Is the Annual Performance Review Dead?
If not completely gone, this old-fashioned system, universally acknowledged as painful, seems to be on its way out at many companies like Adobe, Deloitte, Gap, Accenture, and even GE to be replaced by a continuous performance management process.
The Annual Review
Once upon a time annual performance reviews served the purpose of giving the employer and the employee an opportunity to talk one-on-one and take a measure of performance. But we’ve come a long way since then and have learned more about what it takes to improve individual and team performance.
So What’s the Answer?
Many companies are adopting a peer review system to provide continuous performance management feedback. Done right, the advantages of Continuous Performance Management are many:
The key words are “done right.” Many peer review plans have not panned out and are fraught with defects.
Three Steps for Implementing Continuous Performance Management
But if you follow these three steps, you have a better chance to be among those who rave about ongoing and continuous performance management and rejoice that the annual performance review that used to plague us has been abandoned.
The Bottom Line
From our perspective, Continuous Performance Management can be at the heart of a high performance culture by creating performance clarity and by exposing where people stand.
Tl learn more about performance management trends, download Performance Management Best Practices – 5 Factors
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