what is a mid year review

Mid-Year Reviews: The Ultimate Guide

Updated: May 29, 2024, 11:23am

Table of Contents

What is the purpose of a mid-year review, benefits of mid-year reviews, how to conduct an effective mid-year review in 10 steps, frequently asked questions (faqs).

Regular performance reviews are important as they can help your employees evaluate their progress and motivate them to work hard. Many small businesses conduct mid-year reviews that allow them to connect with their workers and offer informative feedback. So what exactly is a mid-year review and what are its benefits? Keep reading to find out.

During a mid-year performance review, which usually occurs close to the end of the second quarter, a manager meets with employees to assess their progress and goals. It’s a great time for the manager to recommend performance changes before it’s time for a more detailed, end-of-year review.

In most cases, a mid-year review is a relaxed, one-on-one conversation that provides useful, actionable feedback to employees so they understand how they’re doing so far and what they need to do to improve. Sometimes, however, this type of review is more formal and includes a formal evaluation as well as assessments from employees.

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There are a number of advantages to mid-year reviews, including:

Opportunity To Check In

A mid-year review allows managers to connect to employees and learn about how they’re doing. Since most team members don’t feel comfortable initiating discussions about their feelings and mental health, promoting a relaxed, open discussion at a set date and time is invaluable. It can help managers determine whether their employees are satisfied.

Chance To Set Goals

Goals during a mid-year review are important because they give employees a roadmap to follow for the rest of the year. This is particularly true if the goals are achievable, measurable and realistic. Goals may also help them feel motivated to work hard and even go above and beyond for your organization.

Less Employee Turnover

While you can’t control when employees leave your company, you can encourage them to stay longer and reduce turnover with mid-year reviews. Mid-year reviews allow them to address any issues and receive the feedback they need to succeed. They can also improve employee engagement, which is vital for job satisfaction and retention.

Improved Culture

Even though mid-year reviews take time and effort, they help cultivate a positive, employee-focused culture. This is because they show employees that you value them and are dedicated to their success. Studies show that when workers feel valued, they’re more likely to perform their best.

Not all mid-year reviews are created equal. Some are more effective than others. Here are some tips to ensure mid-year reviews benefit both you, the employer, and your employees.

1. Prepare Early

Despite how busy you are, it’s a good idea to prepare for your mid-year reviews at least three days in advance. Before you meet with an employee, collect documents that can help measure their progress, such as previous reviews. Become familiar with any new tasks they’ve taken on or goals they’ve stated they’d like to achieve. Early preparation can ensure a smoother, more meaningful discussion.

2. Assess Strengths and Weaknesses

There’s no better time to inform your workers what they’re good at and where they can improve. By highlighting their strengths and weaknesses, you’ll be able to boost their morale and offer insight into what they should work on. When you explain their weaknesses, don’t forget to provide them with actionable steps that can steer them in the right direction.

3. Create an Agenda

With a detailed agenda, you and your employees can stay focused and make the most of your one-on-one time together. While the agenda should be tailored to each employee, be sure to cover their last review, whether or not they’ve met their previous goals, how they’re performing and what their new goals may be. Leave plenty of time for questions and concerns.

4. Choose a Time and Place

Mid-year reviews need to take place at a specific time and place. If you hold the reviews randomly or whenever you feel like it, employees may not take them as seriously. Once you finalize a convenient time and quiet, distraction-free place, send your workers calendar invites so they can easily add them to their schedules and prepare.

5. Determine Performance Metrics

You can tell a worker they’re doing a great job but your praise is so much more powerful when you can tie their successes to performance criteria. For example, you may inform a marketing coordinator that their efforts have led to 25 new leads within a month when 15 leads is the norm. Performance metrics can also help point out weaknesses and areas that may be improved.

6. Encourage Discussion

A mid-year review shouldn’t be all about you sharing your thoughts with a worker. Instead, encourage employees to actively participate in the discussion. This way they’ll realize their thoughts and opinions matter. Some questions you might want to ask them are what part of work they’re most proud of and are there any skills they’d like to learn.

7. Be Specific and Dive Into Details

You won’t help an employee if you simply tell them they’ve excelled in their position or have room for improvement. During a mid-year review, avoid vague statements and be as specific as possible. Explain exactly why you believe a worker is thriving or what they need to work on. Hard numbers and detailed examples are key.

8. Discuss the Past and Future

The main goal of a mid-year review is to set future goals and increase the chances of future success. However, this doesn’t mean you should avoid any discussion about the past. When you talk about a worker’s previous work, you can clarify their progress and show them how far they’ve come.

9. Plan a Separate Time to Discuss Compensation

Mid-year reviews should focus on work performance, not compensation. Do your best to save compensation discussions for the end-of-year review. Mentions of compensation can put pressure on employees and change the tone of the review. You can always inform workers that compensation will be discussed at a later time.

10. Ask for Feedback

Whether you’ve conducted hundreds of mid-year reviews or are new to them, employee feedback can be very valuable. You may want to send out a survey or flat out ask your workers how they felt about the review and how you can improve the experience going forward. Be sure to take their feedback seriously and change your review process as necessary.

Bottom Line

Mid-year reviews are ideal if you’d like a set time to focus on your employees and prioritize their satisfaction. However, they’re not designed to replace routine check-ins or continuous feedback. As an employer, it’s your responsibility to communicate with your workers regularly so they always know how they’re performing and are never left wondering where they stand with your organization.

How should I conduct mid-year reviews with virtual employees?

If you have remote or hybrid employees, you can perform mid-year reviews via a video conference. This way you’ll be able to connect with them on a more personal level and pick up on their expressions and nonverbal cues.

What are some questions to ask during a mid-year review?

You can customize the questions you ask to each employee. However, here are several good ones you might want to consider.

• How have you been doing since our last review?
• What recent accomplishments are you most proud of?
• Is there anything I can do to provide better support?
• Do you have any concerns about your position or our culture?

Why should I conduct mid-year reviews?

Mid-year reviews provide an opportunity to check in with employees and determine how satisfied they are, which shows that you value their success. They also give employees a chance to set new goals.

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How to Write Mid Year Review: 7 Steps & 5 Examples

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Mid year performance reviews are fast approaching.

We get it. Formal reviews feel tedious, difficult, and time-consuming. And still you worry you’re not helping your employees get the information and direction they need to improve performance.

With more than half of surveyed employees saying formal performance management processes, like reviews, have no impact on employee and company performance, you wouldn’t be wrong. 😬

So how do you drive real value in the mid-year review process? 

We’ll tell you all about that in this article.

Key takeaways:

• A major reason mid year reviews fail is because employees don’t receive continuous feedback throughout the year that can give proper direction and encouragement.
• Tools like Mesh can streamline and enhance your mid-year review process, giving managers support to complete unbiased, development focused feedback.
• Great feedback is specific, actionable, and timely. Only then can employees change their behavior at moments of need.

Why Most Mid Year Reviews Are Ineffective—And What You Can Do About It

Traditional performance management, and consequently mid year performance reviews, have been ineffective for a while:

• Seven years ago the ‘Re-engineering Performance Management Report ’ from Gallup showed only 29% of employees strongly agreed performance reviews were fair.
• Just one year later, a McKinsey survey shared more than half of respondents believed performance management has not had a positive effect on employee or organizational performance
• Fast forward to 2024, a Betterworks Global HR Research Report shared that 4 in 10 employees feel performance management is failing.

And yet, many businesses continue with the same old processes, either because change feels too overwhelming or because they don't know how to fix what's broken.

But to know how to fix it and to make that fix feel effortless, we need to know what about it is broken. 

To illustrate just how much friction there is in mid-year reviews, let’s look at the experience for the two personas; the manager and their direct report.

‍ For managers, mid-year reviews often feel like a burdensome chore that wastes time and productivity. The more direct reports they have, the more time they feel is wasted. 

Why do they feel they’re a waste of time? Because there’s little to no follow through on the data and insights shared. The survey results are typically read once and then forgotten, gathering dust in a file somewhere. 

The data itself is flawed too—often biased by recent events and focussed too much on past performance over future potential. 

Direct reports, on the other hand, often find mid-year reviews painful and anxiety-inducing. 

They're unsure what points they should make to position themselves for a raise or promotion, and they don't know what resources or feedback they should ask for to improve their performance. 

This lack of clarity and structure leaves employees feeling uncertain, unprepared, and unmotivated. On top of that, they often feel the reviews they receive are unfair or inaccurate. 

Why is this the case? 

Factors Contributing to Ineffective Mid Year Performance Reviews

These feelings, and the ineffectiveness of mid-year reviews, stem from several factors:

• Lack of feedback: When feedback is only given twice a year, it's often too little, too late. Employees need regular check-ins and guidance to stay on track and make necessary adjustments.
• Unclear expectations: Without well-defined goals and KPIs, both managers and employees struggle to assess performance accurately. This leads to subjective evaluations and a disconnect between expectations and reality.
• Insufficient training: Managers often lack the necessary skills and training to conduct effective performance reviews. They may avoid difficult conversations or fail to provide constructive feedback.
• Limited employee involvement: When employees aren't actively engaged in the review process, they feel less ownership over their development and are less likely to take action on feedback.

So, what helps?

Fixing a Broken Process

Numerous studies have proven that real-time and continuous feedback is the key to boosting performance. 

One study in the International Journal For Multidisciplinary Research , states that:

“Performance management reviews, combined with real-time feedback, drive business growth and improve employee satisfaction.”

While a McKinsey study revealed that:

“65% of respondents in c ompanies who introduced tech to support performance management claimed this change has had a positive effect on both employee and company performance.”

That same report also showed that 68% of respondents agree ongoing coaching and feedback conversations have a positive impact on individual performance.

So, fixing your mid year performance review process comes down to using a dedicated performance enablement tool that: 

• Facilitates continuous feedback
• Reduces bias in periodic reviews
• Empowers managers to be more effective leaders
• Supports employee development. 

In the next section, we’ll go into how to conduct a mid-year review, and how our performance enablement tool, Mesh , can make this process so much easier.

How to Write a Mid-Year Review That *Actually* Improves Employee Performance

If you want your mid-year performance review process to work, you need to turn it into one your people want to take part in because they see them as fair, accurate, and helpful. 

These 7 steps will get you there:

• Make performance expectations crystal clear
• Schedule mid year review meetings for each employee
• Ask the employee to complete a self reflection
• Take time to prepare properly
• Write the review down so you can share it with your employee
• Discuss the review together 
• Help your employee set development goals

Step 1: Make performance expectations crystal clear

This is the foundation for any review process whether annual, mid-year, or quarterly. 

You cannot effectively or fairly measure performance without every employee knowing what is expected of them. To do that, you need to set well-defined, measurable expectations and goals that align with the team's and company's objectives. 

These expectations should be documented and communicated clearly and frequently throughout the year, not just during the review process.

Some organizations use a career framework to outline the competencies of every role, at every level. This framework can then be used to judge performance and show employees how to progress laterally or vertically in the business. 

There are career framework templates you can borrow and customize such as this one built by Lauren Gomes , the current VP of People at Build a Rocket Boy.

You can also use performance enablement software like Mesh for managers and employees to co-create goals and action plans together. 

Mesh combines goal tracking with initiatives, so you can get greater visibility on how employees and teams approach their progress. This also helps keep everyone on the same page about progress and anticipated risks. 

To prevent goals from being set and forgotten, Mesh sends you “nudges” to have ongoing conversations on progress, celebrate wins, and solve bottlenecks related to their goals.

Step 2: Schedule mid year review meetings for each employee

Once performance expectations have been clearly established, managers should schedule dedicated time for each employee's mid-year review. 

This demonstrates the importance of the process and ensures that both parties have adequate time to prepare and engage in a meaningful discussion.

When scheduling these meetings, managers should consider factors such as: 

• the employee's workload
• upcoming deadlines
• and personal commitments. 

For example, some people don’t want to have meetings first thing in the morning—especially ones that can induce anxiety—while others like to get those same conversations out of the way early.

Aim to schedule the review meetings at least a week in advance to give employees time to prepare.

You can use Mesh to schedule these one-on-ones directly in the platform and sync them to your calendars. When it’s time to have the call, you’ll both get reminders and nudges to prepare. It’s like putting the right behaviors on auto-pilot. 

How much time should you set aside? We recommend 45 minutes. This gives enough time to go over the review in depth, field questions, address concerns, and start to plan for the future. 

It also gives you both 15 minutes afterward to decompress before jumping into the next meeting or task. 

Apart from scheduling mid-year reviews, we also recommend setting up regular one-on-ones on a more regular basis (e.g. once a week). 

This gives employees the chance to bring up any roadblocks and ask for feedback and resources before it’s too late. 

Managers can also take these regular one-on-ones to check in with the employee’s well-being and morale, while giving praise or advice to ensure employees reach their goals. 

📖 Read too : Top 5 Real Time Feedback Softwares For +15% High Performers

Step 3: Ask the employee to complete a self reflection in advance

Self reflection has been proven to boost performance . 

Before the mid-year review meeting, managers should ask each employee to complete a self-reflection exercise. This gives them an active role in their performance evaluation and helps them prepare for the upcoming discussion.

But they’ll need direction to get it right. Managers and HR can provide a structured template or questionnaire that covers key aspects of the employee's work, such as:

• Major accomplishments and contributions
• Progress towards goals and objectives
• Challenges faced and how they were addressed
• Areas for improvement and development
• Feedback for their manager or team

Employees should be given ample time to complete this self-reflection, ideally a week before the scheduled review meeting. Encourage them to be honest, introspective, and specific in their responses.

If you use a tool like Mesh, your HR team can set up what questions are asked in 360 performance reviews with a template and then rely on the platform to nudge the employee to complete it on time.

Step 4: Take time to prepare properly

It can be tempting to simply show up to the mid-year review with your thoughts. But that does a disservice to your direct reports. They deserve concentrated consideration to ensure the conversation is meaningful. Key steps in the preparation process include:

• Carefully read through the employee's self-assessment, noting key points, achievements, challenges, and areas for discussion.
• Gather and review relevant metrics, such as goal progress, KPIs, and project outcomes, to objectively assess the employee's performance.
• Reach out to colleagues, stakeholders, or clients who have worked closely with the employee to gain diverse perspectives on their performance and contributions.
• Consider your own experiences working with the employee, noting specific examples of their strengths, areas for improvement, and overall impact.
• Based on the information gathered, determine the most critical topics to address during the review meeting, such as notable achievements, development opportunities, and future goals.
• Organize relevant documentation, such as performance data, feedback, and examples, to reference during the meeting and support your feedback.

You can rely on Mesh to provide ample data across the review period, including praise and feedback your direct report has received from colleagues and subordinates (if they have any), goals they’ve set and if they’ve been achieved, competencies gained, and more.

This reduces bias, paints a holistic picture of performance, and ensures fairness. 

Teams that run reviews/feedback cycles on Mesh see a ~42% drop in grievance reports on the final feedback reports.

Step 5: write the review down so you can share it with your employee.

Although most reviews are done in person or on a video call, writing down the review beforehand can help you organize your thoughts and stay on track. It also documents everything for future reference.  

Sharing it with your direct report ahead of time allows the employee time to process the feedback, formulate questions, and prepare for a productive discussion.

With Mesh, you can easily submit the review and share it directly with your direct report. You also won’t have to worry too much about the structure or covering specific items because the Mesh template will prompt you. 

There’s even an AI co-pilot named Maven to help you write the review in a way that is easy to understand and easy to action. 

Step 6: Discuss the review together 

Now it’s time for the mid-year review to take place. You’ve already set up the 1-1 call ahead of time, prepared an agenda, and written up the formal performance review.

So what’s needed now is your undivided attention, empathy, encouragement, and openness. 

During the review meeting, managers should:

• Set a positive tone: Begin the conversation by expressing appreciation for the employee's contributions and commitment to their role.
• Review key points: Walk through the main sections of the written review, highlighting notable achievements, areas for improvement, and development recommendations.
• Encourage employee input : Invite the employee to share their thoughts, feelings, and reactions to the feedback provided. Listen actively and empathetically to their perspective.
• Clarify and address concerns: Be open to answering questions, providing additional context, and addressing any concerns the employee may have about the review or their performance.
• Discuss future goals and expectations: Collaboratively identify areas for growth and set specific, measurable goals for the upcoming period. Ensure that these goals align with team and organizational objectives.
• Identify support and resources: Discuss what support, training, or resources the employee may need to achieve their goals and improve their performance. Commit to providing this assistance as a manager.

Establish ongoing communication: Agree on a plan for regular check-ins and feedback sessions to monitor progress, address challenges, and celebrate successes.

Step 7: Help your employee set development goals

You’ve already discussed next steps and potential plans for development, either in your mid year review or in a follow-up 1-1. 

So your employee will have an idea of what capabilities they need to work on over the next 6+ months. 

It could be capabilities that they were lacking in their current role or ones they want to stretch into with the aim of a promotion. 

Development doesn’t happen without action. Managers should work with employees to set specific, actionable goals in line with their development needs. 

With Mesh, you’re able to set goals and OKRS directly in the platform and link them to core competencies. 

Then, you as the manager, can track progress on those goals, bring them up in 1-1 conversations, and refer back to them in the next performance review.

The employee will also be nudged to report on the goal regularly, reminding them that steps need to be taken to progress and increasing the likelihood the goal is achieved. 

📖 Related read: 6 Best SMART Goal Softwares for 2024 (Achieve More, Faster)  

5 Mid-Year Reviews Examples for Managers - How to Give Effective Feedback Continuously

A performance review on its own will never be enough to effectively improve performance.

Your people need regular signals that tell them what they’re doing well, what they could improve, and if there are any resources they should be aware of. 

And that’s only possible if you’re delivering feedback— good feedback—continuously.

But what does that look like? Here are some examples of continuous feedback in action:

Example 1: Recognizing Strong Performance 

"Sarah, your work on the recent marketing campaign was exceptional. Your creative ideas and attention to detail helped drive a 20% increase in website traffic and generate a record number of leads. Your collaboration with the sales team was also commendable, ensuring a seamless handoff and follow-up process. Keep up the great work!"

Mesh's praise feature allows managers to easily recognize and celebrate employee wins in real-time.

By capturing these moments of success throughout the year, managers build a rich repository of positive feedback to reference during mid-year reviews.

Example 2: Addressing Areas for Improvement

"Mark, while you've made solid progress on your project management skills, there are still some areas where you can improve. I've noticed that you sometimes struggle to delegate tasks effectively, which can lead to missed deadlines and overwhelmed team members. Let's work together to identify strategies for better workload distribution and communication with your team."

Mesh's nudge technology encourages managers to provide constructive feedback regularly, rather than waiting for formal review periods. 

By addressing improvement areas in a timely manner, managers can help employees course-correct and develop their skills more efficiently.

Example 3: Setting Measurable Goals

"Lisa, as we look ahead to the next quarter, I'd like us to focus on increasing your sales conversion rate. Let's set a goal of boosting your conversion rate from 10% to 15% by the end of September. We can break this down into smaller milestones, such as improving your product demos and follow-up techniques. I'll be here to support you with coaching and resources along the way."

Mesh allows managers and employees to collaboratively set, track, and adjust goals throughout the year. 

By clearly defining measurable objectives and action steps, managers provide employees with a roadmap for success and a basis for ongoing development conversations.

Example 4: Encouraging Professional Development

"Chris, I've been impressed by your eagerness to learn and take on new challenges. I think you have great potential to grow in your role and take on more leadership responsibilities. Let's identify some specific skills or areas you'd like to develop and create a plan for pursuing relevant training, mentoring, or stretch assignments. I'm committed to supporting your professional growth."

Mesh's capability tracking features help managers get an overview of employees' strengths and growth opportunities. 

This clear, data-driven view of an employee's development over time, means managers can provide more targeted, meaningful feedback and guidance.

Example 5: Fostering Open Communication

"Rachel, I appreciate the honesty and transparency you bring to our team discussions. Your willingness to share ideas, ask questions, and provide constructive feedback helps create a positive, collaborative work environment. Let's discuss how we can continue to foster open communication and ensure that everyone's perspectives are heard and valued."

Mesh's feedback feature empowers employees to share upward feedback to managers and praise or advice to peers. 

By promoting open, multi-directional communication, Mesh helps create a feedback-rich culture that supports continuous learning and improvement.

What Makes Those Examples Good?

Each of those five examples is:

• Specific: They reference concrete situations and behaviors rather than vague generalities.
• Timely: They provide feedback soon after the relevant events occur, not months later.
• And forward-looking: They include guidance on how to apply the feedback going forward.

While that sounds simple to remember, it can be difficult to put into practice, especially when you want to slot feedback quickly and regularly into the flow of work.

Mesh makes it easy thanks to its nudge technology and AI co-pilot Maven. 

The science-backed nudges remind you to give feedback while Maven coaches you on how to make it specific and actionable every time. 

See how Mesh can transform the mid year performance review process in your organization, make feedback continuous, and enable better performance in your people.

Book a demo today here.

7 Rapid-Fire Mid-Year Review Tips for Employees

Managers aren’t the only ones who need help making the performance review process more effective. Employees too have a part to play. 

Below are 7 rapid-fire tips to help employees navigate their mid-year review:

• Don’t wait for performance reviews to get feedback, ask for it whenever you feel you need direction or have completed a major project 
• Seek feedback from more than just your manager. Anyone you work with (colleagues in and outside of your team) can provide unique perspectives
• Be open to constructive criticism, it can be hard to hear but can lead to the biggest growth 
• Ask clarifying questions to better understand the feedback and how you can apply it
• Come prepared to performance reviews with specific questions and discussion points (after reviewing the written mid year review your manager will have provided)
• Collaborate with your manager to set actionable goals
• Proactively seek out learning opportunities, mentors, and stretch assignments that align with your goals

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Mid-Year Review: Free Guide + Template + 50 Questions

by Emre Ok March 31, 2024, 12:19 pm updated June 12, 2024, 1:05 pm 375 Views

Finding the right performance review frequency for your organization is tricky. While one could argue against quarterly or monthly performance appraisals, nobody can refute the necessity of mid year reviews.

While we have in fact previously discussed the optimal frequency for performance reviews in previous articles, in this particular post we will be covering the best practices for mid year performance evaluations.

This post will include:

• A complete mid-year review guide with best practices, definitions, and overall tips.
• A free downloadable mid-year performance review template
• Sample mid year performance review questions
• How you can digitize your mid year reviews with performance review software

Let’s dive right into this ultimate mid-year performance review guide!

Table of Contents

Complete Mid Year Performance Review Guide

What is a mid year review.

A mid-year review is a critical checkpoint within an organization’s annual performance management cycle.

Unlike annual reviews, which reflect on a year’s worth of achievements and challenges, mid-year reviews offer a timely opportunity for employees and managers to assess progress toward goals, address challenges, and recalibrate strategies for the remainder of the year.

What Is The Purpose Of a Mid Year Performance Review?

Mid-year reviews serve as a checkpoint for the entire fiscal year for an organization. While it mid-year reviews serve multiple different purposes for an organization, their central benefit is that they provide a checkpoint for goal assessment.

They are a great halfway point where strategic pivots can be made if goal progress isn’t going as planned.

Middle of the calendar year is also where employee burnout and disengagement rates are at their highest so mid year evaluations are a great way to get people back on track and re-engaged .

Some of the central purposes of mid year reviews include:

Goal Assessment: Mid-year reviews allow both the employee and the manager to evaluate how well the individual is progressing towards their set objectives and to make necessary adjustments.

Feedback Exchange: A middle-of-the-year performance evaluation provides a structured opportunity for feedback in both directions. Employees receive constructive criticism and recognition, and they can also share their thoughts and concerns.

Development Focus: The mid-year performance review serves as a platform to discuss the employee’s professional development , identifying areas for growth and the resources or training needed to facilitate that growth.

Motivation and Engagement: It can significantly boost employee motivation and engagement by showing employees that their work is valued and that the organization is invested in their success.

Best Practices For Mid Year Reviews

Now that we’ve clearly established the meaning of mid year performance reviews and discussed their purpose and importance, let’s go over everything that needs to be done for the best performance review experience for both employees and employers.

In this section we will also show you a way to digitize your entire performance cycle to hold the most effective mid year performance appraisals you possibly can.

1. Prepare Thoroughly

Both managers and employees should come prepared with notes on achievements, challenges, and points of discussion. Preparation ensures a focused and productive conversation.

The best way to prepare for a mid year performance appraisal is to practice performance management continuously. By that we mean:

• Keeping track of all the feedback exchanged throughout the review period.
• Making sure notes from one-on-one meetings with the reviewee are always accessible.
• Keeping track of all the recognition and praise the reviewee received.
• Updating goal progression regularly throughout the review period.

All of this allows the reviewer to…:

2. Be Specific

Use specific examples to illustrate points, whether praising accomplishments or addressing areas for improvement. Specificity makes the feedback more actionable and understandable.

The best way to be truly specific is to integrate factual data and 360-degree feedback into your performance appraisals.

This data is difficult to accumulate if your review cycle isn’t digitized. That is why you need to…:

4. Conduct Reviews in Microsoft Teams & Outlook

As opposed to manual pen-and-paper solutions, the best way to conduct mid-year performance reviews is to conduct them in communication and collaboration platforms your team are already using, such as Microsoft Teams or Outlook .

Performance management as a whole is a continuous process and mid-year reviews should a fully integrated part of that process.

Using the highest-rated performance review software in the Microsoft Teams and Outlook app stores, Teamflect, you can conduct digitized mid-year employee evaluations that include key information such as:

• Goal Completion Rates
• 360-Degree Feedback Results
• Role-Related Competencies

Here are all the steps you need to follow in order to conduct your mid-year reviews and evaluate results in detail without having to leave Microsoft Teams or Outlook.

Step 1: Integrating Your Performance Review Software

All you need to do to start conducting reviews in Microsoft Teams or Outlook is to simply head over to their respective app stores and look for the Teamflect App.

Since Teamflect is an official Microsoft Partner and lets you log in with your Microsoft Account, you don’t need to create a separate account or sign up.

Once you add the app into your Teams, it should look a little something like this:

Since this app draws your organizational chart from Entra ID, and automatically syncs your org-chart alongside all the necessary information about your team the implementation process is short and fast.

You are now fully ready to start conducting your mid-year reviews inside Microsoft Teams.

Step 2: Selecting a Review Template

Once you’ve added Teamflect to your Microsoft Teams, the next step is to head over to the Reviews section and select the performance review template of your choice.

As you are using the tool, you will have access to an extensive library of performance review templates that can be fully customized or simply used as they are out the gate.

You can use an existing mid-year review template, customize it, or simply create your own.

Regardless of your review scenario, whether you are conducting a monthly, quarterly, or mid-year review, all you need to do is:

• Choose a template that works for your specific occasion.
• Choose which reviewees are linked to the evaluation.
• Determine the period under review.
• Send out your review.

You also have the option to simply automate your performance appraisals so they are sent out to your employees automatically at your desired intervals.

Step 3: Completing Self-Review and Evaluation

Once the review has been sent out, all there is left to do is for it to be filled out by the reviewee and reviewer.

The mid year performance review template can include the following sections if the reviewer wants:

• Goal’s in the Review Period
• Competencies Associated with Role
• 9-Box Talent Grid

And so much more, alongside standard mid-year review questions. Once mid-year reviews are completed, results can be analyzed in detailed reports and individual development plans can be made accordingly.

How To Behave During a Mid Year Review?

1. set a positive tone.

Begin the review on a positive note, highlighting achievements and strengths . A positive tone encourages open communication and receptivity to feedback.

2. Encourage Two-Way Dialogue

The review should be a conversation, not a monologue. Encourage employees to share their thoughts, concerns, and aspirations. The reviewer should deliver their performance review comments and make sure the reviewee has the opportunity to give feedback right back.

3. Focus on Development

Discuss not just performance but also growth and learning. Identify opportunities for the employee to develop skills or gain new experiences.

4. Create Actionable Plans

Develop clear, actionable steps for how goals will be achieved, skills will be developed, or challenges will be addressed. Ensure both parties are aligned on the action plan.

FREE Mid-Year Review Template

While we strongly recommend digitizing your performance review templates, this free word performance template can definitely help with mid-year appraisals in a bind. We also have performance review templates for Excel alongside PDF performance review templates for you to print out and use right away!

50 Sample Mid Year Performance Appraisal Question

If you are looking to create your own mid-year performance review template then you will need to have different sets of questions.

Below we accumulated 50 mid year review questions for different categories. Choose the right mid year questions for your employees and start building your own mid-year review right away!

If you already have a mid-year review template you are using and you want to digitize it, make sure you give this helpful video a look:

How to digitize performance review templates?

1. Job Performance and Skills

• How do you assess your performance against your goals for the year so far?
• What skills have you improved upon this year, and what evidence can you provide?
• Can you describe a recent project or task where you felt particularly successful?
• How have you contributed to the team’s or company’s goals this year?
• In what areas do you feel you need more training or development?
• How do you prioritize your tasks, and how effective do you think your current strategy is?
• Have you encountered any significant challenges in your work? How did you address them?
• What feedback have you received from colleagues and clients, and how have you acted on it?
• How do you approach problem-solving in your role?
• How do you measure success in your job, and how do you track your progress?

2. Teamwork and Collaboration

• How do you contribute to creating a positive team environment?
• Can you provide examples of how you’ve supported or helped a team member this year?
• How do you handle disagreements or conflicts within the team?
• In what ways have you contributed to team meetings or discussions?
• How do you ensure effective communication with your teammates?
• Can you describe a collaborative project and your role in its success?
• How do you balance your personal responsibilities with team objectives?
• How do you seek and provide feedback within the team?
• What role do you typically play in a team setting?
• How do you adapt to different working styles within the team?

3. Leadership and Initiative

• In what ways have you taken the initiative in your role or on projects?
• How do you demonstrate leadership, even if you’re not in a management position?
• Can you share an example where you identified a problem and implemented a solution?
• How do you encourage and motivate others in the workplace?
• How do you handle responsibility for project outcomes or team successes/failures?
• How have you contributed to fostering a culture of innovation or continuous improvement?
• How do you mentor or support the professional development of others?
• In what ways have you gone above and beyond your typical job responsibilities?
• How do you manage stress and pressure, especially when leading a project or team?
• How do you set an example for others in terms of work ethic and professional behavior?

4. Goals and Objectives

• How closely have you met your set objectives for this year so far?
• What goals have you set for the remainder of the year?
• How do you align your daily tasks with your long-term objectives?
• Have any of your goals changed due to business needs or personal growth?
• How do you plan to achieve your goals in the coming months?
• What resources or support do you need to achieve your goals?
• How do you track and measure your progress towards your goals?
• How do you respond when you are off track from your goals?
• What has been your biggest accomplishment this year, and how does it align with your goals?
• How do you ensure your goals align with the team’s and the company’s objectives?

5. Professional Development and Growth

• What new skills or knowledge have you acquired this year, and how have they impacted your work?
• What professional development activities have you participated in or plan to participate in?
• How do you stay updated with trends and developments in your field?
• What are your long-term career aspirations, and how are you working towards them?
• How have you applied any new learnings or insights to your role?
• What feedback have you received about your development, and how have you acted on it?
• How do you plan to further your professional growth in the next six months?
• In what areas do you seek further improvement or learning?
• How do you share your knowledge or expertise with others in the workplace?
• What challenges do you anticipate in your professional development, and how do you plan to address them?

Mistakes To Avoid With Mid-Year Reviews

When conducting mid-year performance appraisals, or any practice that has become a routine or standard in your organization, it is really easy to fall into some lapses in judgement and make mistakes you normally wouldn’t.

That is why we wanted to highlight some of the most common mistakes any reviewer or manager could make going into middle of the year performance appraisals.

