What Happens After You Submit Your End-of-Year Review?

After you’ve invested time in crafting your end-of-year review, meticulously gathering your accomplishments, and discussing it with your manager, what comes next for in the review process? Your reviews are more than just accountability trackers for you and your manager; they can determine promotions, performance bonuses, and even recognition awards. Most companies have a formalized review process, and sometimes your review marks the beginning of a series of documentation and performance assessments. Here’s an outline of what typically happens after you hit submit.

1. One-on-One Meeting with Your Manager
2. Promotion Discussions
3. Performance Bonuses
4. Recognition
5. Documented in the Company’s Database

One-on-One Meeting with Your Manager

Your manager will typically schedule a one-on-one meeting with you to discuss your review. During this meeting, they will provide feedback on your accomplishments and areas for improvement. It’s also an opportunity for you to share your thoughts, ask questions, and align on future goals and expectations. This discussion may also lead to identifying future development opportunities that you have highlighted in your review. Whether it’s to enhance your skills or knowledge, including these details helps your manager provide the right resources to support your goals.

Promotion Discussions

Promotions, unless they fall outside the regular cycle, are typically determined during the review period. Your manager will use your review documentation as part of the justification for your promotion. While your manager’s opinion matters, promotions are often subject to approval by multiple stakeholders, including peers or higher-level individuals, depending on the promotion level. If these stakeholders are not familiar with your work, your review documentation can provide clarity and details on the impact you’ve had.

Performance Bonuses

Many organizations link compensation adjustments to performance reviews. Your review may influence your salary increase, bonuses, or other financial incentives. Performance bonuses, usually distributed annually, are influenced by your review. It’s important to highlight your accomplishments year-round, not just in your review. Your review helps assess your performance compared to peers and determines the budget allocation for your bonus.

Recognition

Outstanding performance can result in special recognition within the organization, such as promotions, awards, or acknowledgment during company-wide meetings. Your review enables your manager to justify your nomination for potential awards. For recognition awards, similar to promotions and performance bonuses, limited funds are available, making your review a valuable comparison document showcasing your achievements.

Documented in the Company’s Database

After you submit your review, it becomes part of your company’s documented records, stored for future reference. As a product manager, you may work on various products, projects, and tasks, and it’s easy to forget accomplishments from a year or two ago. When updating your resume or considering team changes, your review documentation can serve as a helpful reference to track your past performance. It acts as a historical record of your career progression, achievements, and areas of growth, and may be consulted in future reviews.

It’s important to note that the exact process and timeline for what happens after you submit your review can vary between companies and organizations. Some companies follow formalized procedures, while others adopt a more flexible approach. Regardless of the process, the key to a successful end-of-year review is open communication, a growth mindset, and a commitment to aligning your goals with your organization’s objectives.

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