How to Prepare for a Performance Review at Work - The Muse

How to Prepare for a Performance Review at Work - The MuseHow to Prepare for a Performance Review at Work Last year, a friend and I had our performance reviews days apart. We both had worked hard and felt good about our work. My meeting went as Id hoped, but my friends went terribly. Her manager had a totally different view of zu sich work, and told her if things didnt improve ASAP shed be on the chopping block. To boot, she was so stunned that when it was her turn to speak, she was at a loss for words. To say she was deflated would be an understatement. Shed worked her butt off all year and the official record said she said sucked at her job. As my friends experience shows, performance reviews dont always go according to plan (especially if your anfhrer doesnt give you a lot of feedback throughout the year). So the best way to approach it is to be prepared- not just for what you expect, but also for what youre going to do if your supervisor binnensees things differently. 1. If You T hink You Did Well...And So Does Your BossMost likely, your success is clear to everyone because its objective. You can point to concrete goals youve hit and exceeded- like money youve earned for the company, or mentions youve gotten in the media, or aufgabes youve solved.You can point to concrete goals youve hit and exceeded- like money youve earned for the company, or mentions youve gotten in the media, or problems youve solved.Before your meeting, think ahead to what youd like moving forward. Is it a raise, mora leadership opportunities, or perhaps a promotion? Muse Writer Sarah Weber points to research that shows a logical argument will be most effective (think I exceeded my sales goal by X% each quarter of brde year which led to amount money for the company and therefore I would like a raise of X%). Of course, there might not always be money for a raise, flexibility in the team structure for a promotion, or whatever the exact perk is youre looking for. So, its helpful to have ot her ideas for how your manager could show appreciation and support your great work (say, a trial of working from home once a week or giving you more autonomy over your workload). ...But Your Boss DoesntThis is the very worst-case scenario Youve followed all of the steps above to prepare and then your anfhrer sits you down and says shes disappointed. The good news is- just knowing this can happen is half the battle. Instead of being blindsided and saying nothing (like my friend), youll be able to power through the conversation.That argument you were prepared to make about all of your good work doesnt go out the window, but its no longer going to be the main focus either. It may seem like your best bet is to counter everything your boss says with facts that show youre actually doing great, but shell see that as being defensive (and its unlikely to change her mind). The only way to remedy whatever your boss sees as the problem is to be crystal clear on two things what it is, and how pr ogress will be tracked moving forward.Instead, really dig into where she sees areas for improvement to get on the same page. Lets take the same example of where you think youre doing great because you exceeded your sales goals. It could be your boss is giving you a poor review because of how you did it. Maybe you undermined a fellow team member and took their client, maybe you promised a timeline that meant other teams had to work overtime, or maybe youve been trying to make close rates a competition when that goes against company culture. The only way to remedy whatever your boss sees as the problem is to be crystal clear on two things what it is, and how progress will be tracked moving forward. Find out whats wrong, then ask what you can do in the next 30, 60, and 90 days to get back on track.That said, you could also get a poor review when a disconnected manager has no idea whats going on (e.g., she cites poor relationships with your clients, but they love you or regular tardines s when youve been late once over the past year). If shes a bad enough manager to be clueless about your workload- and keep her negative feedback to herself all year long- its unlikely things are going to improve, and you probably want to start looking for a new job.2. If You Think Youre Struggling...And So Does Your BossAgain, the silver lining here is that you two are on the same page. While you may feel nervous, you two have the same benchmarks for success, and you can use this meeting to talk about how youre going to work together to get there.To prepare, try to identify where youre coming up short and how your boss can support you.To prepare, try to identify where youre coming up short and how your boss can support you. Are you having trouble meeting deadlines because you feel overloaded with work? Is it because youre never quite clear on whats being asked in the first place? While its possible youll get some bad news in this meeting, if you can clearly point to your challenges- and how youll overcome them- then its reasonable to ask for some time to try your new strategies. ...But Your Boss DoesntYou may be tempted to breathe a sign of relief because your boss has no idea youre struggling. But, truth talk Its not actually in your best interest to keep this a secret.If youve been drowning in work and your boss thinks its all good, then theres no reason for him to think of moderating your workload in the future (and he might even pile on more). Or, if youve just been pretending to be up to speed in meetings, but youre lost what are you going to do when he promotes you to spearheading that new initiative?First, check in and make sure this isnt a case of impostor syndrome, where your own fear of inadequacy keeps you from seeing what an objectively great job youre doing. If you know youre not selling yourself short, then pinpoint exactly where youre feeling overwhelmed and how your boss can support you.If you know youre not selling yourself short, then pinpoin t exactly where youre feeling overwhelmed and how your boss can support you. You could say, I appreciate you noticing that Im always on deadline. Ive been working late four nights a week to achieve that, and Id love to discuss more flexibility in my deadlines so I could achieve greater work-life balance. Or, Im so glad you think Im a strong team player. I feel like Id be able to contribute to our latest initiative even more if I was able to take a course on skill. Remember, bosses arent mind readers- and they appreciate employees who want to do their best- so you shouldnt be afraid to mention an obstacle (so long as its coupled with a solution).In any performance review, the very worst-case scenario is that youre caught off guard. So, prepare for the best- and worst- case scenario, and youll have as successful a meeting as possible. (For even more guidance, check out exact lines to use based on whatever feedback you receive.)