Lack of Preparation : Entering a review without preparation can lead to a vague and unproductive conversation. Both parties should be well-prepared with data and examples.

Overemphasis on Recent Performance: Avoid the recency bias where recent events overshadow performance from earlier in the year. The mid-year employee review should cover the entire period since the last evaluation.

Neglecting Positives: Focusing solely on areas for improvement can be demotivating. Recognize achievements and strengths to balance the feedback.

Avoiding Difficult Conversations: Address issues directly and constructively. Avoiding difficult topics can lead to unresolved issues and hinder growth.

Not Setting Clear Goals: The mid-year review should result in clear and achievable goals for the future. Vague or unrealistic goals can lead to confusion and lack of direction.

Ignoring Employee Input: Failing to listen to the employee’s perspectives can lead to a one-sided understanding. Employee input is crucial for a complete mid-yeare review.

Inconsistency: Ensure that the mid-year review process is consistent across the organization. Inconsistencies can lead to perceptions of unfairness or bias.

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Written by emre ok.

Emre is a content writer at Teamflect who aims to share fun and unique insight into the world of performance management.

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How to conduct a great mid-year review | Tips & framework

Do you remember the last time you sat down for a performance review? Did it make you feel motivated, enthusiastic, and equipped with knowledge and insights to perform better than ever? For most employees, performance reviews are anything but that.  

Sometimes performance reviews feel like an annual chore, and they might even prompt feelings of anxiety. But for people-centric, innovative companies that want to stay relevant with the times, performance appraisals are an excellent tool for employee development and engagement.

To stay performance-driven, your employees need more than just an annual review to effectively meet their goals, stay motivated and engaged, and incorporate feedback into their work. When 95%* of managers say they’re unhappy with the traditional way of doing things (i.e., yearly performance reviews that don’t focus on development), organizations need to shake things up. 

Development-focused mid-year reviews (conducted twice a year) go beyond simply tracking employee performance . Employees can bring up roadblocks and get guidance on how to get back on track with their goals — instead of only receiving feedback after problems went too far. They’re also excellent ways for managers to continuously assess internal processes, provide critical feedback, and build engagement.

Here’s a brief comparison of annual performance reviews and mid-year performance reviews:

‍ If your company wants to adopt best practices for assessing performance , this article is for you. Let’s dive into the process of conducting an excellent, development-focused mid-year review. * Gartner , 2019 ‍

🚀 Invest in reviews that deliver results Leapsome lets you create impactful performance reviews that’ll benefit your whole team  👉 Show me how

8 tips for great mid-year performance reviews

If you’re starting from the ground up, establishing a mid-year review process can seem intimidating. But we’ve researched all the expert best practices out there and selected eight of our best ideas to efficiently conduct mid-year reviews .  ‍

1. Establish performance criteria

Vague performance metrics are an employee’s worst nightmare. But establishing standardized criteria to measure performance helps tackle unconscious bias in performance reviews . When you use a reliable scale and your company runs performance review calibrations to rank employee performance, individuals trust the process will produce fair results. 

Let’s see a few criteria that would be relevant to many teams:

• Associate (Level 2): Clearly communicates task progress 
• Junior Manager (Level 3):  Proactively asks questions to get to the root of issues 
• Senior Manager I (Level 4): Provides clear structure and timeline for larger projects, breaking them down into manageable smaller tasks ‍
• Lead (Level 6): Clearly communicates expectations and progress to stakeholders across all levels and provides positive and constructive feedback to reports

2. Evaluate employee strengths & areas for improvement

The process of creating a great mid-year evaluation starts long before filling out a report’s appraisal. Detailed knowledge of employee skill sets can help you assign better-suited goals and gauge performance based on relevant traits.

3. Choose the right performance review questions

Asking the right questions can help you treat a review like an ongoing conversation between two people and help you actively listen to your employees. The questions should revolve around the employee’s development goals and how you can help them achieve those goals in the next two quarters.

Things to do while choosing your questions:

• Start questions with what , why , when , where , who , or how — open-ended questions give you detailed responses instead of short yes/no answers.
• Use a scoring scale — we recommend a 5-point scale for reviews . This helps you get quantitative and qualitative data. 

The “right” questions give you valuable insight into your report’s performance. Keep reading to check out  some example questions to ask in mid-year reviews. ‍

🚀 Want to conduct performance reviews that deliver — every single time?  Leapsome lets you create impactful performance reviews that help your employees reflect, grow, and learn at work 👉 Explore Leapsome’s employee performance software

4. Review past assessment results

Past data is only valuable when you have foresight. Your employees’ past assessments can help you set better-suited standards for your mid-review feedback, but they should only serve as a reference point and not dictate what the employee can achieve.

Reflecting on past reviews helps identify areas in which your reports have made great progress, as well as areas that are stagnant and may require you to check in. Sometimes nudging them in the right direction is all it takes. 

5. Provide meaningful feedback

Employees are more likely to excel in a company with a feedback culture that fosters collaboration, transparency, and growth . 

To help you build this kind of culture, focus on actionable feedback. Instead of saying, “You should give more ideas,” actionable feedback would look like this:

“We’d all benefit from hearing your perspective, so it would be great if you shared more thoughts at the weekly team meeting. Try noting down your questions and suggestions before the meeting so that you remember to bring them up.”

Offering specific, constructive, and honest feedback can also help leaders become coaches for their teams. ‍

💡 Our repertoire of employee feedback examples can help you come up with non-generic, ongoing feedback for each team member!

6. Create an agenda for your development talk

The review process ends when you give your reports tools to support their development — and to do this, you need to have a career development talk with them. 

In a 1:1 meeting , it’s common for you and the employee to want to discuss everything under the sun — from career goals to small happenings at work. To keep your mid-year review meeting focused, create a development talk agenda beforehand.  

Your development talk meeting agenda should include the following:

• Overview of the last appraisal
• Evaluation and discussion about employee performance
• Feedback to establish development-focused goals for the next period
• Collaboration on future goal setting
• How the goals fit into the employee’s career path

⭐️ Top tip: Remember to discuss the agenda with your employee before the meeting and let them make additions to it. After all, agenda creation should be a collaborative process.

7. Curate a development plan

You’ve assessed your employee’s skills, standardized performance criteria, and given them succinct feedback. Now what? 

After discussing your report’s growth in the development talk, you must curate a development plan with them. To help your team perform at their absolute best, you need to go the extra mile and, as a joint effort between manager and report, prepare a plan to help them grow professionally. ‍

🚀 With our career progression framework , you can customize professional development paths by tracking the skills necessary to advance to the next level.

8. Follow up

Following up on a career development talk is an excellent opportunity to show your employees their time is valued and their concerns are heard.

Immediately following a review conversation, restate the key points in an email. This isn’t a next-step plan, but a recap of what you spoke about to show them they’ve been heard. Later, you can follow up to plan the next steps based on those discussion points. You can encourage your reports to consider their ultimate career goals, and start putting together the skills and experiences they need to get there into an actionable career progression framework. ‍

🌟 Employees want clarity on their career opportunities Leapsome provides fair, transparent career roadmaps for every team. With highly customizable skills and levels.  👉 Have a chat with our product experts

A 4-step framework to deliver a great mid-year review

Creating detailed and accurate mid-year appraisals that ensure employees stay engaged and enthusiastic about what’s to come requires planning, collaboration, and following up. 

This can seem overwhelming, but it doesn’t have to be! Just follow these four steps to create an excellent mid-year review framework for your employees.  ‍

1. Kick off the review cycle & book the mid-year review meeting

⭐️ Leapsome can automate reminders for people to fill out an assessment before a chosen deadline so that everyone can plan accordingly, and HR managers don’t need to nudge anyone individually. 👉 Interested in learning more?

Impromptu review meetings can catch team members off guard, so it’s only fair to give them enough time to prepare for the discussion and determine the agenda beforehand. 

But what should you include in your mid-year review meeting agenda? Here are some must-haves: 

• An outline of discussion points you’d like to bring up.
• Space to answer employee questions and exchange initial development ideas.
• Documents that will help the appraisal process (like previous evaluations and goal-tracking sheets).

Accessing all these documents in one place can be difficult, but Leapsome offers all this information at a glance. ‍

2. Prepare for the review

Preparing well for your performance reviews shows employees that you’re as invested in their careers as they are. 

Here’s a quick set of questions you can ask yourself to see if you’re ready for your mid-year review:

• Do you have access to the employee’s previous appraisals?
• What kind of feedback has been shared with the employee outside of reviews? If your company has a continuous feedback system, that will be easy to track.
• Has your company defined a skills framework for the employee’s role?
• Is your office or remote environment distraction-free? ‍

3. Meet the employee to discuss the feedback and development

Evaluation meetings can be anxiety-inducing for anyone, so make sure your reports feel comfortable when you meet to discuss your feedback and their self-assessment. Employees should leave the mid-year review feedback meeting feeling confident about the upcoming six months.

Here’s a list of things you should discuss within your performance appraisal meeting:

• Biggest achievements in the last two quarters
• Core strengths 
• Hurdles in goal fulfillment 
• Addressing questions 
• Key learnings and development goals ‍

4. Follow up with the employee 

Follow up with the team member you reviewed to thank them for their time and remind them about the key points (including development plans) you discussed in your meeting. Whenever possible, list out any action items as a follow-up. 

Follow-ups are a great way to wrap up your mid-year review process and turn it into a positive experience — so use this opportunity well.  ‍

Engaging example questions to ask in mid-year reviews 

Only the right questions will give you meaningful answers. Ask employees open-ended questions to understand how they truly feel about their achievements.

Here are a few examples:

• What do you consider to be your core strengths?
• What are the three biggest challenges you are facing?
• What skills do you have that we can leverage more effectively?
• What are 1-3 of your key learnings and development goals?
• Where do you think your work creates the maximum impact?
• Do you have any recent achievements you’re proud of?
• What are your expectations from this role going forward? 
• What support do you need to move forward on your development goals? ‍

⭐️ Our free template with best-practice questions for performance reviews is a great asset for managers conducting assessments!

Mid-year review tips for employees

• Be present throughout the process: Don’t be afraid to take action and get in touch with your manager if you have questions about the mid-year review process. Check in with them before your development talk if needed, add questions to the agenda beforehand, and proactively assess your past evaluations.
• Choose a calm space to fill out your self-assessment : It’s common for employees to undervalue (or exaggerate) their achievements at work. So be honest with yourself when reviewing your accomplishments and areas for improvement. 
• Ask for feedback: If your performance or knowledge in a given area is unclear, ask your manager for support and actionable feedback.

Wrapping up the review process

Development-focused mid-year reviews help employees reach their full potential and are great mediums to keep progress on track. By reading our tips and steps to conduct a great mid-year review, you’re already halfway there! 

If you’re still unsure about filling out a performance review as a respondent, our playbook on writing performance reviews can help you write appraisals that are consistently transparent, fair, and growth-oriented.  ‍

🚀 Deliver high-impact and growth-oriented reviews with Leapsome  Leapsome lets you create impactful reviews that save time with automated review cycles and customizable frameworks 👉 Book a demo

FAQs about mid-year reviews

What is a mid-year review.

A mid-year review is a biannual review that companies conduct to evaluate staff performance. Mid-year reviews help employees identify knowledge gaps , revisit their development goals , and change course in a timely manner if needed. Through this process, managers give team members actionable feedback that helps them succeed at work. ‍

Why are mid-year reviews important?

Mid-year reviews help employees that are performing well get timely appreciation and recognition for their work. They also make it easier for managers to check in with staff and troubleshoot issues early on .

‍ Because mid-year reviews happen every six months, it’s also easier to reconsider development goals if they’re no longer relevant or need adjustments. These reviews also help employees get actionable feedback on their work and improve overall employee engagement.

What is the difference between mid year and year end review?

Mid-year reviews are designed to be a check-in before the year-end review , they’re a time for employees to build on skills and work on challenges before the year-end review. Mid-year review also give more structure and clarity to year-end reviews. 

Some companies may decide to keep mid-year reviews more informal and relaxed, whereas end-year reviews can impact career progression, bonuses, and compensation.

How do you structure a mid-year review?

Mid-year reviews should follow a clear framework and structure, so employees know what to expect and to keep assessment fair across teams and review cycles. The review should always include the following points:

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Employee Guide: How to Write a Mid-Year Review for Yourself and Others

• Performance

What is a mid-year review?

For employees, for organizations, key achievements.

• Quantify your impact 

Highlight contributions to team and company goals

• Identify core strengths 

Focus on specific development goals

Outline areas of improvement, how to write a mid-year review for yourself, how omni helps organizations drive progress.

Research indicates that 98% of employees feel disengaged from work if they receive little to no feedback. While receiving employer feedback boosts morale, self-evaluation can be tricky. How can you objectively assess your performance without exaggeration or downplaying?

This is particularly difficult when evaluating team achievements or addressing your own shortcomings, especially if influenced by managerial oversights.

All these hurdles are common when considering how to write a mid-year review for yourself and others. Let’s dive into the details, including what to include in your reviews and tips to craft a compelling narrative that shows your commitment to improvement within the organization.

A mid-year performance review is a scheduled check-in between an employer and an employee, typically held around the halfway mark of the year. It’s a rather relaxed, one-on-one conversation to discuss the employee’s progress, performance, and areas of improvement. These reviews allow managers to suggest strategy changes and address concerns before the detailed year-end review.

While usually informal, some employers may prefer a more structured evaluation. The review assesses progress toward current goals and may establish new goals if necessary. Employees are encouraged to share their perspectives and any obstacles they’ve encountered to receive guidance for success.

Relevant reads: How to Write a Performance Review in a Remote Work Environment

Why should employees write a mid-year review? 

Before discussing how to write a mid-year review for yourself, let’s briefly explore its benefits for both employees and the organization.

• Gain self-awareness: reflecting on your performance halfway through the year helps focus on your strengths, weaknesses, and areas for improvement. It allows you to step back, analyze progress and plan for growth.
• Proactively address concerns: identifying challenges early enables you to take proactive stress to address them before they escalate. Tackling issues promptly can prevent them from becoming larger problems.
• Demonstrate initiative and drive your development: conducting a mid-year review shows your commitment to continuous improvement and excellence in your role. Taking initiative can make a positive impact on supervisors and colleagues.
• Celebrate your wins: recognizing achievements from the first half of the year boosts confidence and energizes you for upcoming challenges, inspiring you to strive for excellence.
• Set goals for the remainder of the year: use the mid-year review to set clear, actionable goals for the second half of the year. This provides direction and focus, maximizing your efforts for the rest of the year.
• Gather valuable information : mid-year reviews provide valuable insights into employee performance, progress, and challenges. This information aids in decision-making regarding HR budget , training initiatives, and strategic planning.
• Foster open communication : encouraging employees to share feedback creates a workplace culture where they feel valued, leading to higher engagement levels.
• Align expectations : mid-year reviews realign employee goals and expectations, ensuring everyone is working towards common goals.
• Improve employee engagement: involving employees in the review process demonstrates that their contributions are recognized. This appreciation and involvement boost employee engagement and commitment.
• Course correct : Mid-year reviews help organizations to address employee concerns promptly and realign efforts to achieve organizational goals.

Take your performance management to the next level!

Components to Include in a Mid-Year Review

To understand how to write a mid-year review, you need to include the right sections that cover your achievements, contributions, and areas of improvement.

Acknowledge significant achievements, such as meeting project milestones or exceeding sales targets, with concrete data or metrics wherever possible.

For example, “I successfully led a project team that implemented a new CRM system, resulting in a 20% increase in sales leads.”

Quantify your impact 

Use specific, measurable data to back up your achievements. For instance, “I implemented a new customer feedback system that resulted in a 30% increase in customer satisfaction scores compared to previous year.”

Demonstrate how your work supports broader organizational goals, citing specific examples of projects where you contributed to these objectives and collaborated with team members.

Identify core strengths 

Showcase your leadership abilities, problem-solving skills, and adaptability to new technologies. Highlight instances where you’ve taken initiative, led projects, and positively influenced team members.

Mention the goals you set at the beginning of the year and assess your progress. Discuss strategies to achieve these goals, especially if you’re slightly behind target.

For instance, as a sales representative who set a goal to achieve a 15% increase in monthly sales volume compared to last year. However, at the mid-year review, you found that you achieved a 12% increase, slightly below target. The mid-year review can help identify strategies to boost sales performance in the remaining months by focusing on areas of improvement and building on successful strategies.

Reflect on skills that could be developed to improve your performance, such as technical skills, communication skills, and conflict resolution.

By including these sections in your mid-year review, you can provide a comprehensive overview of your performance and demonstrate your commitment to growth and development within the organization.

If you’re unsure where to start, discover strategies for structuring self-evaluation conversations now!

Tips on How To Write a Mid-Year Review

In the next section in our guide on how to write a mid-year review, we’ll explore the essential tips for writing a review, whether for yourself or other team members.

If you are writing a mid-year for yourself, here’s what you need to focus on:

Review and reflect on past performance reviews

Begin by revisiting previous performance evaluations or feedback, including written assessments and meeting notes. Look for key points regarding strengths, areas for improvement, accomplishments, and feedback. Also, review your goals and their progress.

Based on this, ask yourself these questions to conduct your self-evaluations better :

• What specific actions or behaviors were praised by my manager or colleagues?
• Are there any recurring themes or patterns in the feedback I’ve received?
• How have I addressed previous areas for improvement since the last review?
• What insights have I gained about my strengths and weaknesses?
• Have there been any unexpected challenges or successes that I can learn from?
• How have I grown professionally since my last review?

Omni Tip on how to write a mid year review: Create a running doc or list that you update weekly or monthly with projects you’ve worked on and wins you’ve had throughout the year. This makes it easier to recall when it comes time to review and reflect on your performance!

Use the SMART framework

Setting SMART goals is another helpful tip on how to write a mid-year review. Based on past performance evaluations, you’ll have new goals. Break these larger objectives into smaller, actionable tasks.

For example, instead of saying “I will try to improve my sales performance in the next few months,” you can say, “I will increase my monthly sales by 15% compared to the previous quarter by the end of the year. To achieve this, I will attend at least two additional monthly networking events, allocate one hour daily to follow up with potential clients, and enroll in a sales training course by the end of Q3.”

This approach ensures your goals are specific, measurable, and tied to a timeline, making it easier to track progress and make adjustments.

Be honest and objective

It is important to approach how to write a mid-year review with honesty and objectivity, acknowledging both successes and setbacks. Avoid being overly critical or lenient.

For example, if you’ve made progress in meeting deadlines but faced challenges on a specific project, address it directly:

“During the XYZ project, miscommunication led to rework and missed deadlines. I take full responsibility and plan to improve my communication by scheduling regular check-ins and actively listening to team input.”

This demonstrates your commitment to improvement and responsibility for your actions.

Include feedback from others

Feedback from others can provide valuable insights on your performance from different perspectives, shaping how to write a mid-year review.  Your supervisor provides insights into their expectations, your strengths, and areas for improvement.

Peers offer a unique perspective on how to write a mid-year review for yourself, noting strengths and areas to develop that your supervisor may not have observed.

Additionally, feedback from external sources like mentors can provide valuable guidance and constructive criticism to support your growth.

Structure review with clarity 

Your mid-year review should provide clarity on accomplishments, challenges, goals, and development areas, each with subheadings for further detail. Along with that, keep in mind the following:

• Use concise and objective language and avoid unnecessary verbosity
• Focus on solutions and proactive measures to address challenges instead of dwelling solely on problems
• Maintain a positive and constructive tone throughout the review
• Structure your review document logically and provide evidence to support your claims

Reframe shortcomings as opportunities for growth

Managers don’t expect perfection; they value individuals with a growth mindset who see shortcomings as opportunities. Identify root causes behind your shortcomings and use them to improve.

For example, if you missed project deadlines, explain how you’ll implement a more structured planning process for future improvement.

If you want to learn how to write a mid-year review for another individual or team, focus on the following areas:

Gather data and feedback

Collect quantitative and qualitative data from various sources to assess outcomes and workplace commitment. Use performance evaluations, project reports, and feedback from colleagues and supervisors. Consider conducting 1-on-1 meetings or surveys to gather input from team members, peers, or stakeholders.

Provide clear and unbiased feedback

Review progress toward the goals and expectations set at the beginning of the year or in the previous review. Use specific examples, observations, and outcomes to provide clear and concise feedback. While giving feedback, ensure you keep any personal opinions aside and base feedback on collected information, avoiding performance appraisal bias and judgements.

Balance positive and constructive feedback

It’s vital to acknowledge all achievements, big or small, to recognize an individual’s or team’s contribution. However, a balanced evaluation includes both praise and constructive criticism. little and big wins to show the contribution made by the individual or team. To illustrate, while praising an increase in customer retention rates, suggest exploring new strategies to diversify customer outreach. Provide specific examples of successes and areas of improvement to promote balanced growth.

Rely on facts and figures over opinion

It is important that your feedback is based on facts and figures rather than assumptions or personal opinions. Support your statements with quantifiable measures wherever possible.

Here’s an example:

“In the past six months, your sales figures have consistently exceeded the department average by 15%.  Your performance is particularly noteworthy considering the challenging market conditions we’ve faced. Your ability to close deals efficiently and maintain strong client relationships is reflected in our recent survey’s 95% positive customer feedback.” 

While not every point can be quantified, using numbers strengthens your feedback and demonstrates thorough research.

Knowing how to write a mid-year review for yourself or others is crucial to assess progress. Set new goals, and identify areas for improvement.

With well-structured self-evaluation strategies, you can confidently navigate your performance review, unlocking your full potential and driving personal and organizational achievements. Omni’s customizable performance review feature allows managers to design a self-evaluation template for employee performance reviews, track employee submissions, and derive critical insights to drive business decisions all in one centralized platform.

Performance reviews don’t have to be a dreaded task, with the right framework and guidance, the exercise can become a useful tool in self-reflection and professional development.

For more resources on how to write a mid-year review for yourself and others,

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• HR Administration

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HR's Guide to Mid-Year Performance Reviews

An HR cheat sheet for mid-year evaluations, from structure to processes and more.

by Nick Schurk - June 13th, 2024

Performance

Table of Contents

What is the Purpose of a Mid-Year Performance Review?

How should hr managers structure the mid-year review process, questions to ask during a performance review, preparing for a mid-year review meeting, conducting a successful mid-year evaluation, next steps after the mid-year performance review, streamline your performance reviews.

The phrase “performance review” is enough to send employees’ hearts racing, especially since it usually implies they’re undergoing two review processes in a year instead of just an annual review. That’s why it often falls on HR to calm the nerves and show why the mid-year evaluation is such a valuable tool in the workplace. 

Download the Mid-Year Performance Review Template

If you have mid-year reviews coming up, this guide has your name on it. Use it to navigate each review from start to finish and help everyone get the most out of the process.

Mid-year performance reviews are a companion to the annual review process. Rather than waiting an entire year to check in with your employees on their contributions and progress toward last year’s goals, mid-year reviews cut the time in half. This is a formal process outside of the day-to-day interactions between supervisors and employees that allows conversations to be documented on paper. 

Companies that conduct mid-year performance reviews see a number of benefits:

Providing positive and constructive feedback on performance.

Discovering inefficiencies or roadblocks that might be limiting an employee’s performance.

Adjusting goals that were outlined in the last review.

Exchanging ideas between supervisors and employees.

Learning more about employees’ own goals, motivations, job satisfaction, and potential conflicts in the workplace.

As a result, HR managers can detect issues earlier and avoid surprises during the annual performance review.

Just like practice is 90% of a sports team’s performance, preparation is 90% of the mid-year review process. HR managers who prioritize structure are more likely to enjoy a smoother experience.

Things you should consider when outlining the review structure include:

Overview . Go over the employee’s last review and refer to action items and goals that were assigned. If this is their first review (e.g., a new employee or someone in a new role), refer to their job description and any metrics related to their job.

Current Objectives . Discuss whether previous goals are being met or are in progress. If the employee is not meeting certain metrics, look at potential factors that might be affecting their performance. For example, have projects and priorities changed since the last review?

Actionable Feedback . The supervisor should provide specific goals and recommendations to help the employee keep moving forward.

Employee Feedback . No review is one-sided. Ask the employee for their feedback on their role, management, the organization, and anything else that may affect their ongoing performance.

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Conducting performance reviews isn’t about ticking boxes and documenting metrics. Organizations can derive real meaning from these mid-year interactions if they’re intentional about them. This means asking the right questions during the review process to learn more about the employee experience, their contributions, and how management can offer better support to improve the organization as a whole.

Let’s look at some of the key questions that can dive deeper into the employee’s experience :

Job Performance

How have things been going since our last check-in?

What specific accomplishments are you proud of over the last six months?

What are some of the challenges you’ve encountered?

How would you rate your own performance on a scale of 1-10?

Where do you feel like you excel the most?

Job Satisfaction

What do you love most about your role?

What are some things that get you excited to come to work each day?

What would you want to change about your role?

Opportunities

Where do you feel you could improve your performance?

What might you need to improve in these areas?

Are there any new skills you would like to learn or projects you’d like to work on?

How can I better support you?

Personal Goals

What goals would you like to set for yourself?

Do you see yourself in another role in this company? What can I do to help get you there?

HR managers prepare for mid-year evaluations in two different ways. First, you need to work with supervisors to ensure they understand the objectives. And second, you need to prepare to review your own direct reports , if any.

In both cases, you’ll want to outline the review process from start to finish. This includes but may not be limited to:

Notifying all employees that mid-year performance evaluations are coming up.

Setting a date or range of dates for the reviews to take place. 

Creating interview templates for supervisors to follow.

Providing supervisors with copies of the employees’ previous performance reviews.

Training supervisors on best practices for conducting performance reviews.

Officially documenting and storing review data. 

This is where HR managers can really impact the mid-year performance evaluation process. Even if you’re not the one interviewing employees and setting their goals, you can help managers accept just how important this process is to the organization’s present and future health. The assistance you give them allows them to feel prepared, confident, and qualified to participate in performance management rather than treating the process as an extra task on their to-do list.

5 Tips to Write Awesome Employee Performance Reviews in 2024

When it’s time to conduct your performance reviews, all the preparation you’ve done up to this point should make the interview process run smoothly. You already have an agenda for each interview, and your supervisors understand their roles and how to go about the process. 

Still, putting all of these things into practice can take some creativity and patience. Here are some tips to support thoughtful, effective mid-year performance management.

Remove the Stress

Performance reviews are stressful for employees and supervisors alike. Even employees who are confident in their contributions might feel nervous about discussing their performance with someone who holds their career’s future in their hands. Make it a point to ease any stress before the interview begins by talking about why these reviews are so important. Discuss how they benefit the employee and the company as a whole. Showing you’re there to help can encourage employees to be open and honest in their feedback and be more receptive to critique.

Limit the Focus Areas

Successful reviews aren’t about asking lots of questions and filling out paperwork to show you did the review. It’s about the impact these conversations with employees have on their performance and the company at large. Limit your areas of focus so that the impact of the review is more recognizable during the next review period. This increases engagement from the employee because they have something specific to focus their energy on.

Encourage Discussion

Reviews should always give employees opportunities to participate in the discussion. Supervisors need to be receptive to their employees’ opinions and concerns. For starters, you might learn something you didn’t know about your employee that could explain certain aspects of their performance. Also, employees need to feel heard and respected by their higher-ups. It makes them feel valued and can make them open up more and feel less defensive when receiving constructive feedback.

Give Specific Feedback

Detailed feedback helps an employee see their performance from the supervisor’s perspective. It also gives them a better idea of what they need to do to improve. 

Summarize the Review

During the review, your conversation with employees might be all over the place. Before you end, you should bring all of the pieces of your discussion full circle. Summarize everything you’ve talked about with your employee and create an action plan. Leave them with a clear understanding of their performance and what’s going to be expected of them by the next review period.

The Definitive Guide to SMART Goals for HR Professionals

Reviews with no action plan or follow-up are pointless. It’s important to turn observations into action steps to encourage growth and improvement, which will be evaluated during the next review.

Once the review is over, work with supervisors to create a plan based on the results. Document the plan and share it with the employee to set the right expectations.

For example, if you’re challenging a salesperson to go from $150,000 to $200,000 in monthly sales volume, you should create a plan to help them reach that goal. This plan might include increasing the number of phone calls or touchpoints, providing training on a new product, or removing certain duties to free up more time for sales, for example.

Supervisors should also plan to follow up with employees on their action items outside of a formal review process. Discuss how often you will meet with them to check in on things.

Also, consider sending an email summary of the key points of your discussion. This way, the employee will have a copy of what you talked about that they can refer back to.

Tired of chasing deadlines and struggling to keep track of individual review progress? GoCo's performance management features can streamline your process with powerful automation and clear visibility. Easily build custom review templates with automated task assignments, ensuring managers and employees know exactly what's expected and when. Dynamic due dates keep everyone on track, and progress is easily monitored through a visual timeline.

Say goodbye to manual reminders and scattered documents – GoCo centralizes everything, making performance reviews efficient and allowing you to focus on providing meaningful feedback and development opportunities. Take a free tour today to see how GoCo can bring your performance reviews to the next level!

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Updated 6/13/2024

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How to Conduct a Mid-year Review [a Manager's Guide]

• What is a mid-year review?
• Why should you conduct a mid-year review?
• How to conduct an effective mid-year review

To help employees work at optimum performance levels, they need a mid-year review to examine their progress and boost engagement and productivity. 

Unfortunately, many companies still miss out on conducting performance reviews and, as a result, experience difficulties in keeping employees in the workplace. 83% of HR officers say they have a hard time retaining employees. Learning how to conduct a mid-year review is the first step to preventing this situation from happening in your organization.  

In this article, we'll explain how you can conduct mid-year reviews to evaluate your employee's performance, identify obstacles that stall their growth, and boost their job satisfaction. Let's begin with the basics of a mid-year review. 

Image source: Freepik

A mid-year review is a form of performance review that a manager conducts twice a year to evaluate an employee's performance and set goals for the coming months. When executed well, a mid-year review helps managers provide positive and constructive feedback and development plans to help employees achieve success in their job roles.

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Conducting mid-year reviews goes beyond ramping up goals for the year. There are more reasons to conduct a mid-year review. Here are some of them:

1. Opportunity to give meaningful feedback 

Meaningful feedback helps employees understand how well they're performing at their jobs. If there are areas where they need to improve, your actionable feedback can help employees to make necessary changes to improve their skills and job performance. 

2. Improve employee engagement experience 

Mid-year reviews allow you to help employees identify areas they can do better in their jobs. For instance, performance review data can motivate employees to achieve more goals in the workplace. 

3. Ensure employees have achievable goals

Mid-year reviews enable your company to have the ideal goal-setting framework. Rather than allow employees to become complacent, you can use performance reviews to help them understand the overall long-term objectives and how to achieve success in the company. 

Setting goals helps them to be laser-focused while being mindful of the future. 

4. Review employee performance 

A mid-year review allows you to check in with your employees, analyze their performance, and gather information about how they feel about their job experiences. With this information, you can gain insight into employee engagement and identify ways to help them grow professionally. 

When done correctly, mid-year performance reviews focus on the right questions, produce meaningful feedback, and strengthen relationships with employees. Here are the best tips to help you conduct an effective mid-year review. 

1. Create a meeting agenda

You must create a meeting agenda to get the best out of mid-year performance evaluations. A well-prepared agenda creates structure and can keep you and your employees focused throughout the review process. 

So what should you include in your mid-year review? 

Here are some examples of must-haves in your mid-year review agenda:

• An outline of the key points you'd like to address 
• A recap of the review from the last six months 
• A discussion about how employees have met or exceeded their goals
• Employee's perspective on the company's values and management 
• Framework for setting new short and long-term goals

2. Define performance criteria

During mid-year and yearly performance reviews, highlight specific metrics for employee performance based on the employee's job roles and responsibilities.

