Companies are changing HR practices to increase the effectiveness and frequency of performance reviews
The majority of employees have a performance interviews once a year or less.
“10% of Fortune 500 companies have done away with annual rating”
Source: The Washington Post
“Only 8% of companies report that their performance management processes drives high levels of value, while 58% said it is not on effective use of time”
“At least 30% of the performance reviews result in decreosed employee performance”
Source: The Psychological Bulletin
How did these companies do it?
Frequent dialogues between managers and their employees
Providing experiences parallel to social media
Focused on spending less time & lower costs
Gathering high quality performance data