PERFORMANCE MANAGEMENT

THE FOLLOWING OUTLINES THE PROCESS FOR MANAGING CFG EMPLOYEES’ PERFORMANCE:

The result of standard performance review meetings is often unclear, leaving employees perplexed whether they were praised or lectured for their performance. However, if done with the right approach, with more frequency, and informality, performance reviews or as we like to call them, “Deliverables Check-ins” can be an excellent way to reinforce strong behaviors and improve leadership effectiveness as well develop their skill set in a deep and meaningful way. 

PERFORMANCE:

Regularly Scheduled Manager/Employee 1:1 meetings are held to build trust, ensure alignment, foster growth, and develop connections between employees and their managers. 

LATTICE is the portal that both facilitates the meeting process and provides a suggested template to meet goals through employee-centered, emotionally intelligent conversations. Deliverables must be in Lattice and communicated to employees.

TRI-ANNUAL DELIVERABLES CHECK-IN occurs every four months with a specific window that Lattice refers to as The Review Cycle, where team members take the opportunity to assess themselves as well as receive feedback from their managers.

Review Cycle target dates will be outlined in an email from HR prompting the opening and closing of the Deliverables Check-in.

This is what you can expect for the Review Cycle Cadence:

  • DELIVERABLES UPDATES: 1 month prior to conducting the check-in, the Manager updates or adds deliverables for each team member in Lattice. Also, the Manager holds 1:1 meetings to ensure clarity and mutual understanding of deliverables.

  • STAFF SELF-ASSESSMENTS: 1st week 5-day window: Team members will be alerted to log in to Lattice and complete their self-assessments (typically Monday–Friday).

  • MANAGER ASSESSMENTS: 2nd week 3-day window: Managers will be alerted to review and provide specific commentary on each team member’s deliverables, as well as general commentary on the previous period (typically Monday–Wednesday).

  • HR REVIEW: 2nd week 3-day window: Cycle will be closed. HR conducts a quiet review period and may suggest edits (typically Thursday–Monday).

  • DELIVERABLES CHECK-IN MEETINGS: 3rd week 4-day window: Managers hold individual check-in meetings (in-person preferred, Zoom optional). Managers may share the packet in advance of the meetings (typically Tuesday–Friday).

  • WRAP UP: Managers add notes from the check-in meeting in Lattice’s 1:1 tool (you can choose to add notes visible to the team member or remain private to you). If not already shared, share the packet with each team member. Last, download the packet as a PDF and save it in the team member’s Personnel Folder.

YEAR-END PERFORMANCE REVIEW

In advance of the Manager writing their final Tri-Annual Performance Review, the employee completes a Year-End Self-Assessment. In addition to updating the Performance Review document for the third review, the Manager gives a total assessment rating for each Deliverable and Skill and chooses the Overall Performance Rating. Using the Performance Ratings Definitions, the Manager will then determine the Employee’s merit increase (this is also included on the Performance Review Template).

GENERAL TIME-LINE FOR YEAR-END REVIEWS – HR will send an email with timelines for the review process and steps below*:

  • First week following final commission close:

    • Assign your team members the self-assessment

    • Managers will draft reviews and submit requests for merit increases

    • Submit a consolidated merit increase request form

  • Second week following final commission close: 

    • Quiet Period. Reviews will be checked by HR for uniformity, observations, and edits

    • CFO and COO review merit increase requests

  • First full week of new year:

    • Reviews to be conducted

    • Merit increases communicated

*specific dates will be provided to Managers in advance

ANNUAL MERIT INCREASES

For calendar years that CFG is able to offer merit increases, the Manager should offer a percentage that meets the definition of the corresponding performance ratings per the Annual Merit Increase Document. Once you have all your desired employees’ merit increases noted, submit this Request Form to HR for consideration BEFORE communicating to employees.

All merit increases will be reviewed during the Quiet Period. If there are any questions or concerns, the Manager will be contacted for a discussion prior to approving/not approving. Once increases for all departments and divisions are reviewed, the Merit Increase Request Form will be noted with the approval, letting the Manager know they can proceed with the review and corresponding merit increase. 

YEAR-END SUCCESS SHARING BONUS: For calendar years that CFG is able to offer full or partial Firm-Wide Success Sharing bonus, the Manager should communicate if the employee is in good standing to receive the bonus. 

YEAR-END ROLE CHANGES: Refer to the Promotions section of the HIRING tab for the process and reference documents. This will cover corresponding salary increases. 

ADDRESSING IN-JEOPARDY EMPLOYEES/PIPS 

UNDER-PERFORMANCE: 

When a Manager identifies an employee as not meeting expectations of their role, it should be addressed as quickly as possible. If the Manager believes the employee has the knowledge and skills to do their job and is still underperforming, notify HR. The following escalation process should be implemented: 

In addition, if a Manager believes that development is needed to help the employee perform at their best, the Manager should implement an Individualized Development Plan which includes an on-going meeting agenda and tracking towards development goal. Reference the Development section for more details. 

If every effort has been made to address the employee’s lack of performance, then the Manager should work with HR on steps towards termination. See the section on Terminating an employee. 

 

Store all personnel related documents in the Employee’s Personnel OneDrive Folder.