Annual Performance Reviews

At Rareform, we believe in fostering a culture of continuous improvement and professional development. Our performance review policy outlines the framework for conducting fair, consistent, and constructive performance evaluations for all employees. Through regular performance reviews, we aim to provide feedback, recognize achievements, and support employees in their career growth.

Each year, you'll be asked to review yourself, your manager, and any employees who report to you. These take place in 15Five, where you'll be asked a few open-ended questions for you to answer. After the feedback cycle is closed, all of the feedback that pertains to you (feedback from your manager, peers, and yourself) will be visible in 15Five for you to review. Once you have reviewed your feedback, your manager will schedule a 1:1 meeting with you to go through the feedback verbally.

Feedback happens all the time, but we believe having a dedicated time each year to sync up with your manager helps align expectations and fosters growth.

This policy applies to all employees of Rareform, regardless of their position or employment status.

Policy Guidelines:

1. Performance Review Cycle:

1. An annual performance review is conducted in May annually.

2. The review cycle opens mid-April and completes by May 31st. Employees have 3 weeks to complete their portion, then managers have 2 weeks to complete evaluations. Employees and managers will meet the last week of May to discuss. 

2. Clear Performance Expectations:

1. The purpose of the annual evaluation is to:

• Determine if employee is ready for a promotion.

• Determine if employee is at risk for low performance.

• Evaluate employee's compensation in light of job responsibilities and performance.

2. The following criteria will be evaluated

• Review employee's top strengths and how the strengths were utilized in the past year.

• Identify employee's top 3 wins of the past year, in light of Company Strategic Goals (OGSM).

•  Identify opportunities for growth for employee to focus on before the next review and name next steps in order for the employee to achieve the goal.

• Rate employee's alignment with company values: Candor, Essentialism and Entrepreneurial. 

3. Performance Assessment Criteria:

1. The performance assessment criteria that align with the company's goals, values, and competencies.

2. Managers use a combination of objective and subjective measures to evaluate employee performance, considering factors such as job knowledge, skills, productivity, quality of work, teamwork, communication, and adherence to company policies.

4. Performance Feedback:

1. Conduct performance reviews in a respectful and constructive manner, focusing on both positive aspects and areas for improvement.

2. Provide specific and actionable feedback to employees, highlighting their achievements, identifying areas where they excel, and offering guidance for growth and development.

3. Encourage open and two-way communication during performance reviews, allowing employees to share their perspectives, challenges, and goals.

4. There are 3 types of feedback. Employees review themselves, managers review employees and employees review managers.

5. Performance Documentation:

1. Documentation of performance reviews, including notes on discussions, feedback, and agreed-upon development plans. 

2. Store performance documentation securely and ensure compliance with applicable data protection and privacy regulations. 

3. All documentation is stored in 15Five.

Actionables from performance reviews:

1. Performance Improvement Plans:

1. When performance concerns arise, develop performance improvement plans (PIPs) in collaboration with employees, outlining specific objectives, timelines, and support mechanisms.

2. Monitor and evaluate employees' progress during the performance improvement period, providing regular feedback and guidance to facilitate their growth and success.

2. Recognition and Rewards:

1. Recognize and reward exceptional performance and achievements through appropriate mechanisms, such as bonuses, promotions, public acknowledgment, or other recognition programs.

2. Ensure recognition and rewards are fair, transparent, and aligned with company policies and practices.

3. Training and Development:

1. Offer training and development opportunities to support employees in enhancing their skills, knowledge, and performance.

2. Encourage employees to take an active role in their professional development, providing access to resources and guidance to help them reach their career goals.