Understanding the Bottom Line in Business

Understanding the Bottom Line in BusinessUnderstanding the Bottom Line in BusinessThe world of business is filled with a variety of terms, jargons, and odd phrases along with an ample supply of acronyms. The term bottom line is often used and refers to the profitability of a business after all expenses are deducted from revenues. Bottom line profits are net profits after all the costs of the business have been accounted for. The remainder is either a positive or negative figure. The phrase has also morphed into everyday business usage in conversations where someone is attempting to communicate a final conclusion, outcome, or recommendation. For example The bottom line is, we are bedrngnis able to manufacture mora than 10,000 widgets per month without an expansion in production capacity. Or, My bottom line price is $4.55 per unit. I cannot go any lower. The Bottom Line Is the Outcome of All of the Work of the Business It is not uncommon to hear some variation of the phrase, we are managing to the bottom line. It is a misnomer. A company may set bottom line profit targets, but circumstances in the marketplace (and the firms strategy and operations) ultimately combine to create the revenues and costs that determine the bottom line. For example, an organization chooses to invest its resources in a strategy to find and keep customers. It develops products or services and markets those offerings, kooperations its customers and then repeats the cycle again and again. At the end of each accounting period, the company calculates what it received from customers (and other revenue sources) and subtracts all the costs incurred in the process. After accounting for these costs (including taxes, interest on debt, and various accounting-driven numbers including depreciation and amortization) the company arrives at a bottom line number. It is either the net profit or net loss number. Planning for the Long-Term What a company can (and should) do to stay healthy is monit or and control expenses while striving to minimize unnecessary (or wasteful) expenses. It should all be done while, concurrently, optimizing the allocation of resources to support the companys strategy. This type of managing to the bottom line is reasonable and healthy. Organizations that focus predominantly on costs and choose not to invest in current strategies (or fund investments to support future initiatives) often struggle in the long-term. The Bottom Line as an Indicator of Business Performance The bottom line numbers are an important component of the scorecard for management. Positive and growing profitability over time is a testament to a variety of factors including Good market and customer selectionThe creation and delivery of products and services valued by customersEffective allocation of investment dollars in support of targeted customersEfficient control of costs across the organizationPositive marketplace and macroeconomic factors Alternatively, declining or low bottom line numbers over time is an indication of challenges in one or more of the areas mentioned above and should be examined by management. Shareholders, the board of directors, and employees all rely on the bottom line numbers after each accounting period (usually quarterly) to assess the effectiveness of the companys marketplace strategy and internal management. Of course, when bonuses or annual salary increases are tied to bottom-line results, employees naturally pay more attentive to these numbers. The Limitation of Bottom Line Numbers as an Indicator of Performance Although profitability numbers are important measures of a companys current success (and are used to compare previous time frames), they are not a tell-all. They do not tell management, directors, shareholders, or employees what worked or what failed. Poor profitability numbers are an indication that something is wrong, ranging from strong competition to adverse economic circumstances to a failed strategy to r unaway costs. Likewise, positive numbers do not highlight what part of the companys overall approach is working. It is possible for strong economic conditions (or competitor failure) to lift revenues and improve profits, in spite of poor cost control or a weak long-term strategy. In financial reporting for publicly listed and traded firms, it is important to look at the detailed notes including footnotes. It helps management (and other stakeholders) understand the assumptions, accounting approaches, and final derivation of the bottom line number. The Bottom Line on the Bottom Line Profit is an outcome of all of the activities of an organization. It is an important indicator of overall conditions in the companys target markets. It is also a barometer of managements effectiveness in selecting strategies, investing in products and services, marketing, and cost control. Profit should be compared over a period of time, and those involved should look carefully at all variables to unde rstand the factors leading to a companys bottom line.

