Performance appraisals are extremely important to banking professionals as more often than not the appraisal defines bonus levels.
Some professionals dread appraisals like they used to dread school reports, others embrace them as an opportunity to discuss their performance and highlight the value they have added to the business over the previous year.
So how do you ensure you perform well in your next appraisal?
Your preparation for a performance appraisal should be honest above all things. You should review your past performance, prepare to discuss achievements from a personal, team and business perspective as well as being prepared to discuss areas where you performance could do with improvement, potentially through additional training and development.
Appraisals can be make-or-break moments in your career and as such you should prepare for them as you would for an exam or important interview.
Think about long term career progression
Appraisals can be make-or-break moments in your career and as such you should prepare for them as you would for an exam or important interview. Think about what you want to achieve in your career over the next few years and how your current employer can help you get there. Ensure you take the time to think about possible training options, additional industry qualifications or how you can gain different experience and broaden your skill base, things that will help your career in the long term.
Be prepared to compromise
Be prepared to accept that your employer may not be able to meet all your demands and think about what you are willing to accept. Consider compromises that will ensure win-win outcomes for the appraisal. For example, offer to increase your productivity by a certain percentage in exchange for the opportunity to gain access to specific training programs.
Know what you are worth
If you feel that you are being undervalued from a monetary perspective, prepare effectively for this conversation. Use salary surveys like Robert Walters Global Salary Survey. Take a look at your role and assess its’ current market value. Think about how easy or otherwise it might be for an employer to replace your position and also think about the other benefits that you may be receiving in your role.
Stay calm and controlled
Above all things, remember that a performance appraisal is a business discussion. Avoid emotive language and responses to the constructive feedback you may receive. Focus on factual reasons why you should be considered for a pay rise or a promotion, not just because somebody else got it. This is your best opportunity to convince your employer of the value you have contributed to the business and how you can continue to contribute into the future.
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For more career advice please contact:
Nic Sephton-Poultney, Country Manager (South Africa)
+27 (0)11 881 2414