To put this into context, let's see some example criteria: 

• A customer service rep should aim to answer 20 calls per day
• Sales associates should strive to make $150,000 in sales

3. Gather all the necessary data

Reflecting on past assessment data can help direct the review process flow. Ensure you leverage past employee reviews like 360-degree and peer revews as reference points to help you set ideal standards for your mid-year review. 

Peer Review

4. Prepare constructive feedback

Constructive feedback should help employees know areas they can improve on. When providing feedback, avoid vague statements that may not be valuable to the employee. 

For instance, instead of telling a sales associate to do better at their job, you can offer specific and constructive feedback like this: "We noticed you were 20% lower in sales in the last review period. Try increasing your sales by 25% by expanding your territory."

5. Choose the right mid-year performance review questions

Choosing the right mid-year review questions can help employees reflect on their progress and identify ways to make their year successful. Here are the key questions to ask during mid-year performance reviews. 

Mid-year performance review questions

• How would you rate your performance on a scale of 0-5 and why? 
• What specific accomplishments are you most proud of in the past year? 
• What can the company do to support your skill advancement? 
• What are your expectations from this role moving forward? 
• What are your top key development goals? 
• What are the top three challenges hindering your success? 

6. Book the meeting in advance

It's essential to book the review process in advance so employees can have enough time to prepare. Also, send them discussion points they can reflect on before the review meeting begins. This way, the employee knows what to expect and won't be surprised by your questions. 

7. Make it a two-way conversation

The best mid-year reviews feel more like a two-way conversation and less like a drilling session. In other words, focus on connecting with your employees by allowing them to express their thoughts and concerns. This will help you better understand how they feel about their job experiences. 

8. Create a development plan

After evaluating your employee's performance and providing actionable feedback, what comes next? You must create a development plan that outlines how your team can implement positive changes in their jobs and careers. 

A development plan should cover: 

• The employee's skill development within the current role 
• The employee's skill development for career advancement 

Mid-year performance reviews focus on using open-ended questions, constructive feedback, and well-prepared development plans to help employees reach their full potential. 

This strengthens team relationships and reduces the chances of low employee engagement and productivity in the workplace. 

Applying the tips and best practices to conduct a successful mid-year review can make the mid-year review process a productive and positive experience for you and your employees.

How do I prepare for a mid-year review?

You can prepare for a mid-year review in the following ways:

• Create a meeting agenda 
• Set the right performance metrics for employees
• Gather all past performance review data
• Book the review meeting in advance 
• Choose the right mid-year performance review questions 

What is the difference between a mid-year review and an annual review?

A mid-year review is a form of employee performance evaluation conducted every six months. An annual review is a traditional form of performance review conducted once a year to evaluate an employee's skills, achievements, and contributions to the company. 

How do you set goals for a mid-year review?

Here are some ways to set goals for a mid-year review:

• Allow employees to set goals that align with their job roles 
• Have employees put down their goals in writing, so they can refer back to them during the year 
• Ensure employees set goals that are specific and attainable 

What questions should I ask in a mid-year review?

The key questions to ask during mid-year reviews include:

• Is there another role you see yourself in at this company? 
• What are the biggest challenges you're facing? 
• What are the top three goals you want to accomplish in your career? 
• How can the organization provide support to improve your career and job performance? 

Mid Year Review Examples: 45+ Best Performance Review Phrases (With Tips)

Jane Ng • 02 May, 2023 • 8 min read

The mid year review has become more common in the employee performance management process as it helps to create a healthy corporate culture with feedback and recognition of contributions. Furthermore, the results of the midyear review will simplify year-end audits for the organization. As well as promote and strengthen positive relationships between management and employees, and improve higher business performance.

Despite bringing the numerous benefits, this concept is still unfamiliar to you. So, today's article will explore mid-year review and provide mid year review examples to help you evaluate effectively!

Table of Contents

What is mid year review, mid year review examples, tips for conducting a effective mid year review.

• Key Takeaways 

Tips for Better Engagement

• Employee Performance Evaluation
• 360-degree feedback
• Manager Feedback Examples

A mid-year review is a performance management process that involves assessing employee performance, including their self-assessment.

It usually occurs halfway through the year and can take the form of a small group review or a formal one-on-one discussion between an employee and a manager. The mid year review will require the following outputs:

• Evaluate employee progress toward their current goals and establish new ones (if necessary) that align with organizational goals.
• Evaluate employee performance and ensure employees are on track and focused on the right priorities.
• Review employee performance, and identify strengths and areas for improvement.

Moreover, it is also an opportunity for employees to share their opinions, views, and challenges. This help managers acknowledge employee contributions and provide necessary guidance and support.

Better Ways for Engagement at Work

• 360 degree feedback
• Manager feedback examples

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Mid Year Performance Review Examples

1/ productivity - mid year review examples.

Emma is a hard-working and enthusiastic employee. She also has strong technical skills thanks to her long working experience. 

Emma's problem, on the other hand, is that she focuses too much on the minor details while ignoring the big picture of her assignment or the group's goals. This leads to her being slow in the work process, getting caught up in unnecessary things, missing deadlines, and affecting the team's productivity.

As Emma's manager, you can review and give her feedback as follows:

Positive feedback:

• Hardworking, perfectionist, and highly meticulous in performing tasks.
• Professional and with great enthusiasm, complete the work with good quality.
• Provide ideas and solutions to challenges facing the team.

Needs improvement:

• Not taking full advantage of the capacity to improve efficiency and improve productivity.
• Easily distracted and scattered energy and non-assigned tasks.
• Frequently miss deadlines, lack of commitment on time to complete work, leading to (list of tasks) being revised many times.

Solution: 

• Could use time management tools or ask for training to improve time management skills.
• Identify time wasters and prioritize tasks to increase productivity. 
• Create a personal development plan and set SMART goals and track progress towards them. 

2/ PROBLEM-SOLVING - Mid Year Review Examples

Chandler is an employee of the marketing department. When realizing that customers are not responding well to the new campaign of product and there is a risk of not meeting KPIs. He immediately finds the problem and the reason why they are not meeting the needs of the customers through different survey methods.

After a month of tweaking and trying new approaches. His campaign was successful and exceeded KPIs.

Here's what you can encourage and show appreciation for Chanlder's efforts.

• Capable of solving problems quickly and creatively.
• Capable of offering multiple solutions to the problem.
• Collaborate and communicate well with members and other departments to solve problems.
• Not preparing plan B, or plan C if the implementation plan is giving results that are not as good as expected.
• Need to set more appropriate and realistic goals to adjust when problems arise.
• Might improve team brainstorming solutions.
• Might request assistance with difficulties.

3/ COMMUNICATION - Mid Year Review Examples

Lan is an employee with good technical skills. Although she has been with the company for a year, she still cannot find a way to communicate effectively with the team or with the manager. 

During meetings, she often stays quiet or has difficulty expressing his ideas clearly to his colleagues. This sometimes causes misunderstandings and delays in work.

As her manager, you can help her with

• Have good listening skills to give feedback and opinions when needed.
• Accept with an open mind the comments of others about your expression and communication skills.
• Not having the confidence to communicate with people clearly, and unambiguously.
• Not knowing how and what to communicate with team members and direct reports leads to ambiguity and misunderstandings.
• Could plan to improve communication skills with the training and coaching programs offered by the company.

4/ ACCOUNTABILITY - Mid Year Review Examples

Rachel is a marketing specialist at an advertising agency. She has strong creative skills and technical expertise. But for the past six months, she has been neglecting work, missing deadlines, and not responding to client calls. 

When asked about this problem, she often avoids and blames colleagues or makes excuses for external reasons. In addition, she also complained about having to carry out too many plans on her own.

As a manager, you should discuss this issue with her as follows:

• Have good professional skills and can guide and help colleagues.
• Have a clear vision and take steps accordingly to reach the goal.
• Have creativity at work, renewing perspectives regularly.
• Not willing, responsible, and mature enough to take ownership of the job.
• Not having time management skills and prioritizing work tasks.
• Ineffective communication and cooperation skills with colleagues.
• Could ask for help from the manager and team members to reduce the workload
• Improve time management skills and project management.
• Commit to deadlines and regularly report on work progress to the manager.

5/ LEADERSHIP - Mid Year Review Examples

Clair is the team leader of your company's technology development team. However, she has been struggling with some aspects of her leadership role, particularly motivating and engaging her team.

When conducting a mid year review with her, you have the following assessments:

• Have the ability to train and coach team members as well as interns with her strong professional skills.
• Have a vision and be able to set the team's goals to align with the goals of the organization.
• Not having employee motivation strategies to help team members feel engaged and improve work performance.
• Not having learned listening skills or provided tools to help team members give feedback and opinions.
• Not identifying a leadership style that is suitable for her and the team.
• Improve leadership skills by entering leadership training and effective management practices. 
• Provide more frequent feedback and recognition to the team and work on building stronger relationships with them. 

Mid Year Self Assessment Examples

Instead of a manager providing feedback and solutions, a mid-year self-assessment is an opportunity for employees to reflect on their own performance over the past six months. 

Here are some examples of questions that can guide employees during the mid-year self-assessment:

• What were my most significant accomplishments in the first half of the year? How did I contribute to the success of the team?
• What were the challenges I faced, and how did I overcome them? Did I ask for help when needed?
• What new skills or knowledge have I acquired? How have I applied them in my role?
• Have I met my performance targets for the first six months of the year? If not, what steps can I take to get back on track?
• Is my collaboration with my team and other departments effective? Have I demonstrated effective communication and collaboration skills?
• Have I received feedback from my manager or colleagues that I need to address? What actions can I take to improve in these areas?
• What are my goals for the second half of the year? How do they align with the organization's goals and priorities?

Here are some tips for conducting a successful mid-year review:

• Prepare in advance: Before starting, review the employee's job description, performance goals, and feedback from previous reviews. This will help you identify specific areas for discussion, and ensure you have all the necessary information.
• Set clear expectations: Provide clear instructions and an agenda to employees about what is expected of them during the review, including the topics to be discussed, the length of the meeting, and any documents or data needed.
• Two-way communication: The mid year review should be a conversation, not just a performance review. Encourage employees to share their thoughts and opinions, ask questions, and provide feedback.
• Provide specific examples: Use specific examples to illustrate points and provide evidence of good performance or areas for improvement. This will help employees understand their strengths and weaknesses and identify actionable steps for improvement.
• Identify growth opportunities: Identify training opportunities or resources that can help employees improve their skills and performance and set new goals.
• Regular follow-up: Schedule regular check-ups with employees to monitor progress toward goals and provide ongoing feedback and support.

Key Takeaways

Hopefully, these specific Mid Year Review Examples have provided you with an overview of what to expect during a mid-year review, including how to evaluate employee performance and offer guidance for employee self-assessment.

And make sure to check out the features and templates library of AhaSlides to facilitate regular employee feedback and conduct successful performance reviews!

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A Comprehensive Guide on the Mid-Year Review in Organizations

Senior Writer for HR and Remote Work

A mid-year review can be invaluable for both employees and employers. Not only does the standardized feedback process create a transparent framework for evaluation, it also provides a platform for more general discussion about job satisfaction that can reduce staff turnover.

In this blog

1. what is a mid-year review.

A mid-year review is an evaluation process that takes place twice a year. It’s an opportunity not only to set goals, but also to discuss an employee’s career path and to advise on any upskilling they may need. Less formal than an annual review, mid-year reviews generally help keep up a flow of information between a manager and their reports. The best ones should be two-way streets, with an opportunity for constructive feedback on both sides.

2. What is the Purpose of a Mid-year Performance Review?

The purpose of a mid-year performance review is to assess the progress of an employee’s measurable objectives, address any issues with their behavior or achievements, and create a space for them to let you know about any concerns. It should be an engaging experience that reaffirms an alignment in vision between a manager and their team.

3. What Do You Say in a Mid-Year Review?

One of the great things about this concept is that it gives employees the opportunity to voice their own perspective, which helps keep them engaged in the workplace. To get the ball rolling, you might ask such mid-year performance review questions as, how are you feeling about the year so far? Or, is there any area you feel you are struggling with? This may very well lead fluidly into other areas related to their performance, such as the need for more training.

4. What is the Importance of Mid-year Performance Review?

4.1. feedback opportunity.

If there are areas where an employee is not meeting expectations, a mid-year review is the opportunity to explore why this is the case. It may be the employee is not even aware there is a problem, which is why it’s helpful to have a structured experience where issues can be raised. Of course, not all feedback should be about improvement. It’s just as important to reaffirm an employee’s confidence and foster engagement by using the session to also highlight some of their successes or where you think they are exceeding expectations.

4.2. Open Communication 

Sitting down one-on-one with somebody you manage isn’t just a chance for you to evaluate them, but is also a means for the employee to relate any places they are struggling or feel they need more support. In the pell-mell of daily office life, they might not feel there is a right time to raise an ongoing concern. A mid-year review can help reassure them that they have a regular forum to ask any queries about their trajectory within the company.

4.3. Simplified Year-End Review Process

Sometimes it can be hard to summarize – or even remember – all the things that have taken place in a 12-month period. By having a mid-year performance review and evaluation, it means you have a more recent data point to work from. It also means you can have a more casual interaction than the annual review to update objectives and refocus the KPIs of a role. 

4.4. Improves Employee Engagement and Morale

Employee engagement is closely linked to employee turnover: doing the former reduces the latter, sometimes by as much as 43% , according to Gallup. Mid-year reviews give staff the chance to discuss how they’re getting on, so that they feel heard and valued. It also means they know they have a more regular, formal forum to discuss career progression or any concerns.

4.5. Troubleshoots the Problems Ahead of Time 

Rather than waiting for 12 months to roll by, more regular performance appraisals mean problems can be identified more rapidly. This, in turn, means solutions can be more quickly deployed, such as training courses or adjustment of workload. Plus, having a discussion every 6 months means you can check with an individual whether they foresee any problematic areas ahead of time.

4.6. Strengthens the Relationship Between Managers and Employees

Regular dialog between any colleagues can be beneficial to fostering understanding and creating more candid relationships, but sometimes it’s easy to overlook that fact in the manager-employee dynamic. The importance of mid-year reviews isn’t just limited to tackling specific challenges, fixing certain behaviors or assessing job targets, it’s also about having a friendly professional catchup – one that’s often designed to be less formal than year-end reviews.

4.7. Aligns Company’s Goal with Training and Upskilling Programs

Work life is a constant process of improvement and development. Another importance of a mid-year review is that it provides a platform for a manager to suggest training and upskilling that can be undertaken in the ensuing months, with an eye to helping an employee’s career progression as well as their success in their job. This can also work the other way around, with an employee given the chance to suggest courses or sessions that might help them improve their performance.

5. How Do You Write a Good Mid-Year Performance Review?

5.1. Prepare a Plan Ahead of Time

Make sure both you and your staff are prepared for the review a few days in advance. By doing this, you will have more time to review their achievements over the past 6 months and consider if there are any places their performance could be enhanced. Good preparation will lead to a more productive session, resulting in more tangible outcomes.

5.2. Evaluate the Employees on Basis of Soft and Hard Skills

When you’re thinking about necessary skill sets, it can be easy to exclusively focus on things like knowledge of SEO or Photoshop capabilities, but good communication and organization are also important – and learnable, if necessary. When you’re conducting the evaluation, bring in both hard and soft skills for a more well-rounded review. 

5.3. Establish the KPIs

Key performance indicators help provide a measurable structure to a person’s job. There are a whole list of benefits as to why this can be useful, including supplying clarity around expectations, motivating employee performance and benchmarking success. Some mid-year review objective examples might include new contracts signed (sales) or tickets solved (IT customer service), depending on the role.

5.4. Give Positive Feedback and Criticism

There is a right way and a wrong way to structure feedback. Rather than demoralizing staff with blunt, harsh criticism, try and frame your comments in a positive light. Instead of saying, “You did a very bad job the past two quarters?”, for example, you might say, “How do you think you could improve your performance going forward?”

5.5 Encourage Discussion

Listen carefully to your employee’s mid-year performance review answers and engage them in a discussion about how they feel about their role. It may become apparent that they think their targets are unachievable or that they don’t have the right tools to succeed. These are likely to be solvable issues, but you won’t even know about them unless you encourage dialog.

5.6. Maintain Documentation

All the hard work you put into a mid-year review will be wasted unless you properly note down what was discussed and what was agreed. There are numerous readymade templates available for free online, but you can also build your own or customize an existing model.

5.7. Ask for Feedback from the Employees

What other support could you be providing? Could you manage someone differently to get the most out of them? Different people in your team may have different ways of working , and you should be amenable (within reason) to adapting your working relationship accordingly. Before their session, make sure your employees know that you are open to their feedback as well, so they aren’t blindsided by the question during the review.

5.8. Summarize a Mid-Year Review 

The best way to summarize a mid-year review is to detail all the key points in a document file, keeping it on record for yourself as well as sending a copy to your employee. This means you both have a written roundup of exactly what was discussed, what future actions need to be taken and a point of comparison for the next mid-year review.

6. How Do You Respond to a Mid-Year Performance Review?

The whole point of mid-year performance reviews is to drive an improvement in performance while keeping staff engaged. Once it’s completed, the worst thing you can do is to erase it from your memory until the next evaluation. If there are any action points for you to take – say, discussing some training courses for hard or soft skills – make sure you follow up, as your employees will appreciate that you are actually paying attention to their needs. Similarly, absorb any constructive feedback and make necessary adjustments to your management style .

7. Mid-Year Reviews Examples

7.1. standard performance review.

Department: 

Employee Name: 

Employee Role: 

Manager Name:

Manager Role: 

Date of Review:

Rank the following on a scale of 1 to 5:

• Quality of work: 
• Communication:
• Organization: 
• Problem solving:
• Reliability: 

Please answer the following questions in more detail:

• How are you feeling about the year so far?
• Have there been any issues or concerns that have arisen?
• (For Employee) Is there anything your manager could do to help you succeed?

Objectives outline:

• What were the set objectives from the last review?
• How well have these objectives been achieved?
• What are the objectives for the next mid-year review?

7.2. Goal-Linked Performance Review 

• What are the current goals?
• Have these goals been achieved since the last review?
• What are the goals for the next review?
• Were there any obstacles that prevented you from achieving your goals?
• Are there any obstacles you foresee going forward?
• What can we do to overcome these obstacles?

Opportunities:

• What opportunities have you enjoyed in the past six months?
• Thinking about your overall career progression, what opportunities do you think would get you closer to achieving your personal objectives?
• Are there any skills or training opportunities you think would benefit your career?
• What actions do you need to take before the next performance review?
• What actions do I need to take before the next performance review?
• Are there any other pertinent decisions that arose from the above discussion?

7.3. Manager-Focused Feedback

Summary of Past Goals:

Summary of Future Goals:

Please answer the following queries:

• What can I do to help you achieve your goals?
• Is there anything I can do to foster your engagement at work?
• Was there any time you felt you needed more support?
• What aspects of my managerial style do you find beneficial to your work?
• Are there any aspects of my managerial style that could be improved?

8.1. Why should we conduct a mid-year review?

The importance of a mid-year review lies in the fact that it provides a set time for you to check in with staff. Rather than waiting 12 months to praise, identify problems or re-adjust objectives, a biannual framework means you’re more likely to stay aligned with your team in terms of what is expected and what the future looks like. 

8.2. Are mid-year performance reviews right for your company?

Mid-year performance reviews are appropriate and beneficial for most companies, as more regular feedback boosts employee engagement and performance, while allowing managers to ensure their team is on the right track and delivering as expected. 

8.3. How do you conduct a mid-year review?

There are different ways to conduct a mid-year review, but it’s usual to include a combination of a scoring system alongside questions designed to elucidate any struggles an individual is having with their workload. 

For example, a manager might rate their employee on a scale of 1 to 5 around criteria such as organization and problem solving, while also asking a query like, “How are you feeling about the year so far?” It’s also normal to set new KPIs and assess past ones, so there’s a measurable metric with which to analyze performance.

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How To Conduct A Mid-Year Review For Employees

Hannah Denby

April 26, 2023

Does your organization prioritize employee engagement and development?

According to a 2022 survey by Gallup, approximately 68% of the US workforce is not engaged at work . This costs organizations around $3,400 for every $10,000 an average disengaged employee earns per year.

If your organization is looking for ways to help your employees to feel more engaged and motivated to perform well, conducting mid-year performance reviews can be an effective way to get started.

Many organizations use traditional annual appraisals to track employee performance. However, a year is often too long a gap between discussions about performance.

Setting up a mid-year review is a useful way to stay on top of agreed objectives, track progress and put the required support in place to help your employees to meet their career goals.

Read on to learn more about the importance of conducting mid-year reviews and how they fit into the wider performance management cycle .

What is a mid-year review?

Line managers conduct mid-year reviews to measure and evaluate employee performance. Mid-year reviews occur every six months and are used to check for gaps in knowledge, review career and development goals and agree on new objectives when required.

In some work environments, line managers cannot attend regular one-to-one meetings with every employee. Holding a mid-year review provides a forum for them to share positive feedback, acknowledge accomplishments, and offer constructive feedback.

Mid-year reviews are also an excellent opportunity to discuss succession planning opportunities. Some organizations also use them to discuss pay and benefits packages. However, many companies prefer to discuss compensation at a separate meeting.

Why are mid-year reviews important?

Setting time aside for mid-year reviews benefits the manager and employee. Here is an overview of the reasons why mid-year reviews are important.

Performance evaluation

Mid-year reviews allow managers to provide feedback on the employee’s performance over the last six months. Managers can also use the mid-year review to review the employee’s job title and job description.

Sharing feedback

As well as receiving feedback, mid-year reviews allow employees to share their experience working within the job role and organization.

Managers can use this information to iron out any workplace conflicts , review policies and shape the employee’s job role in the future. They can also use it to identify areas where efficiency could be improved.

Engaging with employees

Offering a regular opportunity for employees to engage with their line manager is critical to the working relationship. It can also help to motivate the employee.

As well as discussing the employee’s current job role, managers can boost engagement by discussing future career plans, areas of interest and how the organization can help them achieve their goals.

Even if there are no immediate opportunities, arranging mentoring or shadowing can help the employee to gain knowledge and experience in other areas, helping them to feel better engaged and boosting their morale.

How to conduct a mid-year review

Offering a well-structured mid-year review is essential. It will help the meeting to flow well and allow both sides to get the most out of it.

Welcoming the employee to the meeting will help them to feel comfortable. Explaining the meeting structure at the beginning will help the employee know what to expect and ensure good use of time.

1. Evaluate the employee’s performance

Performance evaluation is the most important aspect of the mid-year review. Managers should consider the employee’s work, including their day-to-day duties and any previously agreed goals or targets.

The manager and the employee should reflect on the past six months, considering any previous objectives and whether these have been achieved. If not, now is the time to discuss why and put the required support in place.

Managers should aim to keep the conversation two-way by asking open questions such as “What parts of the job role do you enjoy most?” or “What motivates you at work?”

The performance evaluation aspect of the mid-year review is also an excellent point to revisit the employee’s job title, team, and working pattern or hours.

2. Analyze the employee’s strengths and weaknesses

The next step is thinking about the employee’s strengths and weaknesses. In what areas have they excelled? Where have they fallen short of expectations?

Again, open questioning is essential. For example, the manager might ask the employee to describe a positive work outcome from the past six months and what skills and knowledge they used.

Talking about an employee’s weaknesses is not always an easy conversation to have. Managers might ask employees to think about a recent work situation that went poorly. What happened, and what could they do differently in the future? What training and support would they need to make the necessary improvements?

Identifying an employee’s strengths is a good way to motivate them for the future. When identifying an area of weakness, it is important to talk about what support can be put in place to help the employee to improve.

It would be very demotivating to tell an employee where their performance falls short without agreeing on action points to help them improve.

3. Provide feedback

Giving helpful feedback is a skill. Many managers feel uncomfortable giving it, but it is vital to the mid-year review.

And in most cases, employees want to receive feedback on improving their work performance. A Zenger Folkman survey revealed that 94% of respondents stated that “corrective feedback improves their performance when it is presented well”.

During a mid-year review, managers should offer both positive and corrective feedback. Regardless of the type of feedback, managers should always aim to keep it specific and objective.

Offering specific and objective feedback is easier in some work environments than others. For example, in sales-driven roles, the manager might note that the employee still needs to meet their sales target for the last quarter.

But in a healthcare role, it can be more difficult to provide hard data to show that a performance standard hasn’t been met. In these cases, the manager might use feedback from patients or relatives to back up their feedback.

Some managers prefer to offer positive feedback first. This gives the employee an overview of the expectations and what they should aim for in the future.

When offering constructive feedback, managers should always provide specific examples.

What was the situation? What did the employee do? What was the outcome? What would be expected in the future?

To open up the conversation, managers might ask the employee to reflect on the situation and offer ideas of how they might approach a similar problem in the future. Discuss any support or training the employee might need to reach the expected standard.

4. Assess employee satisfaction

As well as reviewing performance, the mid-year review is also a valuable opportunity to discuss employee satisfaction levels. Employee satisfaction relates to whether the staff member is happy and content in their job role.

Several factors can impact employee satisfaction, including:

Salary, benefits and compensation

Work environment

Training opportunities

Resources and equipment

Team relationships

Work-life balance - this should not be underestimated. In one study , one-third of workers describe this as being the most important of all benefits. However, 38% of study respondents said their organization rarely or never makes it possible for them to maintain a healthy work-life balance

Organizational culture

Some employees may need help to articulate this information. Managers can do this by starting the conversation with some open-ended questions, for example:

Are you happy in your job role?

Is your job description an accurate reflection of the job role?

What part of the job do you find most challenging?

Are you able to balance work/home life effectively? If not, do you have any suggestions on how to improve this?

Is there any equipment or resources that would help you to do your job?

Are there any issues within the team you wish to raise?

Do you need any training or development to help you to achieve your goals?

Depending on the employee’s answers, the manager might need to re-evaluate the job description, working environment or team structure.

5. Identify development opportunities

The mid-year review is an ideal opportunity to highlight development opportunities. Having an open discussion about the employee’s performance over the last six months is the best way to identify areas for improvement. Managers should also consider organizational objectives, team goals and the employee’s own career plans.

Development opportunities vary between organizations, but managers might consider the following:

Internal training courses

Formal training programs and qualifications

On-the-job training

Secondment opportunities

Even if the organization cannot fund development opportunities, adjusting the employee’s working pattern might be possible to allow them to self-fund and attend a training program or course.

6. Set new goals

At this point, the manager and employee should agree on new goals. It may be necessary to carry forward an objective from the past review period. If this applies, the manager should determine what support they can provide to help the employee.

Depending on the context, the manager may also need to set out the consequences if this goal is not met again.

The new goals should be SMART - specific, measurable, achievable, realistic and time-bound.

When setting goals, managers should consider all the information gathered during the mid-year review meeting, including the employee’s career objectives, strengths and weaknesses, employee satisfaction and desired development opportunities.

Here are some examples of SMART goals:

Complete X course by the end of the next quarter

Attend X networking events and arrange follow-up meetings with X new contacts by the end of the financial year

Provide mentorship support to X staff member for the next six months. Schedule one hour per week for mentorship activities and developing your leadership skills.

Over the next quarter, spend three hours per week shadowing X employee in the X department.

Managers should set a combination of short, medium and long-term goals. Agreeing on meaningful goals at various checkpoints in the employee lifecycle will show the employee there is a clear career path for them within the organization.

7. Create an action plan

A mid-year review action plan is a shared document which should be accessible to both the manager and the employee.

It should include a summary of the discussions, details of any agreed development opportunities and clear SMART objectives to summarise the employee’s goals for the next six months.

8. Follow up

Managers should provide regular follow-up review opportunities between mid-year reviews. The practicalities of this will differ between job roles and organizations.

Where possible, managers should set up a short review meeting on a monthly or bi-monthly basis to track the employee’s progress.

If this is not feasible, the employee should be encouraged to contact the manager immediately if a problem will likely impact their ability to achieve the agreed goals.

Even if it is impossible to set up a regular meeting, managers can schedule a short phone or video conference regularly to track progress.

Tips for conducting a mid-year review

Both employees and managers can benefit from preparing for the mid-term review. Spending some time making a few notes on the critical points for discussion can help them to make better use of their time.

Here are some tips on how to conduct a successful mid-year review.

Prepare for the meeting

Managers should read through previous performance reviews, noting previously set objectives. Some managers ask employees to fill in a short form before the review, which helps them summarize the key points they want to discuss.

Managers should take responsibility for booking a suitable venue for the meeting. The venue should be quiet, private and free from distractions.

Gather metrics and data to support discussions

Hard data is essential when discussing performance. Having this information on hand during the meeting should help things run smoothly.

For example, if the team must answer emails within three working days, check whether the employee meets this metric before the performance review.

If employees are expected to maintain an absence rate below 4%, check the employee’s record and bring this information to the meeting.

Set up a 360-degree feedback system

360-degree feedback is a helpful tool for certain job roles. Gathering 360-degree feedback means you can offer the employee comprehensive feedback from a range of people they work with, including senior management, direct reports and customers.

The Neuroworx performance management tool makes this process easy, allowing you to track employee performance against the relevant targets.

Encourage an open discussion

Both the employee and manager should play an active role in the mid-year review. Asking open-ended questions will help employees feel more comfortable expressing their ideas.

When offering feedback on the employee’s performance, ask for their thoughts and listen to what they say.

Avoid surprises

Managers should refrain from giving feedback that has not been discussed previously as part of the mid-year review. Any employee performance issues should be recognized and acted upon as soon as possible after the event.

Example questions to ask in a mid-year review

Using open-ended questions in the mid-year review will encourage participation from the employee.

Here are some example questions to ask in a mid-year review.

What work achievement are you most proud of from the past six months?

Have you fostered any new work relationships in the past six months?

What can I do differently to support you and the team better?

What changes would you make to the X process or policy?

Do you see yourself in another role here? What can the organization do to help you get there?

Final thoughts

Mid-year reviews offer managers a valuable opportunity to discuss staff performance. Managers can use these bi-annual meetings to highlight gaps in knowledge, review development goals and set new objectives for the future.

Offering proactive feedback at the mid-year review means employees receive recognition and appreciation for their contributions to the organization. It also allows managers to check in regularly with staff, identify issues early, and agree on an improvement plan.

Meeting on a six-monthly basis also makes it easier to stay on top of whether an objective is still relevant.

Regular meetings with employees can boost employee engagement and satisfaction levels.

Looking for performance management tools to simplify the mid-year review process?

Neuroworx offers a range of useful products, including 360-degree performance management, goals & objectives/key results (OKRs) and training strategies .

Contact us today to learn how we can support your organization with the performance management process.

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Why should a company do mid-year performance reviews?

Employers use midyear performance reviews as a means to discuss with employees their progress on goals and performance to date.

Conducting a midyear review allows supervisors a formal opportunity to check in with their employees for a few purposes, including the following:

Provide positive feedback on work to date or accomplishments and constructive feedback on areas where performance may be lacking.

Discover and eliminate possible roadblocks that may hinder employee performance or prevent the employee from achieving the set goals.

Adjust goals if organizational or departmental needs have changed.

Discuss employee satisfaction and head off issues for valuable staff.

Provide time for manager/employee exchange of ideas.

Fundamentally, checking in frequently with direct reports assists in building relationship and a cohesive team. A formal six-month performance appraisal allows for midyear adjustments, preventing surprises at the year-end performance review.

