the company announced its initial recall in response to a potential salmonella infection.

Due to the probability of an illness, the recall was extended in January. Pepsi officially closed a plant that was implicated in the recalls in June, despite the fact that manufacturing had already been halted.

Jamie Caulfield, the Chief Financial Officer of Pepsi and Laguarta, has indicated that the recalls are beginning to have a lessening effect.

Frito-Lay experienced a 1.5% decline in volume in North America. The company has been striving to improve the value it offers to consumers and the accessibility of its snack line, which includes SunChips, Cheetos, and Stacy’s pita chips, in the retail establishments where it is sold.

Despite the fact that the category as a whole has slowed down in comparison to the results of previous years, the level of activity within the division is progressively increasing.

Pepsi executives issued a statement in which they stated that “Salty and savory snacks have underperformed year-to-date after outperforming packaged food categories in previous years.”

Pepsi will spend more on Doritos and Tostitos in the fall and winter before football season.

The company is currently promoting incentive packets for Tostitos and Ruffles, which contain twenty percent more chips than the standard package.

Pepsi is expanding its product line in order to more effectively target individuals who are health-conscious. The business announced its intention to acquire Siete Foods for a total of $1.2 billion approximately one week ago. The restaurant serves Mexican-American cuisine, which is typically modified to meet the dietary needs of a diverse clientele.

The beverage segment of Pepsi in North America experienced a three percent decrease in volume. Despite the fact that the demand for energy drinks, such as Pepsi’s Rockstar, has decreased as a result of consumers visiting convenience stores, the sales of well-known brands such as Gatorade and Pepsi have seen an increase throughout the quarter.

Laguarta expressed his opinion to the analysts during the company’s conference call, asserting, “I am of the opinion that it is a component of the economic cycle that we are currently experiencing, and that it will reverse itself in the future, once consumers feel better.”

Additionally, it has been noted that the food and beverage markets of South Asia, the Middle East, Latin America, and Africa have experienced a decline in sales volume. The company cut its forecast for organic revenue for the entire year on Tuesday due to the business’s second consecutive quarter of lower-than-anticipated sales.

The company’s performance during the quarter was adversely affected by the Quaker Foods North America recalls, the decrease in demand in the United States, and the interruptions that occurred in specific international markets, as per the statements made by Chief Executive Officer Ramon Laguarta.

Pepsi has revised its forecast for organic sales in 2024, shifting from a 4% growth rate to a low single-digit growth rate. The company reiterated its expectation that the core constant currency profitability per share will increase by a minimum of 8% in comparison to the previous year.

The company’s shares declined by less than one percent during premarket trading. The following discrepancies between the company’s report and the projections of Wall Street were identified by LSEG in a survey of analysts:

SOURCE: CNBC

Business

Old National Bank And Infosys Broaden Their Strategic Partnership.

(VOR News) – Old National Bank, a commercial bank with its headquarters in the Midwest, and Infosys, a firm that specializes in information technology, have recently entered into a strategic expansion of their link, which has been in place for the past four years.

This expansion is more likely to take place sooner rather than later, with the likelihood being higher.

For the purpose of making it possible for Old National Bank to make use of the services, solutions, and platforms that are offered by Infosys, the objective of this expansion is to make it possible for the bank to transform its operations and processes through the application of automation and GenAI, as well as to change significant business areas.

This lets the bank leverage Infosys’ services, solutions, and platforms.

Old National Bank Chairman and CEO Jim Ryan said, “At Old National, we are committed to creating exceptional experiences for both our customers and our fellow employees.”

This statement is applicable to Old National Bank. Infosys is carefully managing the business process innovations that it is putting us through, putting a strong emphasis on efficiency and value growth throughout the process to ensure that it is carried out efficiently.

This is a routine occurrence throughout the entire operation. Because of Infosys’ dedication to our development and success, we are incredibly appreciative of the assistance they have provided.

Old National has been receiving assistance from Infosys in the process of updating its digital environment since the year 2020, according to the aforementioned company.

Ever since that time, the company has been providing assistance. The provision of this assistance has been accomplished through the utilization of a model that is not only powerful but also capable of functioning on its own power.

Infosys currently ranks Old National thirty-first out of the top thirty US banks.

This ranking is based on the fact that Old National is the nation’s largest banking corporation.

It is estimated that the total value of the company’s assets is approximately fifty-three billion dollars, while the assets that are currently being managed by the organization are valued at thirty billion dollars.

Dennis Gada, the Executive Vice President and Global Head of Banking and Financial Services, stated that “Old National Bank and Infosys possess a robust cultural and strategic alignment in the development, management, and enhancement of enterprise-scale solutions to transform the bank’s operations and facilitate growth.”

This remark referenced the exceptional cultural and strategic synergy between the two organizations. Dennis Gada is the one who asserted this claim. This was articulated explicitly concerning the exceptional cultural congruence and strategy alignment of the two organizations.

We are pleased to announce that the implementation of Infosys Topaz will substantially expedite the transformation of Old National Bank’s business processes and customer service protocols. We are exceedingly enthusiastic about this matter. We are quite thrilled about this specific component of the scenario.

Medium-sized banks operating regionally will continue to benefit from our substantial expertise in the sector, technology, and operations. This specific market segment of Infosys will persist in benefiting from our extensive experience. This phenomenon will enable this market sector to sustain substantial growth and efficiency benefits.

SOURCE: THBL

Business

American Water, The Largest Water Utility In US, Is Targeted By A Cyberattack

The largest regulated water and wastewater utility company in the United States stated Monday that it had been the target of a cyberattack, forcing the company to halt invoicing to consumers.

American Water, The Largest Water Utility In US, Is Targeted By A Cyberattack

American Water, based in New Jersey and serving over 14 million people in 14 states and 18 military facilities, said it learned of the unauthorized activity on Thursday and quickly took precautions, including shutting down certain systems. The business does not believe the attack had an impact on its facilities or operations and said employees were working “around the clock” to determine the origin and scale of the attack.

water

The corporation stated that it has alerted legal enforcement and is cooperating with them. It also stated that consumers will not be charged late fees while its systems are unavailable.

According to their website, American Water operates over 500 water and wastewater systems in around 1,700 communities across California, Georgia, Hawaii, Illinois, Indiana, Iowa, Kentucky, Maryland, Missouri, New Jersey, Pennsylvania, Tennessee, Virginia, and West Virginia.

SOURCE | AP