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The importance of feedback-driven performance at TransferGo

At TransferGo, we’re all about feedback-driven performance. After all, it’s critical that all of our employees know where they’re at and how they’re performing in their roles. That’s why in March and September, we carry out bi-annual performance reviews.

Generally, these sessions involve reflecting on our achievements, successes, failures and areas of improvement. In a nutshell, they help us recognise and celebrate our employees and their progress. They also help to identify each individual’s future progression goals.

Most companies carry out performance reviews, but everyone does it differently. With that in mind, we thought we’d share our practices. Why? Well, why not. It helps to give an overview of how we work.

An overview of our feedback-driven performance reviews

There are three main steps that collectively define our feedback-driven performance review process: 

  • Setting up feedback forms on HiBob: We use HiBob to identify and obtain feedback forms for all of our employees. Each employee usually review themselves, their peers and their direct managers. 
  • Reviewing received feedback: After the feedback stages, people managers then review the received feedback and prepare for one-on-one sessions.
  • Discuss the results: Using the OpenBlend application (more on this below), the manager shares the feedback with the employee in a one-on-one session. In addition, they set new goals and review individual progression in accordance with our DNA framework

Applications we use to facilitate 360° feedback reviews

Technology lends a helping hand to much of our performance process. For feedback collection we use our HR information system, HiBob. It helps to launch the feedback surveys relatively easily, allowing us to select the relevant peers and/or stakeholders and go from there.

After collecting the feedback, we then take action using the people performance management tool, OpenBlend. Here, our People Operations Manager, Irma Dambrauske shares her thoughts on why we have selected OpenBlend for this purpose: 

“At TransferGo we use objectives and key results to measure business outcomes. When it comes to individual performance, we needed a tool that supports our high-paced business and brings real value to employees. We chose OpenBlend, a tool that enables us to have more structured, coaching-led performance conversations. Having used OpenBlend for several months now, we can see that regular development-focussed feedback sessions enabled managers to have an honest dialogue and build stronger relationships with their team members. Ongoing feedback and supportive management allow employees to reach their goals and essentially, feel valued.”

Performance and DNA framework

Our DNA framework provides clarity and transparency of the skills and traits that are expected in every position or level. This is beneficial to both the manager and team member as they can discuss the employee’s track, as well as what they lack and how any weaknesses can be eliminated. After improvement goals are set, they’re then followed up each month during the usual manager-employee meeting.

Outside of performance reviews

But we don’t just rely on performance reviews for sharing our feedback with one another. We expect everyone to share it in real time too. After all, waiting until the next performance review could take months depending on the timings.

It’s for this reason that we recommend our managers and team members share feedback after any challenging situation or when they’ve embarked on a new role or responsibility. Sharing feedback can also be useful at the end of a project or when facing anything that’s not going well. Or even something that’s going really well. If feedback is shared sensitively and in a timely manner, it can reap great results. 

OpenBlend also allows you to request specific peer feedback whenever a team member or a manager feels necessary. That helps with constant development in both professional and personal areas. 

To summarise, we want to be open with our employees about their performances. With our apps and regular meetings ensuring easy communication, this isn’t hard to do.

So far, it’s so good—actually it’s pretty great.

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2020-08-24

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