ECONOMICS

Detailed explanation-1: -Formal appraisals typically focus on long-term goals where as informal evaluations focus on short-term objectives and tasks or projects. Formal reviews are less frequent and informal conversations give immediate feedback.

Detailed explanation-2: -Using a mixture of formal and informal performance management tools will help you create a flexible approach to communicate with employees with different personality types and needs.

Detailed explanation-3: -Regular feedback helps build a trusting relationship and solidifies the impression that performance management is consistent and fair. These check-in conversations provide valuable insight into how the employee is doing and what managers can do to support the employee’s development.

Detailed explanation-4: -The purpose and value of performance reviews Good performance reviews allow managers to deliver fair and actionable assessments to their direct reports. This can increase employee engagement, provide strong recognition and encouragement, and create tangible paths for employee growth that are rooted in accountability.