Salary Negotiation Tips Thou Shalt Not Regret Salary Disclosure

Salary Negotiation Tips Thou Shalt Not Regret Salary DisclosureSalary Negotiation Tips Thou Shalt Not Regret Salary DisclosureJust because they know your current salary or salary expectations doesnt mean you cant negotiate for a ritterlich market value.The Ten Commandments of Salary Negotiation (Part 2) Salary expert Jack Chapman offers 10 lessons on salary negotiation in the vein of the Ten Commandments.Oops, I already told the interviewer how much I make. Now what?All is not lost Just because she knows your current salary or salary expectations doesnt mean you cant negotiate for a fair market value.Once youve broken the sound barrier, so to speak, on your salary, you at least have one advantage no more tug of war between you and your potential employer about revealing salary.If salary bumped you out of interviewing, it will be hard to gain re-entry at all, and even if you do, it might be at the price of an informal pre-interview agreement that if chosen, youll consider a pay cut.If youre still in the running, however, your disclosed circumstances make it doubly important to do your research well. In this case, you dont need to address salary again until theres an offer. At that point use researched facts about the fair market value for someone with your skill set in a similar job in the region, not your past salary, to substantiate your salary request.When theyve decided to hire you, its time to make the move away from the number you disclosed to your ideal compensation. Dont let your past salary be the starting point for negotiations. Let your own satisfaction and joy of receiving great pay be the motivating force behind you at this point.Remember that what you negotiate now is what youll live with for a long time. A minute or two here can engender months and months of satisfaction - or the opposite if you miss this opportunity. Lets assume theyve made an offer. What do you say?Respond with, I know Ive discussed my current salary/salary expectations. I want to make sure from this point forward that were looking for a compensation package that is not just a raise from my previous job, but rather a motivating, fair, value-based salary we will both be satisfied with. Can we agree on that principle?Once you have your agreement on that, you can return to standard salary negotiation.Read other installments in this seriesPart 1 Salary Negotiation Tips Thou Shalt Not Speak Too SoonPart 2 Salary Negotiation Tips Thou Shalt Not Regret Salary DisclosurePart 3 Salary Negotiation Tips Let the Employer Make the First Salary OfferPart 4 Salary Negotiation Tips Thou Shalt Not AgreePart 5 Salary Negotiation Tips Know How Much Money Youre WorthPart 6 Salary Negotiation Tips Thou Shalt Covet Thine Own Benefits and PerksPart 7 Salary Negotiation Tips This Is the Job Thou CovetethPart 8 Salary Negotiation Tips Thou Shalt Not Worry about Earthly EconomyPart 9 Salary Negotiation Tips Thou Shalt Not Take the Name of Thy Salary in VainPart 10 Salary Negotiati on Tips Honor Thy Wealth and Prosperity