Performance reviews can be stressful for both the employee receiving them and managers executing them. Though a little nerve-racking, it is an opportune time to discuss an employee's successes, provide constructive feedback and boost moral. Moreover, it is a chance for employees to express career goals and take a look toward the future.

If done right, these reviews provide benefits for both parties.

Here are a list of items to keep in mind for a productive performance review cycle for both managers and employees.

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Ahead of your business' review cycle, you'll want to be clear with yourself and your employees on what is to take place. A timeframe for employee self-evaluation, dates for performance reviews, discussion points, etc. should all be communicated to the employee.

Maybe a course for new employees on how to complete a self-evaluation is necessary or there is a written section of the review. No matter what the case, be clear about expectations.

Employees should be given ample time to prepare for their review. At least a few weeks in advance, let team members know reviews are coming and to prepare ASAP.

Employees will need time to recall the past 12 months of projects, successes and points of growth. 

Avoid abruptly scheduling a review cycle without enough time for preparation. In doing so, you'll offer employees plenty of time to plan for a productive conversation.

Employees will have the opportunity to gather accomplishments and self-performance evaluations for an engaging conversation the day of.

Whether your employee went above and beyond typical tasks or struggled to meet deadlines or expectations, you should take notes of specific events that occurred throughout the last year.

If you've taken notes after meetings, one-on-one sessions or just in a notepad for yourself, take a look back and prioritize important points. Using real-life examples to back up your discussion topics will best assist the employee to understand growth opportunities and past successes.

While your portion of the review is important as it is both constructive and summarizing, give employees a chance to discuss their experiences, thoughts, etc. as well. 

Make sure that your review is a two-way conversation with your employees. Give them time to reference professional experiences, self-evaluated performance, etc. for the last year.

Provide employees with both positive and constructive feedback during the review process.

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While a recap of the past 12 months is important for reviews, make it appoint to look toward the future. 

Inquire with your employees about future career goals, trainings they might be interested in, aspects of the company that are untapped and where they'd like to grow professionally over the next 12 months. 

Yield an open conversation about the future of your employee including promotional opportunities or lack thereof.

If you are going to ask your employees to rate themselves based on their performance for a self-evaluation, make sure you are clear with them about what each section of the scale means. 

People oftentimes will grade themselves very high on a 1-5 scale, without knowing what the highest degree of praise truly means.

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For example, a 3 rating is often associated with a C score, because of the grade school system, but in a work environment, that is not typically what 3 means. 

If you are using a system like this, be clear, so employees are properly grading themselves and also understand the number they are given by management.

During a performance review, be clear with your employees about what is expected of them each day, and discuss whether each expectation is being met. 

If a task is not met, provide feedback and create a plan with them for the future.

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Don’t just tell employees what they did well and didn’t do well. Also discuss how they can implement any changes necessary and steps to take.

Plan with employees how they can really excel serve the company in an above and beyond way. Discuss goals and how to reach them.

Performance reviews can be extremely discouraging if they are filled with negativity.

On the other side of the coin, they can be pretty counterproductive if all the employee receives is praise, as most employees have areas to improve upon.

Try to create a healthy balance between praise and criticisms.

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At the end of the review, make sure there is some time banked for your employees to ask questions. 

Employees likely don’t get a ton of one-on-one time with managers, so this is a great opportunity to open the floor for questions or concerns. 

While you’ll have time to share during your performance review, make sure while you're listening you're very attentive to your manager.

Feedback, positive or negative, is extremely valuable for you and your success at your company. Take note of everything that is said during your review so that you can be an even stronger employee through the next year.

Listening is important, but make sure to let management know you're excited about the year ahead and avoid the fear of sharing thoughts. Performance reviews provide the opportunity for a one-on-one conversation with your manager, so use this time to your advantage.

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Though review season can be daunting, try to shift your mindset to a positive one, Many good things that can come out of your evaluation. 

Highlight notable tasks that have been completed for the company in the past year.

Think of this time as a chance to not only showcase your successes, but also gain extremely valuable feedback for the future.

While talking about yourself can feel off-putting or braggy, it is an important hurdle to overcome during a performance review.

Write accomplishments down with notes and data points, so you have action items on hand that you are comfortable with and prepared to talk about.

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If goal setting is something you haven’t done yet, start now and continue it for the next year, the next year and so on.

At the end of your review, jot down goals for the next year. Having goals to refer back to for the following year. Discuss these goals, whether they're attainable and a plan to succeed with management.

Your manager will likely give you some time to prepare before the actual conversation. Use this time wisely.

Prepare for topics you assume will be touched on, like what your accomplishments were over the past year, details about them, growth opportunities and more and be prepared to speak on all of it.

If you have any questions ahead of your review, jot them down to avoid forgetting during the discussion.

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Also, if there are any review documents that you need to fill out before your conversation with your manager, make sure that you give yourself enough time to answer thoroughly.

Know your value. Talking about yourself can be strange and a bit awkward, but this is part of performance reviews. Don’t be afraid to showcase your uniqueness to the company during the appropriate time in the performance review. Speak on the value that you bring.

There is always room for improvement, so don’t take offense to any areas of improvement that are shared with you. 

Embrace this feedback because it is only going to make you better. If you have any questions about feedback provided, make sure you bring it to your manager's attention.

Be ready to discuss an improvement plan.

GET FOX BUSINESS ON THE GO BY CLICKING HERE 

Performance reviews typically happen once a year, but that doesn’t mean that’s the only time you can have a one-on-one with your manager. 

Suggest "mini reviews" with your manager as time permits throughout the year. Checking in regularly as opposed to annually can help it to feel less overwhelming. 

Make the most out of this time and discussion with your manager. The longer you're at a company receiving reviews, the easier they'll get.

This is something that (typically) only happens once every year, so use the opportunity to your advantage. Use it as a chance to both discuss yourself, hear your manager's point of view on things and become a stronger employee following your performance review.