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Questions to Ask During Mid-Year Performance Reviews

‍ Mid-year reviews can strike fear in the hearts of employees and produce dread in otherwise confident managers, but they don’t have to. While a recent study by Gallup found that only 14% of employees feel their performance review inspires them to improve, managers can change this with a few simple adjustments. “Sadly many overstretched managers treat the process as a tick-box exercise, with the conscious or subconscious intention of just getting it done,” said Juliet Adams , UK-based performance management specialist and author of Mindful Leadership for Dummies . But by asking the right questions and following a few best practices, managers can facilitate thoughtful mid-year reviews that motivate and engage employees, and inspire them to succeed for themselves and the team. Here’s how to get started.

Mid-Year Review Tips for Managers

Managers who conduct successful performance reviews ask the right questions and rely on best practices to expand the conversation and encourage employees to reflect on their progress, analyze their performance, and set goals for the coming six months. “The key is to focus on the wins, the misses (or areas to improve), and how one wants to grow,” said Jes Osrow , SHRM-SCP, head of learning and organizational development at Quartet Health , a healthcare technology and services company focused on mental health. 

Questions to Ask

Questions will vary based on the industry, your company policies, and the culture of your organization. But in general, managers should frame the questions around a few key pillars: what went well, what could go better, and how you as a manager can provide better support. Ask open-ended questions and encourage employees to rate their experiences on a scale of 1-10, explained Lori Scherwin , executive coach and founder of Strategize That , an executive coaching company. “Scaling mid-year helps make qualitative comments more quantitative and actionable. It also helps prompt dialogue on what actionable steps would be needed to get to the next level of performance,” said Scherwin. Here are the key questions you’ll want to cover:

• How have you done since our last check-in?
• What specific accomplishments are you proud of over the last six months?
• What was a miss, and what did you learn from it? 
• On a scale of 1-10, how would you rate your performance?
• How can I better support you? 
• Is there another role you see yourself in at this company? What can we do to get you there?

Why These Questions Matter

With six months down and six to go at this time of year, managers have the opportunity to review progress, re-energize employees, and course correct if necessary. “The right questions give the employee a chance to reflect on how they’ve done so far this year, and what they can do to make sure their year is a success overall,” said Jenna Carson , HR director of Music Grotto , an online resource to help aspiring artists develop their musical talent. ‍ Kieran King , human capital management expert and founder of go-to-market and enterprise talent consulting firm Statera Insights , noted that mid-year review questions should illuminate company objectives. “The key questions are those that relate to the near-term and longer-range strategic goals of the organization,” said King.  However, she cautions against having too many areas of focus. “The number of objectives should be reasonable to manage so that some impact is recognizable at the next review period,” said King. “That helps ensure engagement toward the goal and an opportunity for the manager to provide feedback that further amplifies the employee’s momentum, or steers them away from spending time on areas not likely to produce the desired results.” 

Mid-Year Review Best Practices for Managers

Mid-year reviews produce actionable feedback and strengthen your relationship with team members when done properly. Use these best practices to make sure your performance review meetings are as successful as possible. 1. Be prepared. Prepare in advance so the day of the meeting you’re ready to conduct a thoughtful review and share actionable feedback. Take time to gather your thoughts and think critically about your employees’ performance and their opportunities for growth. “See the potential in your people that they might not see in themselves, and share that with them,” said Morgan Willams , HR manager at Casper . 2. Don’t spring any surprises. A mid-year review shouldn’t come with surprises. Your relationship with your direct reports should be an ongoing conversation, so employees always know where they stand. “Springing a surprise on an employee during a review changes the respect level and the dynamic between manager and employee,” said Williams. Surprises indicate a lack of communication throughout the year, and when that’s the case, the mid-year review becomes little more than a box to tick. “We get so process-heavy, and it’s not just a process, it’s somebody’s growth and development ,” Williams added. 3. Encourage discussion. Aim to have your employee do most of the talking. Ask open-ended questions and then follow-up questions to dig deeper, and don’t jump in to fill any silences or lulls in the conversation. Be collaborative and supportive by looking for solutions together rather than asking an employee to defend their work. “The right questions shouldn't make the employee feel attacked,” said Carson. “We are looking for honest feedback, and if they feel they are being attacked, we won’t get that.” 4. Give specific feedback. Provide specific examples of the employee’s work or behavior that illustrate your points so that your employees understand context. For instance, saying, “We see you as a high-potential employee in the organization,” will not resonate as deeply as “Your work coordinating the various internal and external stakeholders on a particular project was very impressive, especially the way you held everyone accountable to the expedited timeline. This is a great example of why I see you as a high-potential employee on our team.” Scherwin added, “Feedback in a bubble is not useful for anyone and can lead to resentment and disconnect.”

COVID-Related Questions

For some companies, mid-year reviews will look a lot different this year due to the pandemic . Williams said their company is scrapping the traditional mid-year review in favor of “a more conversation-focused one-on-one style meeting for their HQ employees.” Other teams are sticking with their traditional mid-year process. If that’s the case for your company, it’s still advisable to include a few COVID-specific questions, such as: 

• How has the transition to fully remote been?
• What’s been challenging for you? 
• Are there any specific tools or resources that would make remote work easier or more productive for you?
• How do you feel about returning to the office?

Mid-Year Review Tips for Employees

As the employee, mid-year reviews are an opportunity to get a glimpse into your manager’s mind about where you stand. You have the chance to find out what you’re doing well, what you could do better, and how to position yourself to add even more value to the company. 

Your manager shouldn’t be the only one asking questions . Now is your time to gain clarity on expectations or solicit constructive feedback from your supervisor. Here are the key questions you should ask:

• How have I met or exceeded your expectations since our last check-in?
• What specific feedback can you provide on a recent project(s) or deliverable(s) of mine?
• What training or skills acquisition would make me more effective in my role?
• How does my performance contribute to our team’s success? 
• How could I improve?

Mid-Year Review Best Practices for Employees

Beyond preparing for your performance review with a list of questions, incorporate the following best practices to get the most out of your mid-year review. ‍ 1. Research training opportunities ahead of time. Reflect on your organization’s goals and consider how you can contribute to successfully reaching them. Research specific learning opportunities, and be prepared to explain how these will benefit your professional growth and help you better contribute to the company. 2. Get a sense of your manager’s goals. Your manager likely knows all about your professional goals , but you may know very little about theirs. Change this by asking. “Find out a little about your manager and their aspirations and situation in the company, what will help them succeed, and how you can contribute to this,” said Adams. “Remember that your manager is a human, too, with [their own] dreams and aspirations. Finding win-win opportunities will benefit you both.” ‍ 3. Gather evidence and think critically. Collect evidence that points to your success. Be ready to draw on specific examples, especially if you feel your efforts haven’t been noticed. Set aside time in advance to think about your performance this year and how you’d like to improve in your current role or prepare for another one. — Despite the fear and dread that can precede them, mid-year performance reviews, when done right, can be a positive, productive, and gratifying experience for both managers and employees alike. Be prepared, ask the right questions, and make the most of this opportunity by using it to review goals and amend them if necessary. We know that this process can be especially daunting for first-time managers . Join our Slack community today to connect with other leaders in this space to get professional advice on tactical questions today.

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Mid-Year Reviews: 10 Lessons From 25 Years Of Management

• June 1, 2020

Mid-year review season is here! It’s that magical moment every summer when managers look at their teams and ask, “What the heck have these people been doing for the past six months?”

I’ve been a manager for over 25 years, and for most of that time, I’ve hated giving mid-year reviews. They are labor-intensive for me, anxiety-provoking for my team, and are rarely helpful to anybody. But I’ve changed my tune on mid-year reviews, because I’ve changed my approach to them. Specifically, I’ve stopped thinking of performance reviews as something I do for the benefit of supervisors, and I’ve started doing them for the benefit of my team members. Below, I’ll share the tools, tips, and strategies I use to make mid-year reviews a rewarding process for myself and my team.

How to Prepare for Mid-year Reviews

Preparation is 90% of the mid-year review process, just like rehearsal is 90% of the process when putting on a play. Preparing for mid-year reviews encompasses everything you do before writing down a single word: gathering information, talking to your team members, and coming up with a road map forward.

1. Use the right performance review template.

When you’re giving formalized mid-year performance reviews, you should be working from a template that determines what metrics you’re using to assess your team members and how you express those assessments. At Uptick, we’ve compiled 70 free performance review templates , and no two are exactly alike. What’s important is that you find an assessment structure that makes sense for your workplace, with the right mix of quantitative and qualitative feedback. If you’re managing a toothpick factory, a one-page form that emphasizes the number of toothpicks everyone has produced might work for your needs. But if you’re managing a therapist’s office, you’ll need room to write out longer comments and assess a wider variety of metrics.

Doing mid-year reviews with the wrong template is like using a backhoe to build a gingerbread house, so make sure you’re using the right tools for the job.

If your company has been using the same template for years, and it doesn’t allow you to express nuance, ask to change to a new one. Otherwise, you run the risk that your team will be confused and hurt by reviews that don’t reflect their true performance.

Try our pick for best performance review template

We developed a template that’s simple to use, backed by powerful research, and tested in over 100 performance reviews. And you’ll also get a FREE guide that will help you give a great review!

2. Use Your Notes, Not Your Memory.

The main reason performance reviews usually stink is that managers are too busy to write down and keep track of feedback.

For most of my career, I wrote reviews off the top of my head, or maybe by glancing at a calendar or an occasional Word doc. But you can’t remember six months’ worth of a team member’s performance off the top of your head. (Let’s face it, most of us can barely remember what we had for breakfast yesterday.) We built Uptick to solve this glaring problem in performance reviews, focusing instead on having rich, valuable one-on-one meetings that establish a regular cadence of updates and feedback. Even if I don’t write notes during one-on-ones, I record them, and I can use the search feature to choose the date and the category and the way I want to see the information.

3. Find the Story Arc of a Team Member’s Performance.

A lot can change for a team member over six months, and you can’t understand that journey as a series of isolated data points. Instead, I find a narrative that looks at an individual’s entire journey. Thinking of mid-year reviews as a story helps you to find the context of what went right and what went wrong. I like to look at my notes for a team member from oldest to newest so I can find that arc the way a reader would. That way I can say, “The quarter started off with the team member working at a certain level and working on specific goals. Later, we hit an obstacle and dealt with it, recalibrating goals as we went.”

Framing performance reviews as stories makes it easier to see personal growth, which is what you’re trying to measure.

4. Avoid Surprises by Meeting With Team Members.

If you get only one thing from this blog post, let it be this: your team members should never be surprised by anything you write in a performance review. If you have a healthy cadence of one-on-one meetings , you should already be communicating regularly about everything that will appear in a review. Yet, this often isn’t the case. A 2015 TriNet survey of millennials found that 62% felt “blindsided” by a review. That feeling is not only emotionally devastating but also demotivating. That’s why, if I’m preparing a review, and I find myself reaching conclusions a team member isn’t expecting, I talk to them ahead of time. This happened to me recently, so I asked my team member out to lunch to hear his perspective on the concerns I had. We chatted, and he was totally open to my feedback and provided important clarification about the issue. That experience changed the way I wrote the review, partly because I could now reference the fact that we had already talked about the problem and had a plan in place to resolve it.

How to Give a Mid-year Performance Review

Once you’ve done all your preparation—and you should be preparing all year—it’s time to put pen to paper and write the mid-year review. Here’s how I approach that task in a way that positions my team for success.

5. Write for Your Audience.

The primary audience for your performance assessment is your team member. If you can’t put your findings in terms they’ll be able to hear, you can do irreparable damage to your relationship. So don’t use clinical business-speak that will come off as dehumanizing. Use language that will remind your team member that you’re on their side.

Be candid, but remember this review needs to support and grow your relationship.

That being said, you also have to write for a second audience: your supervisor, your successor, or a stranger in HR. Reviews can have a lasting impact on an employee’s professional future, so I’m always careful to be as clear as possible. I don’t want to put something on the record that could be misinterpreted and negatively affect an employee who is doing a great job.

6. Focus on Individual Growth, Not Comparisons with Peers.

Some companies favor “ stack ranking ,” which measures an employe’s performance against their peers for their performance evaluations. While that might be a useful tool to shake up a company where people have gotten lazy, in my experience, it’s a recipe for a miserable work culture. In fact, Facebook employees blamed it for the “cult-like” atmosphere there. The fact is, if I measure a team member who has little experience against someone who has years of expertise, I’m doing them both a disservice. The team member who’s still learning the ropes will feel discouraged. Meanwhile, the seasoned expert might start phoning it in instead of continuing to grow.

If you want to nurture the growth of everyone on your team, you have to grade them on their own merits.

When you write reviews, return to the narrative you found by going over your one-on-one notes. Tell the story of how far the employee has come on the goals you set together. It’ll help you identify the team members with the most important qualities: determination and an eagerness to learn.

7. Define Metrics and Clarify Expectations.

Whether you use a quantitative or a qualitative performance review template , you need to spell out exactly what each grade means. This avoids confusion and the perception of unfairness. For example, if you’re measuring “Communication Skills,” don’t just check a box labeled “below expectations,” “meets expectations,” or “exceeds expectations.” Your team member will likely be baffled, regardless of what grade you give them, because they’ll have no idea what they did right or wrong. Instead, define the expectations clearly. Maybe your definition of good communication means returning emails within 24 hours or being attentive during meetings. Regardless, make these expectations clear from the beginning of onboarding . Your team members should never show up to a performance review and learn they got bad marks for something they didn’t even know they were being judged for.

8. Overcome anxiety by focusing on action, not judgment.

Performance reviews make people profoundly anxious. Everyone hates to feel judged; it makes us reactive and sensitive to criticism. In a 2014 article titled Kill Your Performance Ratings , the authors argued that “labeling people with any form of numerical rating or ranking automatically generates an overwhelming ‘fight or flight’ response that impairs good judgment.“ The only way I can make mid-year reviews useful for my team is to overcome this instinctual fight-or-flight anxiety. And the way I overcome it is by keeping my reviews focused on the future.

The best mid-year reviews don’t just recap the last six months—they plan the next six months.

When a team member is underperforming, I don’t label them as “bad”; instead, I work with them to come up with a growth plan. Setting a plan defuses this fight-or-flight response because the plan gives my team members a sense of control. It puts them in an active position instead of being asked to passively accept judgement.

9. Make Performance Evaluations a Dialogue, Not a Monologue.

Ideally, you should conduct your performance review during an in-person discussion (or, for remote teams , a Zoom call). Even if you still have to write a report, meeting like this will give you crucial context. When I meet to discuss reviews, I leave space for conversation. I encourage team members to react, clarify, and even disagree with my insights. They need to inform my judgments, not treat them like they’re set in stone. For team members who aren’t big talkers, I draw them out with questions like, “How does that make you feel?” and “Are there areas where you feel like I’ve missed the mark?”

10. Do Quarterly Performance Reviews.

Okay, so I sort of tricked you by putting this one last, but it’s true! Mid-year performance evaluations are important, and they’re a big improvement over the dreaded annual performance reviews . But six months is still a long time between check-ins, and employees can get way off track during that time. Quarterly reviews let you make smaller adjustments and make it easier to find the story arc in a team member’s performance. Of course, quarterly reviews aren’t an option for every manager. If your team is too big, or you’re too swamped, you might not have time. But then you should work that much harder to regularly give feedback in one-on-one meetings .

Mid-year Reviews: Because Your Team Is Worth It

It’s taken me most of my professional life to develop effective strategies for giving mid-year reviews. (Hopefully, the tips in this blog will help shave a few years off your period of trial and error.) My own experience with reviews has shifted dramatically since I started taking this approach to giving reviews. They used to be a stressful and confusing process that people were almost afraid to talk about. But by focusing the reviews on my relationship with team members and building that relationship in our one-on-ones, I’ve taken the terror out of the process. When I asked my team recently if they thought these changes had made a difference, every person said it removed the mystery from the review. And that’s the thing: What do people fear? They fear what they don’t know. So if you remove the “don’t know,” there’s nothing to fear.

Check Out Our New Course: "How to Give a Great Performance Review"

Most people HATE performance reviews. But they don’t have to awful, or even awkward. Whether you’re creating your own review process or you’re executing what your company already has, you can still make a performance review great for your team members!

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12 Easy Tips To Get The Most Out Of Employee Mid-Year Reviews

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Few people enjoy sitting through a mid-year performance review. But as the manager , you can take specific steps to make the meeting as positive as possible. And when you do that — remove the anxiety and stress from the conversation — you show your employee how to improve their performance and achieve success within the business.

So how exactly can you improve the way you run your mid-year performance reviews? In this article, the experts at Sling  give you twelve simple tips to make any review, mid-year or otherwise, a painless process.

12 Easy Tips For Mid-Year Performance Reviews

You may already be doing some of these suggestions during your mid-year performance  reviews, but it’s still a good idea to examine your process and make improvements. Incorporate these tips before, during, and after the meetings with your employees.

1) Schedule The Mid-Year Review Well In Advance

You never want the mid-year review to catch your employees off guard. They should know well in advance that the meeting is coming.

That’s why it’s vital to use scheduling software  like Sling to set dates and times for each and every mid-year review you’re going to conduct. That way, everyone has time to prepare (which brings us to our next tip).

Failing to prepare for your mid-year reviews is like delivering a presentation to the CEO without knowing the subject. There’s just no way it’s going to be a success .

Start by reviewing your notes from the last performance review, and then incorporate the next few tips on this list in order to be really prepared.

3) Collect Feedback From Others

You can get a more complete picture of an employee’s performance by asking her coworkers  for feedback. Use that feedback to fill in gaps that both you and the employee may have missed.

Be sure to share the peer feedback with your employee prior to their mid-year performance review. Doing so gives them the opportunity to bring up any issues during the actual meeting.

4) Have The Employee Fill Out A Self-Appraisal Form

Incorporating an employee self-appraisal form into your mid-year review preparation is an excellent way to get the employee’s side of the story. You know what you think, and if you collect feedback  from others (as you should), you know what his or her peers think. But giving the employee a chance to explain may reveal facts you weren’t aware of.

5) See Yourself As A Coach

This may be one of the most difficult tips to incorporate because the mid-year review, by nature, is about evaluating and judging the employee’s performance. But if you can see yourself as a coach — as someone with a strong relationship  with his or her employee — it’s often easier to help the employee improve.

The mid-year performance review is a conversation, not a manager’s monologue. That means you’re going to need to listen  to what the employee has to say. That can be difficult for managers because they are accustomed to being the ones to speak.

But when you listen — and we mean really listen — you make it easier to move the conversation forward in a truly beneficial way.

7) Review Goals Set At The Last Performance Review

Reviewing goals set at the last performance review and then determining whether or not the employee reached those goals is the best way to quantify their performance. Did they improve  their completion rate? Did they make more sales in the last six months than in the previous six months?

With those successes (and failures) in mind, you can help the employee recognize strengths and weaknesses.

8) Ask About The Employee’s Career Plans

During the mid-year performance review, ask about the employee’s career plans. If they don’t have any, that can tell you a lot about the employee  as a person.

If they do have plans, this gives you the opportunity to find out if their vision for the future is the same as yours. If it is, great. If it isn’t, now’s the time reach an agreement on how the next year will play out.

9) Go Over The Employee’s Job Description

It’s crucial to go over the employee’s job description during your preparation for the mid-year review and during the meeting itself. Have the job requirements changed since the last performance review? This isn’t unheard of — employees take on new responsibilities all the time.

Make notes on how you see the job description changing. Then open the meeting by getting the employee’s take on what the position involves. That way, everyone is on the same page in regard to past, present, and future responsibilities.

10) Establish Your Priorities For The Next Year

When you establish your priorities for the next year (or even just the next few months), you give your employee a template  for success. That template tells them how their hard work contributes to your goals, and what they need to do to make reaching those goals easier.

11) Give The Employee Feedback

This is the part where you tell your employee what they did well and what they can improve on. Be specific in your feedback, and avoid generalities that your employee may not fully understand.

A good way to ensure that you’re giving effective  feedback is to use performance appraisal phrases. These simple yet descriptive sentences take all the ambiguity out of the feedback you give.

12) Don’t Let Your Biases Get In the Way

We all have biases. You do too. Sometimes, we aren’t even aware that we’re letting these biases influence our mid-year reviews. And that can seriously damage an employee’s chances of success within your business.

Do a thorough self-examination before each review, and set aside any personal feelings you may have about the employee. Try to be as objective as possible in what you say and do.

Schedule The Next Performance Review

When all is said and done, don’t forget to schedule the next performance review. Record the date in your scheduling software, and then provide that information to your employee. That way, you both know when the review will occur, no one will be surprised, and everyone can prepare accordingly.

For more free resources to help you manage your business better, organize and schedule your team, and track and calculate labor costs, visit GetSling.com  today.

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This content is for informational purposes and is not intended as legal, tax, HR, or any other professional advice. Please contact an attorney or other professional for specific advice.

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5 Questions to Get the Most Out of Your Midyear Review

How to get more than basic platitudes and suggestions out of the upcoming chat with the boss. 

For More Expert Insights

Senior Client Partner

Career Coach, Korn Ferry Advance

During midyear reviews, you’ll likely prepare a brief self-assessment of your goals—what you’ve accomplished so far, and what you expect to achieve by year’s end. A midyear review also offers you an opportunity to ask your manager questions that will help you delve into what you need to achieve this year, particularly if you’re hoping for a year-end promotion or a raise.

“The questions you ask could be career defining and could make the midyear review meaningful,” says  Dan Kaplan , senior client partner for Korn Ferry's CHRO practice. Here are five questions to ask your manager:

How can I give you more visibility into my performance?

With many employees continuing to work remotely at least part of the time, managers often aren’t able to see what their direct reports are doing on a day-to-day basis, says  Nathan Blain , Korn Ferry’s global lead for optimizing people costs. If you’re working remotely or on a hybrid schedule, you should ask how you can best provide opportunities for your manager to observe your work. For instance, perhaps your manager would like to be invited to attend a meeting with colleagues or a client.

What am I doing that you would like to see more of or less of?

Instead of asking your manager what your strengths and weaknesses are, Korn Ferry Advance coach Rasha Accad suggests asking, “What should I do more of?” (to learn where you’re having a positive impact) and “What am I focusing on too much?” (to learn where you can improve). “The answers will help you decide where to put your energy over the next six months,” she says.

Are my goals still aligned with the company’s business goals?

Most employees set goals in late December or early January. But by June, some of those goals may no longer be relevant, Blain says. “Employees need to find out if they should course correct,” he says.

Sometimes a goal set a year or two ago becomes unattainable—not because of our talents or abilities, but because of limitations that are out of our control. Sometimes it’s simply that the organization no longer values that particular goal. Rather than wasting energy fighting an uphill battle, Accad recommends asking your manager, “What are some things I don’t have control over that I need to accept?” The answer might lead you to update your goal, she says.

What am I not doing well enough?

If you’re hoping for a year-end promotion, ask your manager what you should focus on over the next six months to move to the next level, Kaplan says. Most managers don’t give enough in-the-moment feedback during the course of the year, so he recommends asking, “What feedback do you wish you’d given me earlier this year?”

“Assume your manager won’t be fully comfortable giving you that feedback, so be direct in your questioning,” he says. “Tell your manager, ‘I’m invested in being a top performer, and I really want to learn from you so please tell me what three areas I should focus on to move to the next level.’”

What do I need to do to get promoted next year?

Many employees fall into the trap of believing that if they reach all their targets, they will automatically get a promotion or a raise. But the bar is often much higher—you’ll need to exceed your goals, not just meet them, Accad says. Get a clear sense from your manager  of whether meeting your objectives will be enough for you to move to the next level, or if you need to do more.

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Multidimensional Self-Care

• How to Conduct a Mid-Year Review to Crush Your Goals

July officially marks the transition into the 2nd half of the year, which also makes it the perfect time to assess how things are going with the goals you set back in January.  How are things going with those, by the way?  In this article, you’ll explore how to conduct a mid-year review, and how setting aside time for this important task can help you crush your goals and intentions.

What is a Mid-Year Review? 

A mid-year review is a self-assessment that helps determine if you’re on track with the goals you set back at the beginning of the year.  

It’s an opportunity to examine how things are going with your goals, whether or not you’re on the right path, and if your daily habits are aligned with your intentions.

Sometimes a mid-year review can reveal that you need to change your goals. Let’s face it, priorities change and life circumstances change. Learning to play the violin might not be as important as it was before an unexpected illness or change in employment status occurred. It’s perfectly okay to change your goals. In fact, in many cases it’s the best thing you can do. 

And sometimes a mid-year review can reveal that you simply need to adjust your habits. If the goals you set back in January are still relevant and important, but you’re no closer to achieving them than you were then, it may be time for a habit reset.

A Mid-year review can offer helpful insights about why you might not be making the progress you’d hoped for, and this information can help make a prompt course-correction. 

Below you’ll find a simple process for conducting a mid-year review and annual reviews. That process includes reflecting, releasing, realigning, and redesigning.

Here’s an overview:

The first step in the mid-year review process is to reflect on how things have been going during the first half of the year.

What progress have you made on your goals? Where are you on the path to achieving them? What unexpected blessings did you experience along the way? 

Here are some tips to help you reflect:

Carve Out Time

Schedule time on your calendar in advance, to ensure you have plenty of time complete your review. A couple of hours should be sufficient, but you can always buffer in more time to avoid feeling rushed. Alternatively, you could also complete each of these four steps on different days if that works better for you.  

Create Space

Choose a location that’s free of distractions, so you can focus your full attention on the review process. Be sure to consider where you generally do your best work. For example, do you prefer total silence or do you need a little background music? Do you love being outside in nature or would you feel more comfortable indoors where there’s air conditioning?  

For the best outcomes, be honest about how things are going. If you haven’t invested much energy into your goals, now is the time to fess up. Your mid-year review might just prompt you to make the necessary changes to redirect your efforts and get back on track. Being honest will also help you make decisions about how to move forward. 

Once you’ve finished reflecting on the first half of the year, it’s time to move into the next phase of the review process: releasing what’s no longer important or relevant.

While you may associate clutter with physical possessions, goals can also create clutter. And staring at a list of goals that you feel completely disconnected from can make you feel bad when you don’t achieve them. The truth is, sometimes you might ignore or put off goals because they aren’t the right goals. If you really want to crush your goals, you might need to cut some loose. Besides, releasing goal clutter frees up space for you to focus on what’s more important.

Here are some tips to help you release what’s no longer serving you:

Review Your Goals

Pull out the list of goals you outlined back in January and reassess each one. As you move through the list, ask yourself these questions:  Which goals are still relevant to your life right now? Which of your goals are no longer important? Which intentions no longer apply? And which goals have you been putting off or ignoring?

Review Your Theme Word(s)

How about that  theme word  you chose for the year? Does it still feel right? Does it still reflect how you want to feel? Or do you need to change your theme words as well? If you use the  Lifestyle Design Planner , you can also add your theme words here.

Once you’ve identified which goals or themes are no longer relevant or important, there are a few things you can do with them. One is to release them altogether–cross them off your list, toss them into the circular file, bid them farewell. And the other is to place them in what I call the “goal parking lot.”

Now that your list of intentions is free of irrelevant goals, you have space to realign with your values, personal brand, and desires. These elements fall within the Luminescent Dimension of Self-Care, and when used properly they can become trusty decision-making guides.

Here are some tips to use the mid-year review process to get realigned with what’s most important:

Realign with Your Values

Your values are the things you cherish the most. They can include people, beliefs, or even things in some cases. When you value something, you’re more likely to invest resources there. The easiest way to identify your values is to pinpoint where you spend your money, time, and attention. Wherever you invest energy, you’ll likely find your values. (Side note: if you use  The Lifestyle Design Planner , you can review your values on page16.)

Realign with Your Personal Brand

Your personal brand is a blend of your identity and your reputation. And it serves as a compass when get lost along your way. Your personal brand helps ensure that you’re saying ‘yes’ to the things that are important to you, and ‘no’ to the things that aren’t. It also helps you return to what’s most important when you get distracted or overwhelmed.

Realign with Your Desires

To get realigned with what’s most important, you need to get reconnected with your desires. What do you desire most? Why do you get up in the morning and do what you do to earn an income? What kind of life are you actively creating for yourself and your family? Your desires are the reasons behind your goals. And they can also be a big source of motivation. Realignment is a critical step in the mid-year review process. Being in alignment ensures that you’re focusing your attention on the right things, so you get the results you want. 

4. Redesign

Once you realign with your values, personal brand, and desires, it’s time to examine your day-to-day habits. Are your habits supporting or sabotaging your goals?

Even the smallest decisions you make day after day can translate into big results. How are you spending your time? Are your daily routines leading you toward or away from your goals? If your habits aren’t moving you closer to the lifestyle you want to create? If not, then you’ll need to make some changes. 

LivingUpp’s  8 Dimensions of Self-Care  framework helps you identify and prioritize which areas of your life need the most attention. And that means you can choose specific self-care strategies that support them.

Here are some tips to help you redesign your habits: 

Establish Daily Self-Care Rituals

Daily self-care rituals  are targeted acts of self-care that support one or more of the 8 Dimensions of Self-Care. Over time, your daily habits can render big results, so it’s important that they’re moving you in the direction you want to go. (After all, 14 jelly donuts a day also renders big results.) If you’re just getting started with self-care, or feel overwhelmed by the idea of changing your habits, start small and focus on  tiny acts of self-care . A solid self-care plan can help you absolutely crush your goals.

Rate Your 8

The Rate Your 8 self-assessment tool is designed to help you easily identify which areas of your life need the most attention at any given time. By integrating the  Rate Your 8  tool into your morning practice, you’ll be able to choose specific self-care strategies on a daily basis that address your greatest needs. 

Keep Moving Forward

Knowing which dimension of your life needs attention is a good start, but knowing what to do with that information is the key to moving forward and getting results. When it comes to the lifestyle design process, understanding which self-care strategies match your stage can propel you forward and help you regain your momentum more quickly. In order to crush your goals, the best approach is to keep moving forward.

Is it time for a reset?

It’s easy to lose sight of your goals when life gets busy. That’s why it’s important to reassess your status on a regular basis. By carving out time to conduct a mid-year review, you’ll be able to make the necessary course-corrections to get back on track and crush your goals.

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Mid-Year Review: VanEck's 15 Crypto Predictions For 2024

• We've hit the mid-year mark of 2024, and it's time to tally up our top 15 Crypto Predictions for 2024 that we outlined at the end of last year.
• From bitcoin’s price hitting all-time highs to Solana’s continued rise, our predictions have been put to the test.
• We review the key developments and trends shaping the crypto market this year so far.

everythingpossible/iStock via Getty Images

Scoreboard check! We've hit the mid-year mark of 2024, and it's time to tally up our top 15 Crypto Predictions for 2024 that we outlined at the end of last year. Spoiler alert: our home-field referee awarded us 95 out of 150 possible points.

From bitcoin's ( BTC-USD ) price hitting all-time highs to Solana's ( SOL-USD ) continued rise, our predictions have been put to the test. Let's break down the play-by-play of where we nailed it and where we missed the mark. Join us as we review the key developments and trends shaping the crypto market this year so far.

1. The U.S. Recession and the First Spot Bitcoin ETPs

Prediction : The U.S. would enter a recession in the first half of 2024, and the first spot bitcoin ETPs would launch with significant inflows, keeping Bitcoin above $30k.

Review: Although there are clear signs of economic slowing, with GDP slowing to a 1.3% annualized growth rate, the U.S. has not officially entered a recession. Key indicators like consumer spending and corporate earnings have shown resilience, mitigating the impacts of inflation and supply chain issues. However, the U.S. yield curve has been inverted for more than 700 days, the longest such streak in bond market history, often a precursor to recession. Jobless claims and corporate bankruptcy filings have also risen.

