FY21 Valuation: Review and refine goals, prepare for mid-year reviews
As we approach the end of the second quarter of FY21, it’s a good time to check in on how leaders and staff are progressing with their FY 21 Valuation. This quarter focuses on revisiting individual goals and development plans, as well as preparing for mid-year reviews in early 2021.
When goals are set earlier in the year it gives time to complete them and time to adjust as environments continue to change. Year-round collaboration between leaders and their direct reports, with a focus on positive development, demonstrates the value (hence “Valuation”) that employees bring to Michigan Medicine.
Also, connecting throughout the year in quarterly check-ins help both leaders and employees feel less burdened, and allows for adjustments to be made as you go along. It also can provide a more robust representation of their work at the end of the process.
If you haven’t started working on your SMART goals yet, it’s ok. There is still time. Resources are available on the Performance Management web page to help guide you through the Valuation process. A great starting point is to review the FY21 Valuation Overview.
For those who have established SMART goals, view this short Q2 overview video for more detail on the steps outlined below for this quarter.
- Review the 1-Year Performance Management Roadmap.
- Hold a leader and employee check-in (Quarterly Conversations Template), preferably during an already scheduled 1:1. Check-ins usually take about 5 minutes when using this template.
- Revisit and refine Job Specific Work Goals. If you haven’t started yet don’t worry, but it would be good to get moving on creating SMART goals. Additional resources: SMART Goals Presentation, SMART Goals Template.
- Revisit and refine Development Plan as needed.
- Prepare for Mid-Year Review.
Remember, the goal of the Performance Management Valuation process is to have continuous conversations between leader and employee to foster growth.
If you have questions about the FY21 Valuation, please email, FY21Valuation@umich.edu.