OCV’s goal setting and annual performance evaluation process is designed to evaluate employee performance, provide constructive feedback, and set goals for professional development. This process aims to recognize and reward high performers, identify areas for improvement, and align individual goals with organizational objectives.
Goal setting and performance planning
- At the beginning of each performance cycle (i.e. January), employees will collaborate with their manager to set goals and objectives that align with the overall firm goals for the year. Goals can be broken down to specific time periods (for example, Q1 or 1H) and should directly contribute to OCV’s growth goals.
- Goals should be Specific, Measurable, Achievable, Relevant, and Time-bound (SMART).
- Development plans should also be discussed to enhance skills and competencies.
Continuous feedback
- Regular feedback sessions (during 1:1s) should be conducted throughout the year to ensure employees are aware of their progress and areas for improvement.
- Managers are expected to provide constructive feedback on accomplishments, address concerns, and offer support for development.
Annual performance review
Annual performance review process takes place in December of each year. Specific timeline for each review cycle may be adjusted based on calendar of events, in general:
- December 1 - December 7: Self-Evaluation
- Employees to draft self-assessment in the Performance Management System, reflecting on their performance against set goals.
- December 8 - December 15: Manager Review
- Managers to provide written feedback following prompts in the Performance Management System including an overall performance rating.
- Performance evaluation will be assessed against key competencies, job responsibilities, and achievement of individual and team goals.
- December 15 - December 20: Management Review
- OCV Management to review promotion proposals from managers and evaluate merit and market-based compensation adjustments.
- December 21 - December 31: Annual Review Meetings
- Manager to discuss performance review with their direct reports (there should not be any surprises in the written review as continuous feedback is expected to occur throughout the year).
- Manager and employee to create a development plan for the upcoming review cycle.
- Employee to acknowledge performance review in the Performance Management System.
- January 1: Recognition and rewards
- Promotion and compensation adjustments take effect
- January 1 - January 15: Annual goal setting process (see Goal setting and performance planning above).