As for the spot bitcoin ETPs, the approval and launch of the first spot bitcoin ETPs on January 11, 2024, was a significant milestone. The ETPs saw overwhelming demand, with inflows surpassing $2 billion in the first month alone. This influx of investment played a crucial role in driving bitcoin to an all-time high of $73,000 in March and maintaining its price above $30k throughout the year. The success of these ETPs has provided a new, regulated avenue for investors to gain exposure to Bitcoin, significantly boosting its market appeal and stability.

Rating: 7/10

U.S. Yield Curve Now Inverted for Record Length

Bitcoin Price 2010 - Present

2. Bitcoin Halving

Prediction : The Bitcoin halving in April 2024 would proceed without major issues, and post-halving, bitcoin would rise above $48k.

Review: The Bitcoin halving event in April 2024 occurred without any significant disruptions, demonstrating the network's stability and robustness. This halving reduced the block reward from 6.25 BTC to 3.125 BTC, effectively decreasing the rate at which new Bitcoin is introduced into circulation. Contrary to expectations of a brief consolidation period post-halving, bitcoin surged to a new all-time high of $73,000 in March, well ahead of the halving. This early rally was likely fueled by the anticipation of the halving and the massive inflows from newly launched bitcoin ETPs. Bitcoin's price remains strong at $67,500, far surpassing the $48k target we had set post-halving.

Rating: 10/10

Bitcoin Price Pre- and Post-Halving (April 2024 - June 2024)

Bitcoin hashrate 2009 - present, 3. bitcoin's all-time high in q4.

Prediction : Bitcoin will reach an all-time high in Q4 2024, driven by political changes and regulatory optimism.

Review: Bitcoin's price soared to a new all-time high of $73,000 in March 2024, much earlier than our Q4 prediction. This surge was driven by the approval and subsequent success of the spot bitcoin ETPs in January, which attracted significant investment and heightened market confidence. The early achievement of this milestone was facilitated by positive regulatory developments and growing institutional interest. Although this prediction came to fruition ahead of schedule, the factors we predicted to drive the new high-regulatory progress and market optimism-were spot-on. The current price of $67,500 reflects the sustained interest and confidence in Bitcoin as a leading digital asset.

Rating: 9/10

Historical Bitcoin Price Movements Around Major Regulatory Changes

4. ethereum won't flip bitcoin in 2024.

Prediction : Ethereum ( ETH-USD ) would not surpass Bitcoin in market cap but outperform mega-cap tech stocks.

Review: Ethereum remains well behind Bitcoin in market capitalization, particularly in light of Bitcoin's record-breaking performance this year. Despite this, Ethereum has had a strong year, outpacing many of the largest tech stocks in terms of growth and market performance. Its ecosystem continues to expand, driven by advancements like the EIP-4844 upgrade and the growing adoption of Layer 2 solutions. Despite not surpassing Bitcoin, Ethereum's resilience and robust growth align well with our prediction of its strong market performance relative to major tech stocks.

Ether Returns vs. Major Tech Stocks

Price Ratio Comparison - Bitcoin vs. Ether

5. ethereum layer 2 (l2) dominance.

Prediction : Post EIP-4844, Ethereum Layer 2 solutions would capture the majority of EVM-compatible TVL and volume.

Review: While the rollout of EIP-4844 has significantly boosted the adoption of Ethereum Layer 2 solutions, we are still waiting to see L2s attract more TVL or DEX activity than Ethereum. However, while Ethereum TVL share vs. L2s is roughly where it was at the beginning of 2024, DEX Volumes are slowly transitioning to L2s. This is mainly because Ethereum has made a dedicated data layer for L2s to post data. This moved activity from Ethereum's transaction layer, freeing up block space and making transactions on Ethereum less expensive. While L2s cost substantially less than Ethereum to use, often 100x cheaper, many participants still choose to pay higher Ethereum fees. This may be due to the stickiness of Ethereum TVL, the broader range of trading venues, and the large supply of tradeable assets.

Within L2s, the consolidation of market share among the leading solutions is evident, with Base and Arbitrum seizing the majority (~80) of DEX Volume and TVL (>50%). The consolidation amongst L2s demonstrates the power of composability and network effect.

Rating: 3/10

Total Value Locked (TVL) In DeFi on Ethereum

Dex volumes are moving to base and arbitrum.

Ethereum DEX Volumes Still Exceeds L2 DEX Volumes

Ethereum share of tvl is roughly where it began in 2024, 6. nft activity rebounds.

Prediction: The NFT market experienced a resurgence in the first half of 2024 compared to the latter half of 2023, predominantly on Ethereum, which remains the leader in NFT activity. New high-profile collections and ongoing interest have driven trading volumes upward, although these volumes are still far from the all-time highs seen in 2021. An exciting development has been the introduction of NFTs on the Bitcoin network through the Ordinals protocol, adding a new dimension to the market and attracting a fresh wave of investors and collectors. Despite this positive trend, the overall NFT volume far from its previous peaks. Instead, some of the speculative trading volume has shifted towards meme coins, which have supplanted NFTs in attracting speculative investors

Monthly NFT Trading Volumes (Ethereum vs. Bitcoin)

7. Binance Loses Top Spot

Prediction : Binance ( BNB-USD ) would lose its position as the top spot trading exchange.

Review: Despite regulatory scrutiny and increasing competition, Binance has retained its position as the leading centralized exchange by trading volume in 2024. However, its dominance is being challenged by competitors like OKX, Bybit, and Coinbase ( COIN ), which have gained market share. Binance's deep liquidity and extensive user base support its leadership, but the narrowing gap with its rivals suggests a more competitive landscape. Although Binance has yet to lose its top spot and still holds over half of all spot volumes, the intensifying competition highlights the changing dynamics in the centralized exchange market.

Rating: 6/10

Binance Share of Spot Volume is Down Slightly

8. Stablecoin Market Cap Growth

Prediction : The stablecoin market cap would reach a new all-time high, with USDC surpassing USDT in market share.

Review: The stablecoin market has continued to grow in 2024, but it has yet to achieve the $200 billion milestone. USDC has been gaining ground, particularly among institutional users, due to its reputation for regulatory compliance. However, USDT remains the dominant stablecoin, primarily because of its entrenched position on Tron, which accounts for ~50% of USDT supply and widespread usage in trading. The dynamics between USDC and USDT show a trend toward increasing competition, with USDC closing the gap but not yet overtaking USDT. The stablecoin market's growth and evolving competitive landscape reflects our prediction, though the shift in dominance is still developing.

USDT, USDC, and Total Stablecoin Market Cap

9. dex market share increase.

Prediction : Decentralized exchanges (DEXes) would capture a larger share of the spot trading market.

Review: Decentralized exchanges have continued to grow in market share throughout 2024. The improved user interfaces, lower fees, and enhanced liquidity offered by DEXes have attracted more traders. High-throughput blockchains and Layer 2 solutions have further facilitated this growth by providing faster and cheaper transactions. The ongoing trend towards self-custody and decentralized finance ('DEFI') supports this shift, with DEXes capturing an increasingly significant portion of the spot trading market. This aligns well with our prediction and underscores the evolving preference for decentralized trading platforms.

DEXes Are Taking Market Share From CEXes

10. bitcoin yield opportunities.

Prediction : Remittances and smart contract platforms would create new yield opportunities for Bitcoin.

Review: Bitcoin's role in remittances has expanded in 2024, particularly in regions with high remittance flows and limited access to traditional financial services. Platforms leveraging Bitcoin and Layer 2 solutions like the Lightning Network have made transactions faster and cheaper. Additionally, yield opportunities for Bitcoin holders have emerged through staking and lending protocols that offer returns on bitcoin assets. These developments align well with our prediction, as they enhance Bitcoin's utility beyond mere transactions and provide new ways for holders to earn yields. However, the full potential of these opportunities is still unfolding, with ongoing adoption and innovation.

Rating: 4/10

11. Breakout Blockchain Game

Prediction : A blockchain game would surpass 1 million daily active users.

Review: While several blockchain games have seen significant user engagement in 2024, none have consistently reached the 1 million daily active users milestone. High-quality titles like Illuvium ( ILV-USD ) and Guild of Guardians have attracted large communities but are still building their user bases. The integration of blockchain technology in gaming continues to evolve, with improvements in-game mechanics and user experience driving growth. Despite not hitting the 1 million user mark, these developments suggest a strong foundation for future success in the blockchain gaming sector. The potential for a breakout hit remains promising as the market matures.

Rating: 5/10

12. Solana's Continued Rise

Prediction : Solana would become a top 3 blockchain by market cap, TVL, and active users and join the ETPs wars.

Review: Solana will continue to grow and strengthen its position in the blockchain ecosystem in 2024. It ranks highly in market capitalization, total value locked (TVL), and active users, though it has not yet cracked the top 3 in all these categories. Solana's ecosystem has attracted a wide range of projects and users, contributing to its strong market presence. However, solana-based ETPs have not yet emerged, contrary to our expectations. Despite this, Solana's ongoing growth and innovation highlight its significant impact and potential in blockchain.

Solana's Fees Have Increased 56x Over the Last Year

13. adoption of depin networks.

Prediction : Decentralized physical infrastructure networks like Hivemapper and Helium would see significant adoption.

Review: Decentralized physical infrastructure (DePin) networks such as Hivemapper and Helium have made notable progress in 2024. Hivemapper has expanded its mapping capabilities, and Helium has increased its subscriber base for its decentralized wireless network. These networks use blockchain technology to create community-driven services, offering an alternative to traditional centralized systems. While adoption has grown, these platforms are still in the early stages of capturing significant market share from established giants like Google and traditional telecom providers. The potential for disruptive growth remains, but widespread adoption is yet to be fully realized.

Growth Metrics of Hivemapper and Helium Networks

14. New Corporate Crypto Accounting

Prediction : New FASB guidelines would rejuvenate corporate crypto holdings, and Coinbase would break out L2 revenues.

Review: The Financial Accounting Standards Board ('FASB') guidelines allowing corporates to report mark-to-market gains on crypto assets are set to take effect in 2025, with anticipation building throughout 2024. Some non-crypto companies have already added BTC to their treasuries, and these include US publicly traded health tech company Semler Scientific ( SMLR, $40M), wealth and payments business MOGO ($5M), Japanese hotel services company Metaplanet ($7.2M). But wide-scale adoption has yet to occur. Within crypto, Defi Technologies recently added $7.5M in BTC to its treasury. However, the adoption of BTC by a greater treasury has yet to materialize.

Coinbase, while advancing its Layer 2 (L2) solutions like Base Protocol, has not reported L2-specific revenues in its filings and instead tucks it under the broader category of "Subscriptions and Services.". The corporate adoption of crypto assets is increasing, with more firms exploring blockchain applications and digital asset holdings. Our prediction points towards future developments that are still on the horizon, with current trends suggesting growing interest and preparation for these changes.

Corporate Holdings of Crypto Assets

15. KYC and DeFi Reconciliation

Prediction : KYC-enabled DeFi applications would gain significant traction.

Review: The integration of Know Your Customer ('KYC') features into decentralized finance ('DEFI') platforms has begun to take shape in 2024. Leading protocols like Uniswap have started experimenting with KYC-enabled functionalities to attract institutional liquidity and comply with regulatory requirements. These developments are bridging the gap between traditional finance and DeFi, making it easier for institutions to engage in decentralized ecosystems. While adopting KYC features is still early, it has generated significant interest and could transform how DeFi operates. The traction gained so far supports our prediction, although widespread adoption is still forthcoming.

Our mid-year review shows that while some predictions have materialized as expected, others are still unfolding or have missed the mark. Bitcoin's unprecedented rally and the successful launch of spot bitcoin ETPs have been standout developments. We will continue to track these trends and incorporate the above data into future updates. Stay tuned!

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Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.

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Class Action Defense

Duane Morris Class Action Review – 2024/2025: Mid-Year Class Action Settlement Report & Analysis

By Gerald L. Maatman, Jr. and Jennifer A. Riley

Duane Morris Takeaways:  Corporate defendants saw unprecedented settlement numbers across all areas of class action litigation in 2022 and 2023, and halfway through 2024, settlement numbers remain robust. The cumulative value of the top ten settlements across all substantive areas of class action litigation hit near record highs in 2023, second only to the settlement numbers observed in 2022. When the numbers for 2022 and 2023 are combined, the totals signal that corporate defendants have entered a new era of heightened risks and higher stakes in the valuation of class actions. On an aggregate basis, across all areas of litigation, class actions and government enforcement lawsuits garnered more than $51.4 billion in settlements in 2023, almost as high as the record-setting $66 billion in 2022. When combined, the two-year settlement total eclipses any other two-year period in the history of American jurisprudence.

As a prelude to the Duane Morris Class Action Review – 2025, this post reports on our analysis of class action settlements through the first half of 2024. The data shows that for the period of January 1 to June 30, 2024, the current year is on pace with the numbers of the previous two years. As of the end of the first half of 2024, the aggregate settlement total across all areas of class action litigation and government enforcement lawsuits is $22.9 billion (in accounting for the top 5 settlements in the various substantive areas of law). It is anticipated that these numbers will increase across the board by the end of the year and when measured by the top 10 settlements in each category.

More Billion Dollar Class Action Settlements

At the mid-way point of 2024, there are four settlements over the billion-dollar mark. In 2023, parties resolved 14 class actions for $1 billion or more in settlements, making 24 billion-dollar settlements in the last two years. Reminiscent of the Big Tobacco settlements nearly two decades ago, 2022 and 2023 marked the most extensive set of billion-dollar class action settlements and transfer of wealth in the history of the American court system.

The Scorecard On Leading Class Actions Settlements Halfway Through 2024

The plaintiffs’ class action bar has scored rich settlements thus far in 2024 in virtually every area of class action litigation.

$14.45 Billion – Products liability/mass tort class actions $4.17 Billion – Antitrust class actions $2.05 Billion – Securities fraud class actions $628 Million – Consumer fraud class actions $388.95 Million – Data breach class actions $331.5 Million – Privacy class actions $288 Million – ERISA class actions $157.15 Million – Wage & hour class and collective actions $147 Million – Discrimination class actions $101.3 Million – Labor class actions $67.7 Million – Government enforcement actions $58.8 Million – Civil rights class actions $49.69 Million – TCPA class actions $24.96 Million – Fair Credit Reporting Act class actions

The high dollar settlements of the past two years suggested that the plaintiffs’ bar would continue to be equally, if not more aggressive, with their case filings and settlement positions. From the 2024 data, it certainly looks to be the case as we end the first half of the year.

The data points in each category are set out in the following charts.

Top Class & Collective Action Litigation Settlements In 2024

Top Antitrust Class Action Settlements In 2024

• $2.77 billion – In Re College Athlete NIL Litigation , Case No. 20-CV-3919 (N.D. Cal. May 23, 2024) (settlement agreement reached to resolve claims with former college athletes who filed an antitrust class action seeking compensation allegedly denied to them for decades before the Supreme Court overturned the NCAA’s compensation ban)..
• $418 million – Burnett, et al. v. the National Association of Realtors , Case No. 19-CV-332, Gibson, et al. v. National Association of Realtors , Case No.  23-CV-788, and Umpa, et al. v. The National Association of Realtors , Case No. 23-CV-945 (W.D. Mo. Mar. 15, 2024) and Moehrl, et al. v. The National Association of Realtors , Case No. 19-CV-1610 (N.D. Ill. Apr. 23, 2024) (preliminary settlement approval granted in a class action to resolve claims that broker commission rules caused home sellers across the country to pay inflated fees).
• $385 million – In Re Suboxone (Buprenorphine Hydrochloride and Naloxone) Antitrust Litigation , Case No. 13-MD-2445 (E.D. Penn. Feb. 27, 2024) (final settlement approval granted in a class action to resolve claims brought by states, insurers and buyers of a new dissolvable strip version of Suboxone to the market, encouraging the move from tablets to strips by misrepresenting to the U.S. Food and Drug Administration that the tablets posed a risk to children of accidental consumption).
• $335 million – Le, et al. v. Zuffa LLC , Case No. 15-CV-1045 (D. Nev. Mar. Mar. 20, 2024) (preliminary settlement approval sought in a class action to resolve claims that fighters’ wages were suppressed by up to $1.6 billion).
• $265 million – In Re Generic Pharmaceuticals Pricing Antitrust Litigation , Case No. 16-MD-2724 (E.D. Penn. June 26, 2024) (preliminary settlement approval granted for a class action to resolve claims by direct purchasers, end-payors and states alleging that multiple makers of generic drugs conspired to keep the prices on their products high, in violation of state laws and the federal Sherman Act).

Top Civil Rights Class Action Settlements In 2024

•  $17.5 million – Clark, et al. v. City Of New York , Case No. 18 Civ. 2334 (S.D.N.Y. Apr. 5, 2024) (settlement approval sought in a class action to resolve claims alleging that the city policy department’s policy requiring all arrested individuals to have their photograph taken without a head covering violated the Religious Land Use and Institutionalized Persons Act).
• $13.7 million – Sow, et al. v. New York , Case No. 21 Civ. 533, (S.D.N.Y. Mar. 5, 2024) (final settlement approval granted for a class action resolving claims by individuals who were arrested or arrested and subjected to force by the New York City Police Department during protests in 2020 following the murder of George Floyd).
• $12.8 million – In Re Chiquita Brands International Inc., Alien Tort Statute And Shareholders Derivative Litigation , Case No. 08-MD-1916 (S.D. Fla. June 24, 2024) (preliminary settlement approval granted in a class action to resolve claims alleging that the company funded Colombian paramilitary groups leading to the deaths of over 2,500 victims.
• $10 million – Adberg, et al. v City Of Seattle, Case No. 20-2-14351-1 (Wash. Super. Ct. Jan. 30, 2024) (settlement reached to end a lawsuit brought by more than 50 protesters who say they were brutalized by its police force during Black Lives Matter demonstrations in the summer of 2020).
• $4.8 million –  Students For Fair Admissions, Inc., et al. v. University Of North Carolina , Case No. 14-CV-954 (M.D.N.C. Jan. 29, 2024)  (the University of North Carolina agreed to cover the fees and expenses of a group founded by affirmative action advocates that won a U.S. Supreme Court challenge to the school’s consideration of race in student admissions).

Top Consumer Fraud Class Action Settlements In 2024

• $150 million – In Re Chevrolet Bolt EV Battery Litigation , Case No. 20-CV-13256 (E.D. Mich. May 16, 2024) (preliminary settlement approval sought in a class action to resolve claims against General Motors LLC and LG units over alleged battery which allegedly make cars prone to overheating and fires).
• $145 million –  In Re Kia Hyundai Vehicle Theft Marketing, Sales Practices, And Products Liability Litigation , Case No. 22-ML-3052 (N.D. Cal. July 15, 2024)  (final settlement approval sought in a class action resolving claims that that consumers were left vulnerable to theft and damage due to vehicles being improperly manufactured with design flaws).
• $125 million – National Veterans Legal Services Program, et al. v. United States , Case No. 16-CV-745 (D.D.C. Mar. 20, 204) (preliminary settlement approval granted in a class action resolving claims challenging the legality of “excessive” PACER fees).
• $108 million – Elder, et al. v. Reliance Worldwide Corp., Case No. 20-CV-1596 (N.D. Ga. Apr. 23, 2024) (preliminary settlement approval granted in a class action to resolve claims alleging that the defendants made and sold water heater connector hoses with defective rubber linings).
• $100 million – Esposito, et al. v. Cellco Partnership d/b/a Verizon Wireless , Case No. MID-L-6360-23 (N.J. Super. Apr. 26, 2024) (final settlement approval granted in a class action to resolve claims that the company misled its customers by not disclosing certain fees in its postpaid wireless service plans).

Top Data Breach Class Action Settlements In 2024

• $350 million – In Re Alphabet Inc. Securities Litigation , Case No. 18-CV-6245 (N.D. Cal Apr. 9, 2024)  (preliminary settlement approval granted in a class action alleging that a software glitch led to a data breach in which Google+ users’ personal data was exposed for three years).
• $15 million – Salinas, et al. v. Block Inc., Case No. 22-CV-4823 (N.D. Cal. June 3, 2024) (preliminary settlement approval granted in a class action to resolve claims that a December 2021 data breach at the companies exposed personally identifiable information, account numbers and trading activity of 8.2 million people).
• $8.7 million – Sherwood, et al. v. Horizon Actuarial Services LLC , Case No. 22-CV-1495 (N.D. Ga. Apr. 2, 2024) (final settlement approval granted for a class action to resolve claims that employer benefit plan members’ sensitive data was exposed in a massive breach at a consulting company).
• $8 million – In Re Orrick, Herrington & Sutcliffe LLP Data Breach Litigation , Case No. 23-CV-4089 (N.D. Cal. May 31, 2024) (preliminary settlement approval granted in a class action to resolve claims brought by clients of a law firm alleging their personal information was compromised in a March 2023 data breach of some of the firm’s client data).
• $7.25 million – In Re Lincare Holdings Inc. Data Breach Litigation,  Case No. 22-CV-1472 (M.D. Fla. June 24, 2024) (final settlement approval granted for a class action to resolve claims that the company failed to protect consumers from a 2021 data breach).

Top Discrimination Class Action Settlements In 2024

• $54 million – California Civil Rights Department v. Activision Blizzard Inc., Case No. 21STCV26571 (Cal. Super. Jan. 17, 2024) (consent decree entered for an action to resolve claims that the company engaged in gender discrimination, pay inequities, and fostered a culture of sexual harassment in the workplace).
• $30 million – Employees’ Retirement System Of Rhode Island v. Paul Marciano, et al ., Case No. 2022-0839 (Del. Chan. Jan. 4, 2024) (final settlement approval granted for a class action to resolve claims of decades of alleged sexual misconduct by one of the company’s co-founders).
• $25 million – Jewett, et al. v. Oracle America Inc ., Case No. 17-CIV-02669 (Cal. Super. Ct. Feb. 11, 2024) (preliminary settlement agreement sought in a class action to resolve claims that female employees were paid less than male employees).
• $20 million – Council, et al. v. Merrill Lynch Pierce Fenner , Case No. 24-CV-534 (M.D. Fla. May 24, 2024) (preliminary settlement approval sought in a class action to resolve claims alleging discrimination and retaliation against a proposed class of nearly 1,400 Black financial advisers who alleged they received less pay and promotions compared to their white counterparts).
• $18 million – Forsyth, et al. v. HP Inc ., Case No. 16-CV-4775 (N.D. Cal. Mar. 29, 2024) (final settlement approval granted in a class action to resolve claims alleging that the company unlawfully pushed out hundreds of older workers as part of a workforce reduction plan in violation of the ADEA).

Top EEOC / Government Enforcement Class Action Settlements In 2024

• $16.5 million – In The Matter Of Avast Ltd., Case No. 202-3033 (FTC Jan. 19, 2024) (consent decree entered following a Federal Trade Commission lawsuit alleging that the company sold personal information to more than 100 third parties despite promising to protect consumers from online tracking).
• $16 million – U.S. Department Of Labor v.  Disaster Management Group LLC (DOL Jan. 24, 2024)  (consent order entered following investigations into 62 government subcontractors hired to construct temporary housing and provide services to Afghan refugees at Joint Base McGuire-Dix-Lakehurst in New Jersey).
• $15 million – California Civil Rights Department v. Snap Inc. (Cal. Super. Ct. June 18, 2024) (consent order entered following an investigation into the company’s hiring and pay practices were discriminatory, finding the company failed to ensure women were treated equally, resulting in a glass ceiling for pay and promotions, sexual harassment and retaliation when female workers spoke up).
• $11.5 million – Washington Department Of Labor & Industries v. Boeing (May 24, 2024) (the parties entered into a compliance agreement following an investigation by the agency after it received four complaints in November 2022 from workers who were performing aircraft maintenance overseas, and found that Boeing had not paid or accounted for all overtime and for paid sick leave for the additional time going to worksites while out of town).
• $8.7 million –  EEOC v. DHL Express (USA) Inc.,  Case No. 10-CV-6139 (N.D. Ill. Apr. 24, 2024) (consent decree entered resolving a lawsuit filed alleging that the company gave Black workers more difficult and dangerous work assignments than white employees).

Top ERISA Class Action Settlements In 2024

• $169 million – Electrical Welfare Trust Fund, et al. v. United States, Case No. 19-CV-353, (Fed. Claims Ct. May 16, 2024) (final settlement approval granted in a class action alleging that the government illegally exacted certain contributions from SISAs under it for benefit year 2014).
• $61 million – In Re GE ERISA Litigation , Case No. 17-CV-12123 (D. Mass. Mar. 7, 2024) (final settlement approval granted in consolidated class actions alleging that the company violated the ERISA by directing employee retirement savings into underperforming GE Asset Management funds to generate fees for the subsidiary before it was sold).
• $20 million – Durnack, et al. v. Retirement Plan Committee Of Talen Energy Corp., Case No. 20-CV-5975 (E.D. Penn. June 4, 2024) (final settlement approval granted for a class action resolving claims from employees alleging that that they were owed early retirement pension benefits and pension supplements due to a change in control).
• $19 million – Krohnengold, et al. v. New York Life Insurance Co., Case NO. 21-CV-1778 (S.D.N.Y. Mar. 5, 2024) (preliminary settlement approval granted in a class action to resolve claims alleging that the company unlawfully kept underperforming proprietary investment options in two employee retirement plans).
• $19 million – Colon, et al. v. Johnson , Case No. 22-CV-888 (M.D. Fla. June 10, 2024) (preliminary settlement approval granted in a class action to resolve claims alleging that the company and executives enacted a scheme that diverted workers’ retirement benefits to shell companies and private equity firm Palm Beach Capital).

Top FCRA, FDPCA, And FACTA Class Action Settlements In 2024

• $9.75 million – Sullen, et al. v. Vivint, Inc., Case No. 01-CV-2023-903893 (Ala. Cir. Ct. Apr. 23, 2024) (final settlement approval granted in a class action alleging that the company accessed credit information in violation of the Fair Credit Reporting Act and created Vivint accounts without authorization).
• $6.76 million – Martinez, et al. v. Avantus LLC, Case No. 20-CV-1772 (D. Conn. Feb. 27, 2024) (final settlement approval granted in a class action alleging that the company violated federal law by including inaccurate information on mortgage borrowers’ credit reports).
• $5.7 million –  Steinberg, et al. v. Corelogic, Case No. 22-CV-498 (S.D. Cal. Apr. 9, 2024)  (final settlement approval granted in a class action lawsuit to resolve claims that the company violated the federal Fair Credit Reporting Act by listing consumers as deceased on credit reports when they were actually alive).
• $1.87 million – Parker, et al. v. The Salvation Army, Case No. 20-CV-4787 (Cal. Super. Ct. Mar. 20, 2024) (preliminary settlement approval granted in a class action to resolve claims to resolve claims the company  failed to comply with the Fair Credit Reporting Act (FCRA) when procuring job applicant background checks for employment applicants.
• $877,000 –  McKey, et al. v. TenantReports.com LLC , Case No. 22-CV-1908-GJP (E.D. Penn. Feb. 27, 2024)  (final settlement approval granted in a class action lawsuit to resolve claims that the company prepared consumer background reports that included outdated criminal non-conviction information).

Top FLSA / Wage & Hour Class And Collective Settlements In 2024

• $72.5 million – Utne, et al. v. Home Depot USA Inc., Case No. 16-CV-1854 (N.D. Cal. Mar. 8, 2024) (final settlement approval granted for a class action to resolve claims that the company failed to pay hourly wages, pay final wages on time, and provide accurate written wages).
• $38 million –  In The Matter Of The Investigation Of Letitia James, Attorney General Of The State Of New York Of Lyft Inc ., AOD No. 23-041 (AG Labor Bureau Nov. 30, 2024)  (the New York Attorney General took legal action against Lyft, claiming the ride-booking company withheld wages from drivers by deducting taxes and fees from their pay instead of having passengers pay those expenses and prevented drivers from receiving the benefits they were entitled to under New York law).
• $16.65 million – Goldthorpe, et al. v. Cathay Pacific Airways Ltd., Case No. 17-CV-3233 (N.D. Cal. June 20, 2024) (preliminary settlement approval sought in a class action to resolve claims alleging that the airline violated state labor laws governing meal and rest periods, overtime and reserve duty pay).
• $16 million – Oman, et al. v. Delta Air Lines Inc ., Case No. 15-CV-131 (N.D. Cal. May 15, 2024) (preliminary settlement approval sought in a class action to resolve claims alleging that the company failed to provide accurate wage statements in violation of California Labor Law).
• $14 million –  Bolding, et al. v. Banner Bank , Case No. 17-CV-601 (W.D. Wash. Jan. 8, 2024) (final settlement approval sought in a class and collective action to resolve claims that the company misclassified mortgage loan officers as exempt employees and thereby failed to pay overtime compensation in violation of federal and state wage & hour laws).

Top Labor Class Action Settlements In 2024

• $55 million – Saunders, et al. v. State of Michigan Unemployment Insurance Agency, Case No. 22-000007-MM (Mich. Cl. Ct. Apr. 16, 2024) (preliminary settlement approval granted in a class action to resolve claims that unemployment benefits were improperly clawed back without notice during the COVID-19 pandemic)
• $20 million – In Re International Longshore and Warehouse Union , Case No. 23-BK-30662 (N.D. Cal. Bankr. Feb. 22, 2024) (preliminary settlement approval granted in a class action to resolve claims alleging that the union of engaging in an unlawful boycott of the company during a labor dispute).
• $20 million – Bauserman, et al. v. State Of Michigan Unemployment Insurance Agency, Case No. 15-000202 (Mich. Ct. Claims Jan. 29, 2024) (final settlement agreement granted in a class action to resolve claims over the Michigan Unemployment Insurance Agency’s use of a computer program to detect fraudulent claims, which resulted in thousands of false fraud determinations).
• $3.8 million – Moliga, et al. v. Qdoba Restaurant Corp ., Case No. 23-2-11540-6 (Wash. Super. Ct. Apr. 10, 2024) (preliminary settlement approval granted in a class action to resolve claims that the company violated Washington state’s pay transparency law when it failed to disclose pay information in job postings).
• $2.5 million – Arrison, et al. v. Walmart Inc., Case No. 21-CV-481 (D. Ariz. Feb. 16, 2024) (preliminary settlement approval granted in a class action to resolve claims that the company should have paid nearly 80,000 workers for the time they spent undergoing COVID-19 screenings before clocking in for their shifts).

Top Privacy Class Action Settlements In 2024

• $90 million – In Re Facebook Internet Tracking Litigation, Case Nos. 22-16903 and 22-16904 (9th Cir. Feb. 21, 2024) (final settlement approval affirmed in a class action to resolve claims alleging that Facebook used cookies to track the internet activity of logged-out social network users who visited third-party websites containing Facebook “Like” button plugins).
• $75 million – Rogers, et al. v. BNSF Railway Co., Case No. 19-CV-3083 (N.D. Ill. June 18, 2024) (final settlement approval granted in a class action to resolve claims alleging that the company unlawfully scanned drivers’ fingerprints for identity verification purposes without written, informed permission or notice when they visited BNSF rail yards).
• $62 million – In Re Google Location History Litigation , Case No. 18-CV-5062 (N.D. Cal. May 3, 2024) (final settlement approval granted in a class action to resolve claims that Google illegally collected and stored smartphone users’ private location information).
• $52.5 million – Schreiber, et al. v. Mayo Foundation For Medical Education And Research,  Case No. 22-CV-188 (W.D. Mich. May 25, 2024) (final settlement approval granted in a class action to resolve claims that the company shared subscriber information with third parties without getting consumer consent).
• $52 million – In Re Clearview AI Inc. Consumer Privacy Litigation , Case No. 21-CV-135 (N.D. Ill. June 21, 2024) (preliminary settlement approval granted in a novel settlement in a multidistrict litigation targeting Clearview AI’s allegedly unlawful practice of “scraping” internet photos to collect biometric facial data wherein the class will receive a 23% stake in the company).

Top Products Liability And Mass Tort Class Action Settlements In 2024

• $10.3 billion – In Re Aqueous Film-Forming Foams Product Liability Litigation, MDL 2873 (D.S.C. Mar. 29, 2024) (final settlement approval granted in a class action to resolve claims with 3M by utilities that maintain it’s liable for the damage they have and will incur due to its signature PFAS that were used for decades in specialized fire suppressants, called aqueous film-forming foams (AFFF), that were sprayed directly into the environment and reached drinking water).
• $1.18 billion – Camden, et al. v. E.I. DuPont de Nemours & Co., Case No. 23-3230 (D.S.C. Feb. 8, 2024) (final settlement approval granted in a class action to resolve claims in a multidistrict litigation for the firefighting agent aqueous film forming foam (AFFF), which contains per- and polyfluoroalkyl substances (PFAS).
• $1.1 billion –  Philips Recalled CPAP, Bi-Level PAP, And Mechanical Ventilator Products Liability Litigation , Case No. 21-MC-1230 (W.D. Penn. Apr. 29, 2024)  (settlement reached in a multi-district litigation claiming that degraded foam in breathing machines caused plaintiffs personal injuries or will require long-term medical monitoring).
• $916 million – State Of Hawaii, et al. v. Bristol-Myers Squibb Co., Case No. 1CC141000708 (Hawaii Cir. Ct. May 21, 2024) (court found in favor of the plaintiffs and ordered payment by the companies to resolve claim alleging they marketed and sold Plavix in an unfair and deceptive manner, and that the companies failed to disclose that the drug could be harmful to those of East Asian and Pacific Islander ancestry).
• $750 million – In Re Aqueous Film-Forming Foams Products Liability Litigation, Case No. 18-MN-2873 (D.S.C. June 11, 2024) (preliminary settlement approval granted to resolve claims that Johnson Controls International PLC subsidiary Tyco Fire Products LP’s public water systems’ federal claims that some “forever chemicals” they detected in their supplies came from firefighting foam it made).

Top Securities Fraud Class Action Settlements In 2024

• $580 million – Iowa Public Employees’ Retirement System, et al. v. Bank of America Corp. Litigation , Case No. 17-CV-6221 (S.D.N.Y. Sept. 4, 2024) (final settlement approval granted in a class action to resolve claims alleging that the defendants conspired to block and boycott new offerings that would have increased competition and improved the efficiency and transparency of the market, in violation of Section 1 of the Sherman Act).
• $490 million – In Re Apple Inc. Securities Litigation , Case No. 19-CV-2033 (N.D. Cal. June 3, 2024) (preliminary settlement approval granted in a class action to resolve claims that Apple’s CEO Tim Cook defrauded shareholders by concealing falling demand for iPhones in China).
• $434 million – In Re Under Armour Securities Litigation , Case No. RDB-17-388 (D. Md. June 21, 2024) (settlement reached in a class action brought by investors alleging that the company inflated stock prices by hiding declining demand for its products).
• $350 million – In Re Alphabet Inc. Securities Litigation , Case No. 18-CV-6245 (N.D. Cal. Apr. 9, 2024) (preliminary settlement approval granted in a class action to resolve claims that the company deceived them about a March 2018 software glitch that allegedly gave third-party app developers the ability to access the private profile data of 500,000 users of the Google Plus social media site).
• $192.5 million –  Chabot, et al. v. Walgreens Boots Alliance Inc., Case No. 18-CV-2118 (M.D. Penn. Feb. 7, 2024)  (final settlement approval granted in a class action to resolve claims that the company’s executives lied about the likelihood of an ultimately unsuccessful merger between the two drugstore chains).

Top TCPA Class Action Settlements In 2024

• $21.88 million – Smith, et al. v. Assurance IQ LLC , Case No. 2023-CH-09225 (Ill. Cir. Ct. Sept. 3, 2024) (final settlement approval granted in a class action to resolve claims alleging that the company violated the Telephone Consumer Protection Act with unsolicited robocalls).
• $9.7 million – Berman, et al. v. Freedom Financial Network LLC , Case No. 18-CV-1060 (N.D. Cal. Feb. 16, 2024) (final settlement approval granted in a class action to resolve claims alleging that the debt consolidation company and its subsidiaries made telemarketing calls which violated the Telephone Consumer Protection Act).
• $9 million – Moore, et al. v. Robinhood Financial LLC, Case No. 21-CV-1571 (W.D. Wash. July 16, 2024) (final settlement approval granted in a class action to resolve claims that the company’s referral text messages violated Washington telemarketing laws).
• $7 million – Williams, et al. v. Choice Health Insurance LLC,  Case No. 23-CV-292 (M.D. Ala. July 9, 2024) (final settlement approval granted in a class action to resolve claims that the company violated the TCPA with unsolicited marketing calls).
• $2 million –  Burnett, et al v. CallCore Media Inc., Case No. 21-CV-3176 (S.D. Tex. June 25, 2024)  (final settlement approval granted in a class action to resolve claims the company placed prerecorded phone calls to consumers in violation of state laws and the federal TCPA).

USDEC's Mid-Year 2024 Global Dairy Business Review

Our month-by-month summary of mergers, acquisitions, expansions, executive hires and other global dairy business news for the first half of 2024.

Across the international dairy sector, business activity has been brisk this year, as one can see from the U.S. Dairy Export Council's Mid-Year 2024 Global Dairy Business Review. 

USDEC monitors global dairy business developments for our members and curates them for our weekly, members-only newsletter, Global Dairy eBrief. We aggregate and summarize what's most relevant for this retrospective r eview we publish twice a year.

We started this review with items from the January 5 Global Dairy eBrief and ended with news from the June 28 edition. This is a fast-paced yet lengthy review. We put company names in bold for easy scanning and searching.

What follows is a one-of-a-kind, archival summary of global dairy business developments for the first half of 2024, presented in month-by-month chronological order. Think of it as the global dairy business news that was.

Look for the full-year 2024 Global Dairy Business Review in January.    

Lino A. Saputo, president and CEO of  Saputo Inc. , was appointed to the Order of Canada, an honor created by the Canadian government in 1967 to recognize “people who make extraordinary contributions to the nation.” Saputo founder Emanuele (Lino) Saputo was previously appointed a Member of the Order of Canada in 2012. … Michigan-based pizza chain  Domino’s  plans to add more than 1,100 new stores per year under its recently announced five-year growth plan called “Hungry for More.” Over the long term, Domino's believes the international business could grow to 40K locations, outnumbering U.S. stores 4-to-1. … Two of Africa’s most prominent e-commerce companies— Wasoko  and  MaxAB —plan to merge. Together, the groups have an estimated customer base of 65 million people across eight countries: Egypt, Morocco, Kenya, Tanzania, Rwanda, Uganda, Zambia and DR Congo. … An arbitrator was appointed to help New Zealand’s  A2 Milk  and  Synlait Milk  come to an agreement over A2’s termination of an exclusive supply deal with Synlait  (see Global Dairy eBrief, 9/22/23) .  (USDEC Middle East/North Africa office; Company reports; Reuters, 12/21/23; Seeking Alpha, 12/7/23)

Ornua Nutrition Ingredients , which is part of Ornua Ingredients Europe, is selling its powder blending and manufacturing business in the UK to Roger Wertheim-Aymes, founder of the medical supplement operation Aymes . (Ornua and Aymes had previously signed a  long-term supply agreement  for sachets of milk powder under the Aymes Shake label.) The deal includes a facility in Leek, UK, which produces dairy ingredients, bakery products, breakfast cereal, sports nutrition products and health and well-being products. Once the deal is finalized, the facility will manufacture products under the trading name Allicio.  (Just Food, 1/10/24; Agriland, 1/6/24)

Pinlive Foods , the Chinese owner of the imported dairy brand Weidendorf, started producing its own cheese in December. The company’s first factory is located in Shanghai and includes two cheese production lines—one for small round-shaped cheddar cheese with a production capacity of 600 kg per hour, the other for string cheese with a production capacity of 500 kg per hour.  (USDEC China office)

Australia-based milk powder company Nutura Organic is expanding its presence into Vietnam and Thailand as the company looks for growth in emerging markets while China becomes more challenging. In Vietnam, Nutura is partnering with Natural Foods Group to launch products ranging from its pregnancy and conventional infant milk formulas to its organic infant milk formula. In Thailand, the company announced a distribution deal with Thai food producer CP Foods to introduce Nutura products into the country. That launch, which is expected to begin in hypermarkets and supermarkets in the first quarter of this year, features products designed for consumers at different life stages, including both infant and adult milk formulas from Nutura Organic.  (NutraIngredients-Asia.com, 1/3/24)

French dairy company  Danone  signed an agreement to sell its Horizon Organic and Wallaby premium organic dairy businesses in the U.S. to  Platinum Equity , a U.S.-based investment firm. Horizon Organic and Wallaby represented approximately 3% of Danone’s global revenues in 2022. Danone will retain a non-consolidated minority stake in the business. … UK-based  Volac International  has agreed to sell its milk replacer business to The Netherlands’ Denkavit Group , a move that will make Denkavit the sole owner of the Volac milk replacer sales organization and the Volac Socoor business in Italy. Company officials said the buy-out was a strategic decision that will allow Denkavit to strengthen the milk replacer business while enabling Volac to put more focus on growing its new feed additives division. … Chicago-based  Archer-Daniels-Midland  announced a deal to acquire Revela Foods , a Wisconsin-based dairy flavor ingredients developer and manufacturer. The deal, which ADM says will enhance its growing portfolio of flavor ingredients and solutions, is expected to close early this year.  (Company reports)

Dallas-based pizza buffet chain  Pizza Inn  signed a franchise agreement with  Blessings Basket Company for Serving Food  to develop 50 locations in the Kingdom of Saudi Arabia. The deal, which kicks off with two new locations in the Middle Eastern kingdom this month, will more than triple the number of outlets Pizza Inn operates internationally. … China’s  National Dairy Innovation Center  officially started operation in December. Approved by the Ministry of Science and Technology and located in Inner Mongolia, the Center brings together more than 100 member companies and more than 1,000 research experts from China and abroad to focus on China’s national dairy demand and industry development. … Ireland’s  Lakeland Dairies  plans to expand its Killeshandra, Co. Cavan, fluid milk facility, increasing milk intake by nearly 20% and expanding storage, packaging and loading dock. (Late last year, Lakeland  announced the closure  of three of its processing sites.) … French global dairy giant  Lactalis  inaugurated a new solar plant that’s expected to reduce carbon dioxide emissions by 7% or about 2,000 MT per year. The solar thermal plant will supply heat to the company’s adjacent Verdun dairy factory, which converts liquid whey into whey powder, for the next 25 years.  (Company reports; USDEC China office; Agriland, 1/8/24; Restaurant Business, 1/4/24)

FrieslandCampina Ingredients has identified key trends it says will shape the coming year in the food, drink and supplement industries, as consumers turn to nutrition as a source of comfort and control in a tumultuous world. In its  “Nutritional Trends 2024”  report, the Dutch dairy cooperative says an increased focus on healthy eating will manifest itself in nutrition trends including: sustainable, planet-first nutrition; accessible and tailored nutrition for all; innovation in alt proteins; advancing gut health; and healthy ageing and recovery.  (Company reports)

Japan’s Meiji is nearly doubling its investment in Danone’s infant formula production facility in Wexford, Ireland. The company added €10.5 million (about US$11.4 million) in new funding, pushing its total investment in the facility to €22.5 million (about US$24.5 million). The money will go toward increasing capacity to meet rising demand for the product, which was rolled out in to several European markets in 2022.  (Just Food, 1/11/24)

Ann Meaney, Tirlán’s head of ingredient marketing, recently sat down with editors from  DairyReporter  for a Q&A on dairy ingredient trends and opportunities in the Asia-Pacific region.  Click here  to read Meaney’s thoughts on nutrition, innovation, the marketing advantages of “grass-fed” and more. Glanbia Ireland and Glanbia Co-op changed their name to Tirlán in late 2022.  (DairyReporter, 1/11/24)

Hong Kong-based investment firm  PAG Private Equity  agreed to acquire a controlling stake in  Food Union Europe , a Latvia-based provider of ice cream and frozen dairy treats to consumers in Latvia, Estonia, Lithuania, Denmark, Norway and Romania.  (Company reports, 1/10/24)

Tata Starbucks , the joint venture between Starbucks and India’s Tata Consumer Products , said it plans to add 1,000 new stores in India by 2028. The expansion plan involves entering some of India’s Tier 2 and 3 cities, increasing staff to roughly 8,600 people, and expanding the venture’s drive-thru, airport café and 24-hour store offerings. …  Danone  plans to shut down its dairy and plant-based yogurt facility in Parets del Vallès, north of Barcelona, Spain, in a move aimed at improving manufacturing efficiencies. It did not reveal a timeline, but news reports say the company is already looking for a buyer for the plant. … As part of the country’s efforts to boost earnings by farmers, Kenyan President William Ruto commissioned a new  Kenya Cooperative Creameries   (KCC) factory in Nyahururu that’s expected to process at least 150,000 liters of milk a day. Ruto also directed KCC to begin paying farmers KSh50 (about US$0.31) per liter for milk beginning March 1, up from the current KSh 40 (US$0.25). … Paris-based food technology startup  Standing Ovation , which is backed by  Bel Group , received €3 million (roughly $US 3.3 million) in public sector funding to increase its production of animal-free casein from precision fermentation.  (Just Food, 1/12/24; Green Queen, 1/12/24; Inside Retail, 1/10/24; Office of the President of the Republic of Kenya, 1/10/24)

Heloise Le Norcy-Trott, group marketing director for Lactalis UK & Ireland , shared in a recent interview with  GroceryTrader  that rising consumer confidence has the UK cheese market poised for growth in the next 12 months.  Click here to read the cheese trends Norcy-Trott says will help drive growth and opportunity in 2024.   (GroceryTrader, 1/17/24)

French dairy company  Danone  announced it will invest EU$100 million (about US$109 million) in the company’s operations in Mexico in 2024. The financial commitment includes support for the company’s “Margarita Project,” which has provided tools, training and technology for more than 500 rural milk producers in the country to help ensure the quality of milk used in Danone Mexico’s yogurt production. …  Arla Foods  began an operational review of its specialty cheese site, Arla Melton Mowbray Creamery UK, to search for a buyer. The plant is also known locally as Tuxford & Tebbutt. Arla cited a decline in the UK specialty cheese market as the reason for the review. … Chilean food tech company  NotCo  can continue to use the word “milk” on its NotMilk labels after a recent ruling found the company clearly states its product is not actually milk. A court of appeals rejected a lawsuit filed by the Association of Milk Producers of the Los Ríos Region that claimed NotCo was guilty of unfair competition for using the word on its plant-based beverages. … Israel-based food tech startup  Imagindairy  announced it has acquired and is operating its own industrial-scale precision fermentation production lines focused on the production of dairy ingredients. The facility allows Imagindairy access to more than 100,000 liters of fermentation capacity, with planned capacity expansion to triple this volume in the next one to two years.  (Agriland, 1/23/24; Yucatan Times, 1/21/24; Vegconomist, 1/18/24; company report, 1/17/24)

Global investment firm Cathay Capital announced a strategic partnership with French dairy company Savencia Fromage and Dairy , in a deal that aims to enhance Savencia’s presence in China. The partnership includes Cathay’s investment in Savencia’s Chinese brand Baijifu, which includes more than 50 cheese and dairy products. A Cathay official said the investment signals the firm’s belief in the future potential of China’s dairy market, and that the company will help Baijifu “better adapt to the evolving needs of the Chinese market and actively promote product innovation and brand development, sales channel expansion and supply chain management for the French brand.”  (China Daily, 1/26/24)

Vertically integrated Russian dairy producer EkoNiva Group is opening a new office in the Chinese city of Xi’an. The move aims to grow dairy exports to China by increasing brand awareness, expanding the range of products offered, and improving supply chains by leveraging rail transport in the region. EkoNiva has been exporting dairy products to China since 2020, including retail UHT milk.  (The DairyNews, 1/23/24)

The Value4Dairy Consortium , a collaboration of four strategic partners led by Dutch dairy cooperative FrieslandCampina , received a US$5 million grant from the Bill & Melinda Gates Foundation to boost dairy productivity and sustainability in the Nigerian dairy sector. The Consortium, which was launched in 2021, aims to enable farmers in tropical conditions such as Nigeria to improve milk yields and income. The private sector collaboration includes FrieslandCampina WAMCO (the company’s Nigerian dairy subsidiary); URUS (a global artificial insemination, genetics and herd management systems company), Barenbrug (a grass and forage seed company), and Agrifirm (a global company that operates in the animal nutrition and crop farming business).The grant will fund half the cost of the Consortium’s latest project, which aims to modernize the Nigerian dairy sector and bolster small-scale milk production. The Consortium will establish three self-sustaining dairy zones that will be run by local farmer cooperatives and will serve as hubs for training and supporting 10,000 pastoralists and smallholders, with the goal of growing to include 40,000 milk producers. FrieslandCampina WAMCO will collect the aggregated milk for processing, and Consortium partners will provide farmers with access to the latest advancements in feed, breeding, sustainable farming practices and routes to the market, enabling them to increase milk production at lower costs sustainably.  (Company reports)

New Zealand’s Fonterra Co-operative Group made two moves as part of its ongoing efforts to increase sustainable production. Fonterra Australia launched a project that eliminates the cardboard packaging used when transporting its Perfecto Italiano Mozzarella cheese from its Stanhope manufacturing site to the secondary processing site in Melbourne, where it is shredded. Fonterra’s “Naked Mozz” initiative will reduce the amount of cardboard used each year for the trip by 330 tons for an annual savings of more than NZ$825,000 (about US$505,000). Separately, Fonterra said it will install a 20-megawatt electrode boiler at its Edendale site on New Zealand’s South Island. The expected NZ$36 million (about US$22 million) investment will decrease the site’s emissions by around 20% per year and lower the company’s overall carbon emissions by nearly 3% per year when it begins operating in FY25. As part of a strategic plan to expand its wellness sector profile and bolster its Southeast Asia position as a regional business hub, Fonterra is expanding its Nurture range of powdered probiotic drink products. The New Zealand-based dairy nutrition cooperative’s Nurture brand is introducing a new range of products designed to target skin health and stress relief that build upon its existing offerings designed to support immunity, energy and focus. Nurture is introducing the range in Singapore, and looking to expand into potential markets including Malaysia, Indonesia and Thailand. The products target active professionals seeking improved support for gut health and overall productivity and well-being. Each unit contains 50 billion probiotic strains, with no added sugar. They’re currently available for purchase on Nurture’s website. Company officials said they’re working with their Singapore teams and distribution partners on plans to expand distribution into stores.  (Company reports; NutraIngredients-Asia.com, 1/23/24)

Denmark-based  Arla Foods  is in discussions to purchase the Semper facility, a factory in Sweden owned by Switzerland’s Hero Group that is set to be closed due to changing market conditions. Arla already owns a cheese and spreadable butter factory next to the Semper site and is interested in buying the land as well as the factory buildings and parts of the equipment. … The  Kansas Dairy Ingredients  (KDI) plant in Hugoton closed unexpectedly last week, just two and a half years after KDI invested more than US$40 million to expand the plant, which employed more than 100 people and produced cheese and butter.  (Company reports; 12News, 1/22/24; Dairy Business Africa, 1/25/24)

Following news of the acquisition of Food Union Europe by a private equity firm, Andrey Beskhmelnitsky, CEO of the Latvian frozen dairy treats provider, spoke with DairyReporter about the accompanying spinoff of the group’s Chinese business. In the interview, Beskhmelnitsky said Food Union China , which will become an independent entity, will focus on pursuing B2B growth and developing its protein-enriched products in China as it splits from the wider group.  Click here to read more about Food Union China and its upcoming strategic initiatives and priorities.   (DairyReporter, 2/5/24)

Australian dairy producers  Margaret River Dairy Co.  and  Mundella Foods  returned to local ownership when they were reportedly bought by Australian dairy company  The Cheeky Cow . The two dairy companies were shut down by their Chinese owner  Bright Foods Group  when Bright said it could not find a buyer last year. Cheeky Cow plans to move its operations to the newly acquired Margaret River Dairy facility after making renovations to the site. ( Augusta Margaret River Times, 2/5/24)

Irish dairy cooperative  Ornua  named Lindsay Brady as president of Ornua Foods North America. According to the company, Brady, whose most recent role was as general manager at Conagra Brands , will be responsible for “driving ambitious growth plans” for its Kerrygold butter brand in the U.S. and Latin America. … Denmark-based bioproduction company  21st.BIO  announced it is now granting access to its precision fermentation technology platform to food and ingredient manufacturers. The move follows 21st.BIO's successful scaling of the beta-lactoglobulin protein. … Saudi Arabia-based food manufacturer, seller and distributor  Saudia Dairy and Foodstuff Co.   (SADAFCO) opened a new sales depot in Makkah. The 86,000-sq.-ft. warehouse, which includes a solar energy system, was established to save costs and improve the supply chain and services to cities in the region. … Belgium-based dairy cooperative  Milcobel  said the company and its CEO Nils van Dam have “parted ways.” A company statement cited “a clear difference in vision between Board of Directors and CEO” for the split and said a management team has been assembled by the Board of Directors to handle day-to-day management until a new CEO is hired.  (Company reports; Arab News, 1/20/24)

New Zealand-based dairy cooperative Fonterra said it is increasing production of cream cheese at its Darfield site to meet growing demand from China. Plant officials said the company plans to export around 20,000 MT of cream cheese to China this season—an increase prompted in part by last week’s Chinese New Year celebrations, as cream cheese is commonly found in Chinese pastries, tea macchiatos, cheese lollipops and cheesecakes.  (Radio New Zealand, 2/12/24)

Citing the need for “efficient and productive operations” in the current global landscape,  Nestlé  announced plans to close its dairy plant in Matagalpa, Nicaragua. The plant focuses primarily on producing dairy products under the Switzerland-based company’s Prolacsa brand, which officials say will move its operations to other facilities in Latin America. … Irish dairy cooperative  Ornua  named Conor Galvin as its new CEO. Galvin, who is currently CEO of Ireland-based coop Dairygold , will assume the new role in May. … France-based  Danone  inaugurated a new beverage production facility that was recently converted from dairy to plant-based. The site, which took two years to transform and features two production lines, was converted to anticipate consumer demand and is now home to Danone France’s only oat-flour-to-oat-juice production facility. … Israel-based animal-free dairy company  Remilk  received Health Canada's “Letter of No Objection,” which allows the startup to sell its animal-free beta-lactoglobulin protein in Canada. The company’s products, which incorporate proteins produced via precision fermentation, have also received approval from the U.S., Singapore and Israel.  (Company reports; Dairy News Global, 2/12/24)

New Zealand dairy cooperative Fonterra announced it will merge its Fonterra Brands New Zealand and Fonterra Australia business units. The new, single entity will be known as Fonterra Oceania and will be led by René Dedoncker, who has been Fonterra Australia’s managing director since 2017. Fonterra CEO Miles Hurrell said the merger is part of an effort to bolster the co-op’s competitive position in the trans-Tasman dairy market.  (FoodBev.com, 2/21/24; Dairy News Global, 2/19/24)

In its 2023 annual results, Denmark-based Arla Foods said a cautious first-half consumer market gave way to growth for its brands in the second half of the year. The farmer-owned cooperative reported 2023 revenues of €13.7 billion (about US$14.75 billion)—down only slightly from the previous year’s total of €13.8 billion. Net profit was €380m (about US$410 million). In its 2024 outlook, the company said it expects second-half 2023 growth momentum to continue in the first half of this year, resulting in an expected “return to branded volume driven growth for 2024 as a whole of 1%-3%,” despite more market and growth outlook uncertainty in the second half of the year.  (Company report, 2/20/24)

Finnish dairy company Valio announced the launch of a new research, development and innovation project designed to “create a Finnish nature-smart food system in which growth, profitability and added value are built on the basis of sustainable production.” The five-year, €100 million (about US$108 million) initiative, known as “Food 2.0,” is set to start this year and aims to increase exports connected to the food system by more than €1 billion (about US$1.1 billion) once completed. The project will receive about €30 million (about US$32 million) in funding from Business Finland , a government organization that provides innovation funding and trade, travel and investment promotion.  (Company reports)

Scotland-based dairy cooperative  First Milk  completed its acquisition of  Blackmore Vale Dairy , a UK-based manufacturer of chilled dairy products. … German ingredients giant  Döhler  entered a manufacturing partnership with Delaware-based fermentation company  Superbrewed Food  to help the startup scale production of its Postbiotic Protein ingredient. The companies claim the ingredient performs well in dairy and alternative dairy applications. Superbrewed and France-based cheesemaker  Bel Group  are reportedly making progress on their 2022 strategic collaboration to develop lines of cheese products that incorporate Postbiotic Protein.  (Company reports)

Yili Group’s  new ice cream factory in Huanggang City, Hubei Province, started production. The new facility, Yili’s fourth in the province, mainly produces high-end ice cream and frozen dairy products, with a capacity of 100,000 MT per year. The company estimates the plant will drive US$277.84 million in revenue annually. … To mark the Lunar New Year,  Starbucks  released a new pork-flavored latte in China called the “Abundant Year Savory Latte.” The drink, which features pork-flavored sauce with espresso and steamed milk and is garnished with a slice of pork on a skewer, is available at Starbucks Reserve stores across China. … In its recently released five-year outlook, Toronto-based  Restaurant Brands International  (RBI) said it is confident in the long-term global growth outlook for its Tim Hortons, Burger King, Popeyes and Firehouse Subs operations. Company officials said RBI is envisioning opening at least 7,000 new restaurants in international markets over the five-year outlook period. … To meet growing consumer demand and create consistency with other company products,  Arla Foods  relaunched its plant-based JÖRĐ brand as Arla JÖRĐ. The relaunch, which debuted in Sweden last week, includes updating the package design to feature the Arla brand and an enhanced formula that includes vitamins D and B9 as well as fiber.  (USDEC China office; Company reports; Vegconomist, 2/16/2024; CNN, 2/20/24)

France’s Danone plans to sell its Russian business to a member of its government-installed management team for 17.7 billion rubles (about US$192 million). The move comes after Danone’s local operations were seized by the Russian government last July in retaliation against foreign sanctions imposed in response to its 2022 invasion of Ukraine. Danone initially said it would stay in the region after the war began but decided to seek a buyer after seeing financial performance decline. The deal, which is reportedly priced at 56% less than market value, must be approved by Russia’s Ministry of Agriculture and a special subcommittee that rules on the exits of Western companies.  (Reuters, 2/21/24; Financial Times, 2/21/24)

Persistently high inflation interfered with sales at many major global dairy processors in 2023, as companies noted in their most recent financial performance results.

• China driving results for a2 Milk Co.  New Zealand-based infant formula company a2 Milk Co. reported that revenue was up 3.7% and net profit after tax was up 15.6% in its 2024 half-year results. The company’s report cites strong performance in the Chinese market, which accounts for roughly 80% of its branded sales, for the gains. Despite fewer births and higher costs associated with meeting China’s new national standards for infant formulas, a2 posted total IMF sales growth of 1.5% and launched a new China-labeled IMF product. However, while announcing improved revenue guidance, the company also warned that “China IMF market conditions remain challenging with a double-digit decline in market value still expected in FY24.”
• Dairy Ireland weighs on Kerry Group results.  Kerry Group 2023 revenues fell by 8.6% to €8.020 billion (about US$8.7 billion) while profit after tax increased to €728.1m (about US$787.4 million). Part of the revenue drop was attributed to falling sales and volumes in the Dairy Ireland unit. Revenue and overall EBITDA in Dairy Ireland dropped due to constrained supply conditions as well as elevated input costs impacting market demand dynamics. Chief executive Edmond Scanlon said the company would continue to “selectively invest” in the dairy business. It sees emerging markets, sustainable nutrition and foodservice as its key business differentiators.
• “Difficult year” for FrieslandCampina . Netherlands-based FrieslandCampina’s revenue dropped by 7.1% in 2023 to €13 billion (about US$14 billion), a decrease the company attributed to unfavorable currency translation effects, the sale of part of its German consumer activities and declining volumes in consumer markets due to high inflation. The co-op’s operating profit tumbled 84.1% last year to €75 million, a drop linked to discrepancies between the guaranteed price of member milk and dairy commodity market prices. CEO Jan Derck van Karnebeek said, “2023 was a difficult year for FrieslandCampina,” and the company is not providing a supplementary cash payment to its member dairy farmers. FrieslandCampina expects worldwide demand for dairy to grow slightly in 2024, but said ongoing conflicts and geopolitical instability in various parts of the world will likely increase costs for raw materials, packaging materials and transportation.
• Strong results for Danone.  France-based Danone reported that revenues rose 7% in 2023 to €27.6 million (about US$30 million), a jump attributed to a 7.4% increase in prices. The essential dairy and plant-based protein (EDP) business was credited as a key driver of Danone's success, delivering positive results with volume/mix returning to positive territory. China, North Asia and Oceania also experienced competitive growth. CEO Antoine de Saint-Affrique said 2023 was a year of consistent progress and strong delivery against the company’s Renew Danone agenda. “In a context which remains challenging, the progressive improvement of our volume-mix, turning positive in Q4, the visible progress made by EDP Europe, and the continued strong momentum of our Medical Nutrition activity are encouraging signs, even if lots remains to be done,” he said. This year, the company expects inflation to ease and like-for-like sales growth in the 3% to 5% range.
• Dairy and Infant Nutrition grow for Nestlé . In the Swiss food and beverage giant’s full-year 2023 results, total reported sales decreased 1.5% to CHF93 billion (about US$106 billion), a drop the company attributed to foreign exchange fluctuations and net divestitures. Two of the brighter spots were in Infant Nutrition and dairy. Infant nutrition posted high single-digit growth, based on continued momentum for premium infant formula, including human milk oligosaccharides products and specialty formulas. Dairy reported mid-single-digit growth, led by fortified milks, coffee creamers and home-baking products. Dairy sales in Latin America were solid, with high single-digit growth supported by dairy culinary solutions and fortified milks. Infant Nutrition saw high single-digit growth in Latin America and positive growth in Greater China. Sales of healthy aging products grew at a double-digit rate in China, supported by the launch of the company’s N3 milk. CEO Mark Schneider cited increased marketing and other investments for the company’s growth in the face of unprecedented inflation that impacted consumer demand for food and beverage products. Nestlé expects organic sales growth of around 4% in 2024 and a moderate increase in operating profit margin.  (Company reports)

Fraser & Neave Holdings , the Malaysian unit of Singapore-based Fraser and Neave Ltd., announced plans to lease a 350,000-sq.-ft. industrial land parcel in Cambodia for a new dairy manufacturing facility. A new subsidiary, Fraser & Neave Foods (Cambodia ), will operate the facility, which will produce sweetened beverage creamer in cans and pouches. According to a company report, the 50-year lease aims to help strengthen the company’s presence in Cambodia. The facility, which is expected to cost US$38 million to develop, is slated to open in early 2026.  (Company reports)

Denmark-based Arla Foods announced that in 2025 it will close its Tistrupt dairy factory and transfer “the majority” of its cheese production to its facility in Taulov, about 80 kilometers away. The company said the Tistrupt facility, which will shut down in 2026, would require “significant investments” to meet future safety, health and quality standards.  (Just Food, 2/22/24)

Australia-based  Bega Cheese  said it will close its Betta Milk and Pyengana Dairy plant in Burnie, Tasmania, and move production of those brands to one of its other Tasmanian facilities. A company statement cited the inability of the site to function in a commercially sustainable way, calling it “an aging facility that has a number of challenges including its safety and environmental impacts.” …  Unilever’s  Breyers brand and California-based precision fermentation supplier  Perfect Day  announced a partnership to launch a new Breyers lactose-free chocolate frozen dessert made with Perfect Day’s dairy protein from fermentation. U.K.-based Unilever is the first multinational ice cream and frozen dessert brand to offer a product with Perfect Day’s whey protein from fermentation.  (Company reports; Just Food, 2/20/24)

In its FY 2023 annual results, the Emmi Group reported revenue for FY23 up 0.3% from the previous year and adjusted net profit growth of 9.3% from 2022 (adjusted for the one-time loss on the divestment of Gläserne Molkere i and the profit from the sale of the minority interest in Ambrosi ). The company credited its positive results to its consistent focus on strategic markets and attractive niches, including chilled premium desserts in the U.S. and Italy as well as in “important growth markets such as Chile and Mexico.” In 2024, the Emmi Group expects the general economic conditions to remain challenging and subdued economic growth in many market relevant to the company. As a result, the company expects organic sales growth of 1% to 2% and a net profit margin of 5.0% to 5.5%.  (Company reports)

In a move designed to enhance the dairy cooperative’s portfolio of products and geographical reach, Ireland’s  Lakeland Dairies  completed its acquisition of Belgium-based butterfat business  De Brandt Dairy International NV . … U.K.-based  Butlers Farmhouse Cheeses  acquired  Hampshire Cheese . The deal, which will add Hampshire’s continental-style soft cheeses Tunworth and Winslade to the Butlers portfolio, reportedly makes Butlers the largest independent soft cheesemaker in the U.K.  (Company report, 3/1/24; FoodBev Media, 3/6/24)

Saizeriya , an Italian restaurant chain from Japan, invested US$30 million in its Guangzhou subsidiary to build a new plant that will produce sauce, pasta and pizza. The new facility, which is expected to begin operations in January 2026, will reportedly help reduce production costs, stabilize supply and increase capacity as Saizeriya looks to open more outlets in Guangzhou. … Irish co-op  Lakeland Diaries  received local government permission to proceed with its plans for an extension to its dairy processing facility in County Cavan. The single-story extension is part of a company effort to enhance operational efficiencies and will include storage, packaging and dispatch areas, as well as a corridor linking it to the existing facility.  (USDEC China Office; Agriland, 2/27/24)

Minnesota-based Midwest Dairy , which represents more than 4,000 dairy farmers in 10 states, named Corey Scott as its new CEO. She will replace Molly Pelzer, who announced her retirement last fall. Scott has more than 15 years of food and agriculture experience, including serving as vice president of sales and marketing for Athian and holding several leadership positions with Land O’Lakes and its sustainability division, Truterra LLC . In 2023, Scott was selected as one of GreenBiz’s 12 Women Cultivating Sustainable Food Systems and earned a U.S. Dairy Sustainability Award for her work in reducing dairy’s overall environmental footprint. Scott began her tenure at Midwest Dairy on March 13.  (Company reports)

Nestlé is selling a manufacturing plant and distribution center in Cayambe, Ecuador, to Peru-based Grupo Gloria . In addition to the facilities, the deal includes the brands La Vaquita, Yogu Yogu, Natura, Cereavena and Huesitos and the licensing of international brands La Lechera and Svelty. Grupo Gloria, which purchased Fonterra Co-operative Group’s Chilean dairy assets in 2022, said the Nestlé purchase further strengthens in Latin American portfolio. Nestlé said it would still do business in Ecuador in several food sectors, including infant formula and culinary products.  (Just Drinks, 3/11/24)

Nestlé announced it achieved a net reduction of 13.5% of its greenhouse gas (GHG) emissions in 2023, including a reduction of more than 15.3% in methane emissions. A significant portion of those reductions came from efforts in the dairy sector: The Swiss food company said more than two-thirds of its GHG emissions come from sourcing its ingredients and identified dairy as the single largest source of emissions. To reduce emissions on farms, Nestlé said it is helping its suppliers and the farmers it sources from transition to locally relevant regenerative agriculture practices based on five key pillars of action: diverse cropping systems and livestock integration, biodiversity, collective and landscape actions, soil health, and water security and quality. The company said it is on track to reach its goal of a 20% absolute reduction of GHG emissions by 2025. (Company reports)

Savencia Fromage & Dairy Group  reported a sales increase of 3.7% to €6.8 billion in 2023, despite a 3.7% dip in the fourth quarter. The French dairy group attributed the boost to organic growth of 11.6% and a structural effect of 2.1% related to the consolidation of Williner's activities from April 2023. Operating income decreased to €212.9 million, a 9.1% drop from 2022. The company cited higher raw materials and energies costs and lower industrial product prices for the drop. Looking forward, the company said it expects geopolitical and economic tensions will lead to a slowdown in the growth of world economies, and that constrained purchasing power will continue to impact consumption patterns.

Australian dairy processor  Beston Global Food Co.  saw first-half 2024 earnings fall short of expectations, with a reported a loss after tax of AU$18.8 million (about US$12.4 million) in H1 FY23. Year-over-year net sales from continuing operations fell 4.2% for the same period. The company said the low numbers were due to the extremely favorable weather conditions on its contracted supplier dairy farms, which lifted milk intake 7 million liters above its forecast, significantly raising inventories and placing pressure on working capital. Beston said it plans to sell inventories built in H1 FY24 and expects cashflows to return closer to budget when milk supply normalizes and inventory levels are reduced.  (Company reports)

Ornua Ingredients  is shutting down its processed cheese plant in Slippery Rock, Pennsylvania. The company cited the unforeseen cancellation of a manufacturing agreement with its sole customer. The plant is expected to close by the end of April. … A year after taking over the majority of the German dairy products business of Dutch dairy company  FrieslandCampina , German dairy company  Theo Müller  said it will shut down its Heilbronn and Schefflenz Landliebe production sites by the summer of 2026. Müller attributed the closures to cost pressures, investment requirements and a challenging market situation. It plans to transfer production from the locations, including Landliebe-branded yogurts and desserts, to other sites in Germany. … Arkansas-based retail giant  Walmart  is building a milk processing facility in Robinson, Texas. The company said products from the new facility (its third plant) will serve more than 750 Walmart stores and Sam’s Clubs throughout the South, and it will enable Walmart “to meet the growing demand from customers for high-quality milk while providing transparency about where its products are sourced and making the supply chain more resilient.” …  National New Markets Fund LLC , an affiliate of Los Angeles-based SDS Capital Group, has invested $17.5 million of its New Markets Tax Credit allocation into Minnesota-based farm co-op  Bongards Creameries . The capital infusion will fund projects to increase Bongards’ milk intake capacity by almost one-third, from 4.1 million pounds to 5.4 million pounds per day.  (Company reports; WKBN, 3/6/24)

Denmark-based dairy cooperative Arla Foods announced it will invest €210m (about US$228 million) to bolster mozzarella cheese production at its Taw Valley site in the UK. The investment, which the company says marks Arla’s largest-ever investment in Great Britain, will enable the company to advance technologies and better meet the demands of customers who are seeking particular browning, melting or stretching characteristics. Arla said the majority of the mozzarella produced at the Taw Valley site will be exported to global foodservice customers. Construction is expected to be complete in 2026, with shipping commencing the following year.  (Company reports)

On the heels of Nestlé’s announcement that it achieved a net reduction of 13.5% of its greenhouse gas (GHG) emissions in 2023, Synlait Milk said it is partnering with the global food giant to help fund new emission reductions tools for its farmer suppliers. The New Zealand-based dairy processor said the partnership will focus on on-farm solutions to improve efficiency, including effluent management systems, emissions-friendly feed options, advanced soil testing, alternative fertilizers and tree planting. Financial terms of the deal were not disclosed.  (Company reports)

As part of an effort to accelerate its “Growth Action Plan,” Unilever announced it will spin off its ice cream business and launch a cost-cutting productivity plan that could result in the elimination of roughly 7,500 jobs globally. A company statement said because the ice cream business’ operating model is very different from its other categories, the separation will enable Unilever to focus better on the more “complementary” segments of nutrition, beauty and wellbeing, personal care and home care. A demerger is the most likely separation route for the ice cream business, though the company said other options will be considered. It expects to complete the separation by the end of 2025. Unilever said the productivity program will help the company create a simpler, more focused and higher-performing business model through technology-led interventions, process standardization and operational centers of excellence. It is expected to deliver cost savings of around €800 million (about US$871 million) over the next three years.  (Company reports)

Amid rising consumer demand,  Mother Dairy , the commercial arm of India’s National Dairy Development Board, said it will invest Rs650 crore (about US$78.4 million) to set up two new plants for processing milk, fruits and vegetables. The plants are expected to be completed in two years. The milk supplier said it will also invest another Rs100 crore (about US$12.1 million) to improve and expand capacity in its existing plants. … Lithuania-based dairy company  Vilvi Group  said it is investing €50m (about US$54.6 million) to increase cheese production at its facility in Bauska, Latvia. The company did not say what cheese varieties it planned to expand, but it manufactures gouda, edam and other regional cheese types. It expects to complete the expansion by 2027.  (The Hindu Business Line, 3/17/24; Just Food, 3/13/2024)

French cheese giant  Lactalis  bought Portuguese cheesemaker and wholesaler  Sequeira & Sequeira . The deal includes Sequeira’s plant in Lamego, Portugal, and its wholesale activities in Portugal, Mozambique and Cape Verde. The plant, Lactalis’s second in Portugal, produces a range of traditional Portuguese cheeses and fresh cheese under the Paiva label. … Indian private equity fund  Kedaara Capital  paid Rs1,200 crore (about US$144 million) for a majority stake in southern Indian ice cream maker  Dairy Classics Ice Creams  (known as  Dairy Day ). Dairy Day is in the midst of a project to expand capacity by 75%. The company supplies about 50,000 retailers in India. …  Maola Local Dairies , a subsidiary of  Maryland and Virginia Milk Producers Cooperative Association , acquired  HP Hood’s  extended shelf-life UHT dairy processing factory in Philadelphia. The plant produces coffee cream, half & half and other extended shelf-life products.  (Company reports; The Economic Times, 3/21/24; Just Food, 3/20/24)

Michigan Milk Producers Association (MMPA)  is partnering with India’s  Gujarat Co-operative Milk Marketing Federation Limited (GCMMF) —also known as Amul—to manufacture Amul-branded fluid products in the United States. MMPA said the strategic partnership will enhance the co-op’s “growing and diversified product mix while utilizing our state-of-the-art technology.” The products will be sold in specialty stores throughout the Midwest and East Coast. … Local authorities approved a $120-million expansion plan for  HP Hood’s  manufacturing facility in Genesee County, New York. The project, originally announced in mid-2023, expands the company’s refrigerated warehouse and includes new processing capacity for extended shelf-life drinks. The estimated completion date is the first quarter of 2025.  (Company reports; The Buffalo News, 3/7/24)

Qatar-based vertically integrated dairy firm Baladna and the Algerian government are reportedly set to sign a deal to bolster domestic Algerian milk powder capacity by 200,000 MT annually. Media reports indicate Baladna would build a farm 250,000-acre dairy farm in Adrar, Algeria, but details on construction of a facility to process the milk remain unknown at press time.  (USDEC Middle East/North Africa office; Doha News, 4/3/24)

While Chinese milk production growth continued to steam ahead in 2023, farmgate prices dropped precipitously (continuing a downward trend from record highs that began in late 2021). The latest numbers show Chinese raw milk below the cost of production, with anecdotal reports of farms culling herds, a situation that could presage a milk production slowdown ahead. Those market dynamics show in the latest corporate reports of two of the country’s major milk producers.

• Modern Farming Group  increased YOY raw milk sales by over 9% in 2023 to 2.55 million MT. The company’s revenue grew 9.5% to US$1.86 billion. However, net profit decreased by 68% YOY to US$26 million. Modern Farming blamed the decrease on lower raw milk and beef prices.
• China Shengmu  saw 2023 revenue grow by 5.5% to US$486 million. Net profit, however, plummeted by 79% YOY to less than US$12 million.  (USDEC staff; China office)

A growing consumer focus on maintaining personal health and an increasing awareness of the health benefits of certain foods are driving new dairy product innovation designed to improve factors ranging from gut health and sleep to energy and focus. A few recent examples include:

• Nestlé China  launched a new milk powder for adults designed to support sleep quality. The powder is called Yiyang Wanning and is targeted at consumers aged 40-60. It contains tryptophan sourced from WPC, mulberry leaf extract, magnesium, zinc and protein, in a proprietary blend that the company says has shown to reduce the time to fall asleep by 15% in clinical studies. Nestlé officials linked the product launch to the Chinese government’s Healthy China 2030 initiative, a priority of which is to improve sleep quality and duration among Chinese adults.
• In Japan,  Meiji  introduced a new functional milk beverage that the company claims supports eye health and improves sleep quality. Meiji Eye and Sleep W Support contains crocetin, a carotenoid derived from gardenia fruit and saffron, that Meiji says is easily absorbed by the body and has been reported to alleviate the eye’s declining ability to focus due to excessive computer work, as well as improve sleep depth and relieve sleepiness upon waking. The company is targeting young to middle-aged Japanese consumers based on research that shows an increasing number of this age group say they are experiencing fatigue, sluggishness and eye strain. It is currently available via Meiji’s home delivery service.
• Japan’s  Morinaga Milk  plans to roll out several new Foods with Function Claims (FFC) targeting major health concerns of local consumers. The lineup include Bifidus Yogurt Bone Density Countermeasure, a dairy beverage that Morinaga bills as good for both bone and gut health.
• And in response to the expectations of Chinese consumers to move beyond fortification and offer products that include clean labels and high protein content,  Yili Group  launched Changqing premium protein artisan yogurt. The company says the yogurt has 1.6 times the protein of regular yogurts but is made using a natural fermentation process that eliminates the need for adding protein powders or other supplemental ingredients. Yili expects demand for clean labels to increase among Chinese consumers in the coming year.  (Dairy Reporter, 3/21/24; Food Navigator Asia, 3/19/24, 3/13/24; Nutra Ingredients-Asia, 3/19/24)

As part of Synlait Milk Ltd.’s ongoing struggles, the company missed a NZ$130m (about US$77 million) debt repayment deadline on March 28. The company, which sought a letter of support from its largest shareholder ( China’s Bright Dairy ) was granted a repayment extension until July 15. Synlait’s half-year 2024 report signaled additional challenges ahead. While revenues increased 3%, the company reported a net loss of NZ$96 million (about US$57 million) for the six months ended Jan. 31, 2024. It received a letter of support from Bright that included a commitment to participate in a future equity raise and to extend a loan at the request of Synlait (subject to approval). But it lowered its guidance. Synlait’s previously announced guidance stated that EBITDA performance was expected to be flat or down compared to FY23—it now expects the FY24 EBITDA result to be  significantly  down on FY23. The company cited softening demand and/or margins across business units; adverse foreign exchange and product mix; and increased operating expenses for the expected decline.  (Company reports; Just Food, 3/28/24)

California biotech company,  Triplebar Bio Inc.,  and Netherlands-based  FrieslandCampina Ingredients  announced they will produce lactoferrin through precision fermentation to meet increasing global demand. The collaboration is part of a multi-year, multi-country strategic partnership announced last year to develop and scale up the production of cell-based proteins using precision fermentation.  (Food Navigator USA, 3/26/24)

Oregon-based Tillamook County Creamery Association (TCCA ) President and CEO Patrick Criteser plans to step down this year. The TCCA Board of Directors selected David Booth, TCCA's current executive vice president of brand growth and commercialization, to succeed Criteser at the farmer-owned cooperative. TCCA said the move aligns with its long-standing succession plan. Criteser, who has led Tillamook since 2012, will remain CEO until later this year, while Booth immediately assumes the role of president. Upon Criteser's departure, Booth will move into the role of president and CEO. Booth joined TCCA in 2015 and has nearly 30 years of executive experience, including 18 years at ConAgra Foods.  (Company reports)

Milk product manufacturer Canada Royal Milk received regulatory approval from the Canadian Food Inspection Agency (CFIA) and Health Canada to begin producing infant formula in its Kingston, Ontario, facility. A statement from the company, which was set up by China’s Feihe Milk in 2019, said the first batch of infant formula is expected to be available throughout the Canadian marketplace this summer.  (Company reports)

Lactalis  is consolidating its Australian yogurt and desserts operations by closing its plant in Echuca, Victoria, Australia, and moving production to its facility in Bendigo, Victoria. The company also said it would invest A$85 million (about US$56 million) in its supply chain in the state of Victoria over the next three years. ... As part of the sale of its Russian operations in response to the government takeover of assets in the country, French food giant  Danone  initiated the dissolution of DanoneBel, its last subsidiary in Belarus.  (Just Food, 4/10/24; Kyiv Independent, 4/5/24)

Beth Ford, CEO of USDEC member Land O’Lakes , was named to Time’s list of the  “100 Most Influential People of 2024.”  Time cites Fords work “at the forefront of a national effort to invest in America’s rural communities, from wider broadband coverage, to helping farmers adapt to the changing climate, to stronger trade efforts and more funding for agricultural R&D.”  Click here to go directly to Ford’s entry.

In a move designed to shift resources toward high-value products, New Zealand dairy cooperative Fonterra said it will close two of its dairy processing plants in its manufacturing sites in Waikato. A Fonterra official cited aging assets and declining productivity for the closures of Waitoa PDC (specialty powders) and the site’s coal center, along with two dryers at Te Rapa. The impacted operations will close near the end of this year. Efforts are being made to redistribute affected employees at the site, and Fonterra’s specialty nutrition dryer and UHT plants at Waitoa will continue to operate. Previous reports have indicated competition for milk is heating up in the Waikato region with the arrival of Olam Food Ingredients, a Singapore-based agricultural company that has been targeting Fonterra dairy farmers for supply.  (Waikato Times, 4/11/24)

New Zealand’s Westland Milk Products reported a profit of NZ$56 million (about US$33 million) in 2023. The company attributed the record profit to strong sales of high-value dairy products like butter. Westland CEO Richard Wyeth said the company’s backing from China’s Yili Group has enabled Westland to invest in infrastructure that will maximize revenue from high-margin products, including a new lactoferrin plant at the company's Hokitika plant. That development is expected to reduce reliance on traditional high-margin revenue sources like infant formula for China (as import demand in that sector softens).Wyeth also said the company’s Hokitika butter plant has allowed the company to expand strongly by providing Westland-produced butter to Walmart stores in the U.S, and Costco stores in the U.S., Korea, Taiwan and New Zealand, with more international regions planned. He added that the company will continue to divert more milk solids into higher-value products in 2024.  (Company reports)

Laticínios Porto Alegre , the Brazilian subsidiary of  Emmi Group , will acquire a majority stake in the  Verde Campo  dairy, a Coca-Cola-owned manufacturer of dairy products, including yogurt and milk drinks made with whey protein. A statement from Emmi said the deal will allow Emmi to consolidate and improve its position in the Brazilian market while “reinforcing the value of our portfolio with a strong brand and a focus on functional premium dairy products.” … As part of its strategy to acquire businesses to grow its Better Nutrition platforms, Ireland-based nutrition firm  Glanbia  entered an agreement to acquire California-based natural and organic flavor maker  Flavor Producers  from  Aroma Holding  for an initial consideration of $300 million. The transaction is expected to close in the first half of FY 2024. Flavor Producers will operate under Glanbia Nutritionals.  (Company reports; Food Manufacture, 4/15/24)

Finland-based  Valio  said it will close two of its Finnish food and drinks manufacturing facilities and transfer those operations to its Riihimäki plant, which currently processes fresh dairy products and Valio’s Oddlygood brand of plant-based snacks. The company said that shutting the two sites would “improve production efficiency and profitability.” The closures are expected to occur no sooner than the first half of 2026. … U.S. biomass fermentation start-up  Superbrewed Food  said it has sold its Minnesota manufacturing facility and is looking for a larger site. The company, which recently formalized its manufacturing partnership with German ingredients giant  Döhler , said the scale of production of its initial commercial volumes will exceed the capacity of its existing site.  (Just Drinks, 4/9/24; FoodBev Media, 4/15/24)

Denmark-based Arla Foods Ingredients reached an agreement to acquire the whey nutrition business of UK-based dairy company Volac , which specializes in whey ingredients for sports nutrition. The acquisition includes Volac’s whey processing facility in Felinfach, Wales, which Arla says will become a “global production hub and a cornerstone of an enhanced product offering in the performance, health and food sectors.” The acquisition is expected to be completed later this year and is subject to regulatory approval. (Company reports)

In its Climate Transition Action Plan released last week, Minnesota-based General Mills said, “accelerated action to reduce methane is essential to avoiding the worst impacts of climate change.” As a result, the company said it is working to reduce methane emissions on dairy farms by 40% by 2030 through manure management, rotational grazing, feed optimization, and cow health and longevity. Other planned actions include advancing and scaling whole-farm dairy principles across supply sheds and advancing adoption of regenerative agriculture. In December of 2023, General Mills joined the newly formed Dairy Methane Action Alliance, which is led by the Environmental Defense Fund and also includes Danone, Kraft Heinz, Nestlé, Group Bel and Lactalis USA . The company said through the alliance, it commits to “transparent accounting and public disclosure of methane emissions within our dairy supply chain and to creating a comprehensive methane reduction action plan in 2024.”  (Company reports; Food Dive, 4/18/24)

In its FY 2023 annual results, French dairy giant Lactalis reported revenue grew 4.3% from the previous year to €29.5 billion (about US$31.5 billion), and consolidated net profit grew a “weak” 11% to €428 million (about US$457 million). A company statement cited inflation-driven changes in consumer purchasing behaviors—including higher demand for private label brands—for the performance. Lactalis also noted a slight increase in profit margin, an uptick credited to “organic growth and the continued strengthening of Lactalis in North America.” The group invested more than €920 million (about US$982.3 million) in 2023 to “develop new products, modernize its dairies and cheese factories in France and North America and reduce its environmental impact.”  (Company reports, Just Food, 4/19/24)

Emirates Industry for Camel Milk and Products , which is based in Dubai and operates as ‘Camelicious,’ is investing in Asian expansion, with a focus on China. The company claims demand for its camel milk in China has surpassed domestic demand in the UAE. Currently, two-thirds of Camelicious’ production of milk powder is exported to China. “We have also grown our exports to Singapore and Malaysia in recent years and are now looking to expand our footprint in markets such as Japan and South Korea,” said CEO Mutasher A. Latef Albadry. Camelicious is optimistic of 15-20% organic growth annually and is looking at franchise partners to sell its brand in the target markets.  (USDEC Middle East and North Africa offices)

Dallas-based  Daisy Brand  plans to build a new sour cream and cottage cheese dairy processing facility in Boone, Iowa. The $708 million investment will bring 255 jobs to the community. … California-based  Chipotle Mexican Grill  opened its first outlet in the Middle East this week in the largest shopping mall in Kuwait City. The location is run by Kuwait-based franchise operator Alshaya Group, which says it plans to open a restaurant in Dubai later this year and has four new locations planned for the region in 2024. … Weeks after filing for Chapter 11 bankruptcy protection in Chicago, Illinois-based  Oberweis Dairy  disclosed plans to close its North Aurora, Illinois, plant. Oberweis also said it received a bid to purchase its operating assets from the founder of Chicago-based dairy company Dutch Farms.  (Dairy Herd Management, 4/18/24; Bloomberg, 4/22/24; FoodBev Media, 4/24/24)

Darigold named Allan Huttema as its CEO. Huttema had been appointed interim CEO in December to replace Joe Coote, who left the dairy company to return to his native Australia. Huttema has been an Idaho dairy farmer and Northwest Dairy Association member-owner for more than 25 years. The board said it chose Huttema for continuity of leadership and because it believed “a strong connection between the company and its farmer-owners is important as we look to complete our Pasco project and build the on-farm capacity we will need as we begin operations there.” Prior to being named interim CEO, Huttema served as a Darigold director for nine years and chairman for the previous three. Tony Freeman, who had been vice chairman of the board, was chosen to replace Huttema as new chair.  (Company reports)

Following extensive 2023 losses, Belgium-based dairy cooperative Milcobel said it will reorganize the company to make it more flexible, efficient and resilient for the future. A statement from the company, which saw a net loss of 3.7% in 2023, cited rising costs and the turbulent dairy market for the need for flexibility, adding that the major financial impact the company incurred from the implementation of an SAP software package in its Consumer Products division revealed the need for a “different organizational structure in order to achieve greater synergies.” The reorganization plan includes integrating its dairy units to work together more efficiently in a flatter structure, and scaling back milk powder activities beginning in September of this year.  (Company reports)

Challenging global market conditions ranging from inflation to growing market competition weighed on Irish dairy companies in 2023, as is seen in their most recent financial performance results.

• In its latest annual report, Ireland’s  Lakeland Dairies  saw 2023 revenues drop €300,000 to €1.6 billion (about US$1.7 billion) and operating profits sink from €32.5 million (about US$35 million) to €14.8 million (about US$16 million), compared to the previous year. The dairy processing co-op said these results were significantly influenced by the “global dairy market collapse.” The co-op said its Food Ingredients business had been “most exposed” but that its Consumer Foods division saw “solid demand throughout the year on the domestic front and inroads being made internationally.” Looking forward, Lakeland Dairies Chairperson Niall Matthews said recent market volatility and regulatory and policy uncertainty has prompted the co-op to shift its strategic focus. “Following rapid dairy industry growth and the expansion of milk production and processing over the past decade, the industry is transitioning from a supply volume perspective into more value-added product positioning,” he said. “We are making very definite steps to move up the value-add chain to support the long-term operations of our farm families.”
• In its FY 2023 results, Irish dairy cooperative  Ornua  reported turnover dipped almost 1% from 2022, and operating profit dropped by 8%. The owner of the Kerrygold brand called the results a “strong performance” in light of “continued market pressures and evolving consumer demand and buying behavior across all key markets.” As part of its efforts to grow the brand globally, Ornua opened a new flagship butter production facility in 2023 that doubled its Kerrygold Park cream processing capacity, enabling it to produce nearly 1 million retail packs per day. Looking ahead, the company said it expects the dairy market will stabilize in the first half of the year before firming in the second half, and that global milk pricing is likely to be stable for 2024.
• Ingredient, flavor and cheese producer  Carbery Group  also reported a decline in turnover and operating profit for 2023. Group turnover for the company was down 11% from 2022, and Group EBITA dropped 22% from the previous year, results the company characterized as “resilient in an unpredictable market.” Factors cited by the Cork-based company as affecting performance included consumer cost-of-living concerns, high dairy supply from 2022, geopolitical tensions and supply chain disruptions. The company report noted the opening of the Carbery Group Asia Business and Innovation Centre in Singapore as a “significant investment in the region.”
• In its FY 2023 annual results,  Aurivo Dairy Ingredients  reported revenue down by 16.4% compared to its record year in 2022, and operating profit off by 71.4%. While the company said its Dairy Ingredients business experienced a “very tough” 2023 due to market conditions, its commercial and new product development team continues to “implement our strategic goal of broadening our product range and the customers we serve.” Examples noted in the report include growth in Central America, the Middle East and Southeast Asia, which now make up more than 40% of annual sales, and two new Aurivo powder brands that are gaining traction in global markets.
• Arrabawn  reported a 20% drop in 2023 turnover and a record operating profit that jumped 12.5% from the previous year. The co-op cited difficult weather conditions and high input costs for the revenue drop but said despite falling markets, 2023 was “one of the most successful in the history of Arrabawn.” CEO Conor Ryan said performance was aided by substantial investments made to Arrabawn’s manufacturing business, including a new entrance and milk intake area at its headquarters. Looking forward, he said the company hopes to complete upgrades to the plant this year, and that “our capacity and ability to produce a range of dairy ingredients on the Nenagh site allows us to widen our network of customers and markets.”  (Company reports)

Minneapolis-based  General Mills  is reportedly exploring the sale of its North America yogurt business, which includes its Yoplait brand. Insiders estimate the deal could potentially be worth $2 billion. … After buying a 10% stake in Lithuanian dairy business  Rokiškio Sūris  in 2017, New Zealand dairy cooperative  Fonterra  said it will sell its shares as part of a “strategic long-term review of investments.” Rokiškio Sūris, which makes butter, cheese, milk powders and whey protein, plans to buy back the shares, which are valued at €7.9 million (about US$8.5 million), this month. …  Simply Good Foods , a Denver-based developer, marketer and seller of branded nutritional foods and snacking products, announced it will purchase Only What You Need (OWYN), a leading plant-based ready-to-drink protein shake brand, for $280 million. … Chinese billionaire Xianfeng Lu and his  Moon Lake Investments  business plan to sell Australia’s largest dairy farming operation. Moon Lake purchased dairy producer  Van Diemen’s Land Co.  (VDL) in 2016, but has faced significant criticism about effluent issues, alleged animal welfare practices and farm management problems. The businessman has already sold off around half of the land (originally 47,000 acres) and more than a quarter of VDL’s estimated 19,000 dairy cows. After Fonterra cancelled a major milk supply contract with the company this February, it has reportedly culled at least another 700 head.  (Company reports; Australian Financial Review, 4/29/24; Reuters, 4/26/24; The DairyNews, 4/19/24)

As part of increasing efforts to develop products for the growing number of young, single Chinese consumers who live alone,  Pizza Hut China  reportedly launched a new product called a Pizza Burger. The burger, which includes bread made from pizza dough and topped with mozzarella and parmesan cheeses, is available in four flavors. … Saudi Arabi’s  Almunajem Foods Co.  is building a $42-million food factory to produce meat and dairy products. The company did not offer details on what types of dairy. It expects to complete construction in the first quarter of 2026.  (USDEC China Office; USDEC Middle East/North Africa office)

Chicago-based Mars Inc . announced the launch of a sustainable dairy plan as part of its efforts to cut greenhouse gas (GHG) emissions by 50% by 2030. As part of the plan, which commits $47 million over three years, Mars will work with a cohort of industry partners to implement on-farm interventions focused on areas including enteric methane reduction, efficient manure management and sustainable feed production. It includes a collaboration with Netherlands-based dairy cooperative FrieslandCampina for a program that will dedicate a group of farms to Mars' dairy supply and serve as a platform where new practices and innovations can be refined and scaled-up, with an ultimate goal of broader adoption across the entire co-op.  (Company reports)

U.K.-based dairy cooperative Dale Farm said it is investing £70 million (about US$75 million) in its Dunmanbridge, Northern Ireland, cheddar processing facility. The expansion will include enhanced technologies and equipment that the company says will boost production by 20,000 MT per year to meet growing customer demand across the UK, Europe and beyond. The expanded operations are expected to begin in February 2025.  (Company reports)

Some major Chinese dairy processors struggled amid slow growth in 2023, a year marked by a continuing low birth rate and other challenges in the sector. Even processors based in nearby markets but serving China cited difficult Chinese market conditions for their own struggles.

In Japan,  Meiji Holdings  cut its forecast profit due to impairment charges that the dairy company said it is incurring “on non-current assets related to the drinking milk and yogurt business operated by subsidiaries in China.” In a company filing with the Tokyo Stock Exchange, Meiji said, “the sales environment for the drinking milk and yogurt business in China has been significantly changed. The price competition in the market intensified, leading to a decline in our profitability.”

• Shanghai Milkground Food Tech  net profit dropped nearly 54% in 2023 while revenues fell 16% from the previous year. The company said the rising cost of raw materials resulted in a year-on-year decline in the gross profit margin of the company's cheese segment. In 2023, the cheese segment accounted for nearly 99% of the company’s total gross profit, up 3% compared to the previous year. Revenue dropped from ready-to-consume nutrition products (such as lollipop-shaped cheese) and “cooking cheese” (such as cheese slices). In the future, the company plans to diversify the consumption scenarios of cheese products. The company has seen some slight improvements in the first quarter of 2024, with down only 7% YOY and net profit up 71%.
• Mengniu Dairy’s  profits dropped 9% YOY to US$664 million in 2023, a decline the company attributed to higher tax expenditures and reduced earnings. Revenue lifted 6.5% YOY to US$13.6 billion. The company said its core fluid milk business experienced continuous growth, driven in part by market share gains made by its flagship “Milk Deluxe” product. It also noted its global expansion, including the growth of its ice cream business in Southeast Asia, where it says its Aice brand reached the top market share position in Indonesia while also entering Thailand, Vietnam, Cambodia and Laos.
• In its FY 2023 report,  China Feihe  said group revenue declined 8% and group profit dropped 33% from the previous year. The Chinese organization blamed China’s low birth rate and competitiveness in the dairy industry for the decreases. Feihe’s infant milk formula business, which comprises more than 90% of its entire business, saw revenues drop 10%. But its other dairy products, including liquid milk and adult milk powder, saw revenue climb 23%. Looking ahead, Feihe Chairman Leng Youbin believes the infant formula milk market in China will remain stable and be driven by premium products in 2024.  (USDEC China office; Company reports; Just Food, 4/9/24; Food Navigator Asia; 4/9/24 Yicai Global, 3/27/24)

Irish dairy co-operative Tirlán reported 2023 results the company characterized as “reflecting a resilient performance during an extremely challenging year for the Irish dairy, grain and wider agriculture sector.” Turnover fell 17% from the previous year, a drop the company attributed to lower commodity market prices. Profits fell 5%, with the company citing factors including inflationary pressures and its commitment to supporting farmers through a difficult year. The company said Tirlán’s dairy business continued to grow new markets, noting in particular the expansion of its Avonmore brand Professional UHT range in China and Vietnam, and entering the new markets of Malaysia, Thailand and the Philippines in Southeast Asia. Looking forward, the company said it will continue to focus on adding value to its portfolio through ongoing product innovation to grow international markets.  (Company reports)

Netherlands-based FrieslandCampina moved its UK headquarters and opened a new technology center in Malaysia as part of a push to upgrade its overseas operations. A desire to create a “more modern and dynamic” workspace ahead of expanding in the U.K. and Ireland led the company to relocate its U.K. headquarters from West Sussex to London. In Malaysia, the company’s new Technology Excellence Centre will focus on expanding global IT initiatives to impact the future operations of FrieslandCampina’s seven business groups. Operations at the center, which is located at FrieslandCampina subsidiary Dutch Lady Milk Industries, include data and analytics, cloud and platform engineering services, and IT service management.  (Food Manufacture, 4/30/24; Company reports)

As part of its efforts to strengthen its Medical Nutrition portfolio in the U.S., French dairy giant  Danone  completed the acquisition of  Functional Formularies , an Ohio-based whole foods tube feeding business. A Danone official said the deal will make the company “even better positioned to support the nutritional needs of tube-fed families and patients.”  (Company report)

New Zealand’s Fonterra Co-operative Group announced it was exploring divestment options for its global consumer business and its integrated businesses Fonterra Oceania and Fonterra Sri Lanka—operations that collectively accounted for NZ$7.2 billion (about US$4.7 billion) in revenues in 2023. “We believe we can grow further value for the co-op by focusing on being a B2B dairy nutrition provider, working closely with customers through our high-performing Ingredients and Foodservice channels,” said CEO Miles Hurrell. It would be a massive change for Fonterra that includes selling several domestic and global retail brands, such as Anchor, Mainland, Anlene, Anmum and Fernleaf. The Fonterra Oceania business also includes foodservice and ingredients segments, and Fonterra Sri Lanka sells to the foodservice sector. The business also includes 17 manufacturing sites (nine in Australia and others in New Zealand, Indonesia, Malaysia, Sri Lanka and Saudi Arabia). Together, all the operations on the chopping block accounted for 19% of Fonterra’s earnings in the first half of fiscal 2024. “A divestment of these assets would help create a simpler, higher performing co-op with our focus on our core Ingredients and Foodservice business and doing what we do best,” said Hurrell. Fonterra said it had previously received unsolicited interest in parts of the businesses. The company plans to appoint an advisor to assist with divestment options. The process should take 12-18 months and require shareholder approval. In conjunction with the announcement, Fonterra Global Markets CEO Judith Swales is stepping down effective July 31, 2024.  (Company reports)

Canada-based Saputo announced that President and CEO Lino Saputo will transition to the role of executive chair of the board later this year. The company said Carl Colizza, currently president and COO for North America, will step into the role as the new president and CEO. Colizza joined Saputo in 1998 as an engineer, and has held several senior management positions in the Dairy Division, including leading the Dairy Divisions in Canada and Argentina. He was named President and COO of North America in 2019. The transition is scheduled to take effect on Aug. 9, the day of the company’s annual general meeting.  (Company reports)

The British arm of Denmark’s Arla Foods announced plans to invest more than £300 million (about US$324 million) across five of its UK sites in 2024. The investment will update and expand Arla’s dairies in an effort to create more opportunities for British milk and cheese production. In a company statement, Arla said the investments will allow its Lockerbie Creamery to expand and grow over the coming years. In Stourton, the upgrades will expand Arla’s capabilities in ESL milk, as well as introduce a capability to supply milk in cardboard cartons. Aylesbury, which is the U.K.’s biggest fresh milk site, will get additional automated box packing capabilities, which will give customers greater flexibility with packaging formats. At Arla’s Taw Valley Creamery, the company will incorporate state-of-the-art technology and new jobs that will enable the business to export mozzarella around the world. Arla said it will explore further milk powder export opportunities related to investments at its Westbury facility.  (Company reports)

To promote sustainable development practices across the Sino-French dairy industry, China’s Mengniu Dairy Co . and France-based Bel Group signed a “Sustainable Development Cooperation Proposal.” Under the agreement, both companies will collaborate to address climate issues by sharing best sustainable development and food decarbonization practices, including low-carbon farming practices, nutritional awareness programs and the fight against food waste. Joint initiatives outlined in the agreement include research and development to promote sustainable and regenerative agriculture practices; sharing expertise and applying it to their dairy production processes to optimize carbon emission management; and exchanging solutions for sustainable dairy product packaging and adopting more sustainable packaging processes and materials. The companies also said they will collaborate on public welfare initiatives including the “Nutrition for All” campaign for children and adolescents.  (Company reports)

In response to a drop in milk volumes, Irish dairy co-operative Dairygold said it will reduce cheese production over the coming summer months. The processor said the decision was made in response to a 9% decrease in milk output this year compared to the same period in 2023, and an anticipated decline of 7% for the full year. Irish dairy farmers have been struggling with extreme wet weather in 2024, and year-over-year milk deliveries throughout the country have been down significantly since the last quarter of 2023. A company spokesman said these challenges are making it “necessary for us to adapt and redistribute our milk volumes to other areas of our operations.”  (The Dairy News, 5/21/24; Agriland, 5/20/24)

China’s Yili Industrial Group Co. reported a record-breaking operating income of 126.2 billion yuan (about US$17.6 billion) for 2023. The company said its liquid milk business posted an operating income of 85.5 billion yuan (about US$11.9 billion) and that revenue from its milk powder and dairy products increased 5% from the previous year. Yili also said its overseas business increased by 10% from the previous year, with products sold to more than 60 countries and regions, including notable growth in Southeast Asia and Africa. The company credited improvements in its global supply chain network and continuous adoption of new technologies for its performance, including the ongoing construction of the new lactoferrin factory of its Westland Dairy subsidiary and the development of a new “lactoferrin directional extraction and protection technology, which increased the lactoferrin retention rate in UHT milk from 10% to over 90%.”  (Company reports)

After announcing in January that it was assessing options for the release of its interest in its  Froneri  ice cream joint venture with  Nestlé , Paris-based private equity firm  PAI Partners  is reportedly in talks with investors to maintain its 50% stake in the business. Reports indicate the company is exploring a continuation fund to house the investment.  (Bloomberg, 5/10/24)

Mexican ice cream brand  Tropicale Foods  said it will close its Modesto, California, plant and shift production to its existing facilities in Lubbock, Texas, and Ontario, California. The closure, which will affect nearly 300 employees, is expected to occur on July 19. … Norway-based  Kavli  introduced a new dairy brand in the UK with the launch of a line of whipped cheddar spreads. The new products are currently available in Tesco stores, with plans for further rollouts later this year.  (The Dairy News, 5/21/24; The Modesto Bee,5/16/24)

Finland-based Valio is investing more than €60 million (about US$65.2 million) to enhance its cheese production plant in Lapinlahti. The investment includes adding about 22,000 square feet to its existing facilities, replacing outdated manufacturing equipment, renewing packaging operations and equipment, and adding a new power substation and back-up power. Construction on the plant, which is one of Valio’s largest, will begin this summer, with the enhanced operations to begin in spring of 2026.  (Company reports)

Fonterra Co-operative Group’s Anlene business in Indonesia launched a new adult milk powder containing habbatussauda, a black seed with many purported health benefits that is revered by Muslim consumers. The seed, which is commonly called “black seed” or “black cumin,” has been used medicinally for centuries in Southeast Asia and claims to offer health benefits ranging from heart health and weight loss to boosting memory, fighting inflammation, and treating coughs and colds. The product, called Anlene Gold 5X habbatussauda, was soft launched in more than 2,700 stores across Indonesia during the month of Ramadan, with a formal product launch to follow.  (FoodNavigator-Asia, 5/21/24)

To meet increasing global demand for medical nutrition, French dairy giant Danone invested €70 million (about US$76 million) in its Steenvoorde production facility in France. The majority of the investment (about US$65 million) will go toward producing roughly 30 recipes of the company’s oral nutritional supplement under its Nutricia specialized nutrition range. The remaining investment will be used for new infrastructure, including a biomass boiler that aims to reduce the site’s carbon footprint by 70%. The site is expected to produce nearly 20 million liters of medical nutrition products per year.  (The Manufacturer, 5/23/24)

In a move to strategically expand into adjacent segments of the dairy market. Italy-based dairy group  Sabelli  has acquired fellow Italian cheese producer  Stella Bianca  from  Mila Cooperative . The deal is expected to be completed next month. … Private equity firm  Hoffmann Family of Companies  (HF Companies) bought  Oberweis Dairy  and its assets in a bankruptcy auction. The Hoffmann bid beat an initial offer for Oberweis from the owner of dairy and egg marketer  Dutch Farms . HF Companies said it did not plan to close the Oberweis processing plant in Aurora, Illinois.  (NBC Chicago, 5/30/24; Just Food, 5/24/24)

Japan’s  Meiji  held an opening ceremony to celebrate the start-up of its new US$90-million ice cream plant in Shanghai (which began commercial production in late March). … Fonterra’s  Anchor Food Professionals  is switching distributors in China. Effective Aug. 1, the company will partner with  Maihi Ltd. , a subsidiary of Uni-China Business Group that specializes in food trading and foodservice. Anchor currently works with  Sims Trading . The new relationship is expected to further help increase penetration in the Chinese bakery sector. …  Yum China  signed a cooperation agreement with state-owned  China Supply and Trade Group  to focus on expansion in lower-tier cities. … Israel-based food tech startup  NewMoo  has developed a new technology that uses plant molecular farming to produce casein proteins that it claims can be used to create animal-free cheese alternatives.  Click here  to read more about the innovation and how it differs from current dairy-free production methods.  (USDEC China office; FoodBev Media, 5/28/24)

New Zealand dairy producer Synlait Milk continues to face difficulties as it works to overcome high costs, declining sales and unpaid debt. More than half of its 300 suppliers have reportedly notified the company that they intend to stop supplying milk after their current contracts expire. A company statement downplayed the potential exodus, saying the notices signal that the farmers “want to see Synlait’s balance sheet deleveraged, so advanced rates can be lifted further, and submitting a cessation notice provides an option, rather than a clear intention to sign with other processors.” To reduce its debt, the company is working to sell its manufacturing plants in Auckland and Pōkeno, and is also looking to sell its consumer Dairyworks business, which owns brands such as Rolling Meadow. Synlait also agreed to the terms of a NZ$130 million (about US$80) loan with its major shareholder, China’s Bright Dairy (subject to a pending shareholder vote). The company expects to draw down the full amount of the loan to meet its prepayment obligation to the company's senior lenders, which is due on July 15.  (Company reports; The Post, 6/3/24; Radio New Zealand, 6/3/24)

Dutch Lady Milk Industries Berhad (DLMI) , a subsidiary of Netherlands-based Royal FrieslandCampina (RFC), opened a new dairy plant in Malaysia that the company says will be able to double its production capacity to meet the growing demand for high-quality and nutritious dairy products in the region. Previous statements from DLMI said the new production facility “will revolutionize our supply chain processes to enable us to produce DLMI’s range of nutritional products, with the added scalable capacity to manufacture other innovative variations in the future driven by consumer trends and occasions.” The company said the plant is also designed to achieve a 30% reduction in energy and water consumption by 2030, compared to its 2022 baseline.  (Company reports, Dairy Industries, 4/20/21)

Idaho-based Suntado opened a 190,000 sq.-ft. production facility in its headquarters city of Burley  (see Global Dairy eBrief, 3/24/23) . The new plant can handle more than 450 MT of raw milk per day, processing it into shelf-stable and ESL milk as well as other fluid dairy products. The site opening comprises phase one of a three-phase project the company projects will triple future capacity.  (Food Engineering, 5/30/24)

Müller UK & Ireland , the British division of German dairy manufacturer Unternehmensgruppe Theo Müller, is acquiring West Lancashire-based Yew Tree Dairy, a maker of milk powder, fresh milk and cream. Muller plans to use Yew Tree’s powder capabilities (Yew Tree operates a drying facility in Skelmersdale, West Lancashire) to become a major producer and exporter of powdered milk products. “This acquisition will enable us to tap into global dairy consumption growth, unlock additional export opportunities and continue to drive supply chain resilience,” said Rob Hutchison, CEO at Müller Milk & Ingredients.  (Company reports)

Ireland’s  Lakeland Dairies  is asking £9.5-11 million (US$12-14 million) for its site in Banbridge, Co. Down, Northern Ireland. The co-op shuttered the butter manufacturing and powder storage facility (and two other sites) earlier this year as part of a restructuring plan announced last fall. Sweden-based dairy alternative company  Oatly  confirmed it has scrapped plans for its first UK plant-based beverage facility. The company said it is “identifying new ways to serve the UK market [by] utilizing existing facilities across Europe.” … California-based dairy processor  Clover Sonoma  named John Coletta as its new CEO effective July 1. Coletta, who has 35 years of food industry experience, succeeds retiring CEO Ken Gott.  (Company reports; BBC, 5/30/24; Agriland, 5/30/24)

Citing a decrease in milk production volumes, German dairy co-op DMK Group said it will close its Dargun site and reduce capacity at its sites in Edewecht, Hohenwestedt and Everswinkel. A company statement said optimizing its plant structure and product portfolio must include strengthening products with higher added value and reducing those with lower returns, and that the affected sites mainly produce “standard products.” The company expects to implement the measures, which affect roughly 150 employees, by spring 2025.  (Company reports)

In its results for the fourth quarter and fiscal year ended March 31, 2024, Canadian dairy processor Saputo reported revenues increased 1.7% and net earnings dropped 42.1%. Chairman, President and CEO Lino A. Saputo said the company has completed the bulk of the major capital projects under its Global Strategic Plan (GSP) and is ramping up commercial production at several of its facilities. U.S. priorities for the near-term include executing on the planned closures of the Lancaster, Wisconsin; Big Stone, South Dakota; Green Bay, Wisconsin; and South Gate, California, facilities and continuing to ramp up its new automated cut-and-wrap facility in Franklin, Wisconsin. Looking ahead globally, the company said it expects global demand for dairy products to remain moderate, alongside subdued international dairy market prices due to macroeconomic conditions. Priorities included in its GSP include driving retail volume through consumer advertising and innovation, onboarding new private label customers in Europe, and consolidating and rebalancing its business between domestic and export activities in Australia.  (Company reports)

Japanese probiotic beverage producer Yakult Honsha will open a second factory in the Philippines to meet growing demand for its Yakult probiotic milk beverage. The $34-million facility, which is located in El Salvador City, is expected to ultimately produce nearly 2.8 million bottles per day following a “facility enhancement.”  (Just Food, 6/5/24)

Three months after acquiring  Sovos Brands Inc. ,  Campbell Soup Co.  said it will sell the Noosa yogurt brand from the portfolio. At the time of the acquisition, CEO Mark Clouse said yogurt would not be “core to our strategy.”  (Global Food Industry News, 6/6/24)

Fonterra Co-operative Group  is building a new application center in Wuhan in China’s Hubei Province. It will be Fonterra’s sixth such site in China. The company expects to open it this September. …  Mona Dairy , the UK-based cheese manufacturer that launched in 2022 as a net-zero dairy that aims to pay premium prices to carbon-neutral farmers, has been placed into administration. In May, the dairy’s owners announced they were unable to secure the funding necessary to continue current operations. The dairy’s new joint administrators said they were focused on finding a solution for the business and invited any interested parties to come forward.  (USDEC China office; BBC, 6/10/24)

French companies Danone and Michelin have teamed up with North Carolina-based biotechnology startup DMC Biotechnologies and Crédit Agricole Centre France to create a biotechnology platform with the goal of accelerating the development of precision fermentation. The Biotech Open Platform plans to enable the scale-up of products and processes already tested in the laboratory. The initial investment is €16 million (about US$17 million), and by 2025 the project plans to install an initial demo-scale production line, including a fermenter and purification equipment. Additional equipment is planned for subsequent years, including a second production line. (Company reports)

In the year ended December 2023, Oceania Dairy posted a loss of NZ$19 million (about US$12 million) and saw revenue drop 14% from the previous year. The New Zealand-based dairy processor, which is owned by China’s Yili Group, said in its annual report that revenue from customers within the Yili Group was down from the previous year, while revenue from external customers and other revenue, including milk sales, increased. (eDairy News, 6/10/23)

Foodservice provider Bidcorp U.K. acquired UK-based ice cream manufacturer Northern Bloc Ice Cream . Northern Bloc currently supplies retail and foodservice customers including Booths, the National Trust and Wagamama. (Yahoo Finance, 6/17/24)

Australian Dairy Nutritionals appointed Mahi Sundaranathan as its new CEO. Sundaranathan, who replaces the recently resigned CEO Peter Skene, has more than 20 years’ experience in international markets including senior roles at the a2 Milk Co., Danone MG Australia, and Fonterra brands Australia. … Lactalis is closing its manufacturing plant in Miercurea Ciuc, Romania, and will focus on its four remaining sites in the country. (Company reports; Just Food, 6/17/24)

New Zealand’s Fonterra Co-operative Group disclosed several changes to its executive team. To help lead the co-op’s shift in strategic direction, Richard Allen, Fonterra’s president Atlantic, was appointed to the role of president, Global Markets Ingredients, and René Dedoncker, Fonterra’s managing director, Oceania, was appointed to the role of managing director, Global Markets Consumer and Foodservice. In addition, the co-op said Emma Parsons, managing director, Strategy & Optimization, was appointed to the role of CEO for Kotahi Logistics LP, a joint venture between Fonterra and Silver Fern Farms that works to ensure New Zealand maintains a sustainable and secure supply chain to remain competitive on the world stage. (Company reports)

As part of its ongoing efforts to revitalize its dairy sector, the Gombe State Government in Nigeria announced a strategic partnership with Moroccan dairy company COPAG Bladna to tap into the state’s livestock resources and foster a profitable dairy business. The announcement came during Governor Muhammadu Inuwa Yahaya’s recent visit to COPAG’s largest dairy factory in Taroudant, Agadir, Morocco, which was part of an investment mission aimed at replicating COPAG’s successful dairy model on a smaller scale in Gombe. (USDEC MENA Office; Dairy Business Africa, 6/10/24)

Trade tensions within the East African Community (EAC) between Uganda and Kenya continue, despite a recent commitment from both nations to improve relations and unlock trade barriers. Kenya is historically Uganda’s largest dairy export market, but dairy farmers in surplus producer Uganda are facing stalled growth due to trade restrictions, including a ban on permits for exports to Kenya. Last year, the Kenya Dairy Board announced a halt on milk powder imports to protect its local dairy sector. In May, Ugandan President Museveni and Kenyan President William Ruto issued a joint statement advocating for removing quotas on intra-EAC trade goods, including dairy products, but so far, the restrictive measures remain in place. (USDEC MENA Office; Dairy Business Africa, 6/18/24)

Kerry Group Ireland opened a new Cheesestrings facility in Charleville, County Cork. The Kerry Group subsidiary’s new plant, which is expected to boost production by 50%, received financial support from the Irish government’s Capital Investment Scheme for Agriculture Products. Minister for Enterprise, Trade and Employment of Ireland, Peter Burke, said the investment will help ensure that Kerry Dairy Ireland “has the world-leading processing capabilities needed to continue to grow the brand globally while directly supporting the local economy here in Charleville through the creation of jobs.” (FoodBev Media, 6/20/24)

French dairy giant Danone announced its mid-term strategy and value creation journey for the 2025-2028 period, which includes building on the fundamentals of science and innovation, operational and executional discipline, and proactive portfolio. The company said it will increase its focus on Health and Nutrition by gradually pivoting the way it addresses its categories—including Protein and Gut Health; broadening some of its business models; accelerating in Away-from-home and Medical Nutrition; and further expanding its geographic footprint. (Company reports)

Canadian dairy company Saputo completed the sale of its fresh milk processing facilities in Laverton North, Victoria and Erskine Park, New South Wales, to Australian supermarket, retail and consumer services chain Coles Group Ltd . A company statement said the transaction, which is valued at approximately CDN$95 million (about US$70 million), is part of Saputo’s overall network optimization strategy, which includes adapting its manufacturing footprint to focus on higher-value growth opportunities. The two sites will continue to process fresh milk products. (Company reports)

Germany-based dairy processor DMK agreed to acquire the remaining stake in Polish sales and distribution business Mlekoma Dairy from its venture partner, Saudi Arabia-based Saudia Dairy & Foodstuff Co. (Sadafco). A DMK spokesperson said the co-op is looking to promote its branded business in Poland and will make an effort to grow its Milram brand in the country’s foodservice and retail markets. … Spain-based Idilia Foods acquired 50% of local dairy-drinks business Cacaolat from Barcelona-based beer company Damm . The agreement, which will create the largest smoothie group in Spain, is part of a move to further accelerate growth in the dairy shake market at a national and international level. … As part of its strategy to strengthen its presence in the U.K. market, Germany-based dairy company Ehrmann acquired Cornwall, England-based Trewithen Dairy . (Company reports; Just Food, 6/26/24; Just Food, 6/24/24)

New Zealand dairy processor Miraka signed a new supply and research agreement with Chinese dairy processor Theland to supply a new range of premium “low-carbon,” A2 milk products. … Irish dairy co-operative Tirlán announced a cost reduction program that includes offering a “voluntary redundancy scheme” that may put about 150 jobs at risk. The co-op cited rising operational costs and a decline in milk supply volumes for the move. … Five western Canadian dairy co-ops are building a new C$75 million (about US$55 million) “dewatering” plant in Alberta under the name Dairy Innovation West . The plant will be able to concentrate up to 300 million liters of milk per year, reducing transportation costs to manufacturing facilities. (Company reports; Dairy Global, 6/25/24; Rural News Group, 6/25/24)

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The  U.S. Dairy Export Council   fosters collaborative industry partnerships with processors, trading companies and others to enhance global demand for U.S. dairy products and ingredients. USDEC is primarily supported by  Dairy Management Inc.   through the dairy farmer checkoff.

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Hurricane Beryl, a Category 4 Storm, Speeds Toward Jamaica

The storm devastated several Caribbean islands this week and is expected to bring dangerous storm surge to Jamaica by Wednesday afternoon.

• Share full article

By Judson Jones

Judson Jones is a meteorologist and a reporter for The Times.

Hurricane Beryl, a Category 4 storm that swept through the Caribbean this week killing at least seven people and causing destruction, will pass near or over Jamaica on Wednesday afternoon, forecasters warned. Officials on the island have urged residents to prepare for what is expected to be a dangerous and difficult day with strong winds and heavy rains that may bring life-threatening flash floods.

Beryl’s well-defined eye, the calm area typically devoid of clouds in the center of a hurricane, was filled in early Wednesday morning on weather satellite imagery, a sign that the major hurricane may continue to weaken. Forecasters still face challenges predicting how much its intensity will decrease as it churns toward the Yucatán and how much it may restrengthen as it emerges into the Gulf of Mexico this weekend.

Here are key things to know about the storm.

The storm surge accompanying Beryl is expected to raise water levels by up to nine feet along the coast of Jamaica as the storm passes over the island around Wednesday afternoon. The storm is expected to bring up to eight inches of rain across the island, with isolated amounts up to a foot. The heavy downpours may cause life-threatening flash flooding and mudslides.

Beryl will approach the Cayman Islands overnight Wednesday into Thursday morning with hurricane conditions and two to four feet of storm surge.

Beryl devastated islands in Grenada and St. Vincent and the Grenadines , killing at least four people, after making landfall earlier on Monday as a Category 4 hurricane. Another three people died in northern Venezuela, where the storm caused heavy rains and flooding.

By the weekend, the storm is expected to emerge into the Gulf of Mexico, and it is quite possible it could restrengthen into a hurricane after passing over the Yucatán Peninsula on Friday. It’s expected to make another landfall somewhere along the western Gulf of Mexico on Sunday or Monday, but how strong and the exact path it takes is still uncertain.

The Mexican government issued a hurricane watch for the peninsula’s east coast where hurricane-force winds and a three- to five-foot storm surge is possible Thursday into Friday. The government of Belize issued a tropical storm watch stretching south from the country’s border with Mexico to Belize City.

Beryl is the earliest Category 5 hurricane on record in the Atlantic Ocean, according to Philip Klotzbach , a meteorologist at Colorado State University who specializes in tropical cyclones. The previous record was set by Hurricane Emily on July 17, 2005, he said.

By early Wednesday, the hurricane had weakened slightly to winds of 145 miles per hour, having peaked on Tuesday with sustained wind speeds of 165 m.p.h., the center said. The weakening trend was likely to continue over the next couple of days. A hurricane needs wind speeds of at least 157 m.p.h. to be classified as a Category 5. A hurricane with winds of at least 111 m.p.h. is considered a major storm.

A tropical storm warning was in effect for parts of Haiti and the Dominican Republic, and a hurricane warning was in effect for Jamaica, where hurricane conditions were expected on Wednesday, the center said. The government of the Cayman Islands issued a hurricane warning on Tuesday afternoon for Grand Cayman, Little Cayman, and Cayman Brac.

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State's debt remains high but the cost of funding it is set to remain low says NTMA boss

Business Editor

Ireland's national debt remains high despite falling in recent years, the head of the agency charged with managing it has cautioned.

But Frank O’Connor, who is chief executive of the National Treasury Management Agency (NTMA) also said the average interest rate on Irish debt remains just 1.5%, despite the higher interest rate environment, and is expected to remain around this level in the coming years.

Launching its annual report for last year, the NTMA said at the end of last year the State’s general government debt had fallen to €221bn, down from the post-pandemic peak of €236bn.

At over €200bn that’s still high, Mr O’Connor added, and is still €17bn above the pre-pandemic level.

Minister for Finance, Jack Chambers, said that while as a percentage of modified gross national income, Ireland's debt is expected to fall, we do have to be careful because the debt level is high.

"That’s why as part of our wider fiscal and budgetary decision-making we are going to have to be very careful and responsible entering into the budgetary process," he said.

He added that the two funds would provide a counter-cyclical capital buffer.

"We are going to try to steer a course that is prudent in fiscal terms, but also work to continue to grow our economy and ensuring ongoing economic growth and providing infrastructure for the future enables us to lower our relative debt position in the context of GNI*," he said.

The interest bill only increased marginally last year on the 2022 level, Mr O’Connor said, despite the average yield on new bond issuances coming in at 3.2%.

While the average maturity is 18.5 years, he said.

He claimed this was all due to the NTMA’s ongoing strategy of borrowing for longer when rates were low, which had led to the smoothing and lengthening of the borrowing profile, and the locking in of debt at lower fixed rates.

Mr O’Connor said this meant refinancing needs are more limited and it would not be until 2030 and 2031 that annual maturities of debt will return to the €20bn mark.

"And even then these are much smaller than the chimneys we used to refer to in 2019 and 2020," he stated.

The profile means Ireland’s public debt has one of the longest average maturities in Europe.

Last year benchmark bonds worth a total of €7.4bn were issued, well below the annual average of €18bn from 2017 to 2021.

The NTMA also has over €27bn in cash and liquid assets at this stage of the year, reducing the need for borrowing in the coming years.

This year the NTMA has issued €5bn in benchmark bonds so far at an average yield of 2.75% and an average maturity of 12.1 years.

There is just one more bond auction planned for later this year.

Mr O’Connor said investor sentiment towards Irish debt and Ireland generally remains good, particularly since the announcement by the Government of the two new long-term savings funds which have been very well received.

"They are an important signal against the backdrop of our high nominal debt levels. They are an important signal given the growth in concentration of Ireland’s corporate tax receipts," he said.

Initial transfers into the Future Ireland Fund (FIF) and the Infrastructure, Climate and Nature Fund are expected to begin in September, with approximately €4.3bn due to go into the former and €2bn for the latter.

A subsequent transfer or 0.8% of GDP into the FIF will follow in the fourth quarter, he added, bringing the total transfers by the end of the year to over €10bn.

"Now in the initial phase the NTMA will implement a relatively low risk investment strategy for an interim period pending the development of a longer term strategy for the funds," he said.

Asked about concerns that the outcome of the French elections next week could impact the European bond market, Mr O’Connor said France’s credit spread had widened ahead of the elections.

But Ireland is trading very well, he said, and is already borrowing cheaper than France.

Meanwhile, the NTMA said the Ireland Strategic Investment Fund (ISIF) earned an investment return of 4.3% last year and overall has generated €2.3bn in accumulated returns since its inception.

It made 23 investments totalling €839m in 2023, bringing total ISIF commitments to €7.2bn across 213 investments and €11.1bn of co-investment commitments since its foundation.

The NTMA said that so far this year, ISIF has closed a further €927m in investments.

More stories on

• National Treasury Management Agency
• Frank O'Connor

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Systemic Advocacy Objectives

“The Accounts Management [telephone lines] Level of Service measure has taken on outsized importance in recent years, as the IRS has allocated resources to hit ambitious but arbitrary goals that mean less than meets the eye and that consequently have required the IRS to neglect calls to non-Accounts Management telephone lines and workstreams like paper correspondence that I believe should receive higher priority. The measure is causing the IRS to prioritize the wrong work, and it needs to be replaced.”

Review of the 2024 Filing Season

Although Filing Season 2024 was an overall success, and the IRS met the service goals set by the Secretary of the Treasury, backlogs still persist with amended returns, returns suspended as a result of a possible error, taxpayer correspondence, and Identity Theft Victim Assistance cases. After the filing season, taxpayers will continue to submit correspondence and file tens of millions of tax returns on extension. Thus, it is imperative that the IRS focus substantial resources during the rest of 2024 to catch up on its current backlog, timely process all incoming tax returns, pay out pending refunds, timely resolve Identity Theft Victim Assistance cases, and prevent carryover of unprocessed returns into 2025, while still providing taxpayer service through its toll-free lines and walk-in centers. The IRS needs to eliminate the word “backlog” from its vocabulary by modernizing the processing and scanning of paper returns, focusing on suspended and amended returns, issuing all pending refunds before the close of the year, and starting Filing Season 2025 fresh.

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