Annual Performance Reviews Vs Continuous Feedback
The workplace has changed. The workforce has changed.
The annual performance reviews remain unchanged.
What Do HR Leaders Say
“45% of HR leaders think annual performance reviews are NOT an accurate appraisal of employee’s work.” - SHRM/Globoforce Survey, 2012
What Do Employees Say
36% say they rarely or never receive performance feedback (67% wished they did)
28% say they never discussed future goals and tasks with their bosses (70% wished they did)
74% feel in the dark about how managers and peers think they’re performing.
>50% reacted to an annual performance review by looking for a new job.
In fact, lack of continuous feedback and recognition is one of the main causes of lack of talent retention:
64% of employees that quit their jobs say they did it because they didn’t feel recognized for their job. - U.S. Department of Labor, Bureau of Labor Statistics.
82% of leaders said not providing appropriate feedback was the biggest problem to keep their teams together.
Deloitte reported that 58% of HR executives considered reviews an ineffective use of supervisors’ time. In a study by the advisory service CEB, the average manager reported spending about 210 hours—close to five weeks—doing appraisals each year.
- Culture of recognition
- Feedback from managers and peers
- Set better goals
Companies that set quarterly performance goals to generate 31% greater returns than those that review goals annually, and those that do it monthly get even better results. Feedback from employees is essential for setting goals that have organizational buy-in and don’t just come from the top down.
The Continuous Feedback Big Wave
“Accenture will disband the once-a-year evaluation in 2016.
It will implement a more fluid system, in which employees receive timely feedback from their managers on an ongoing basis” - In Washington Post, July 2015.
Other big companies joining the wave: Adobe | Gap | General Electric | Lilly | Goldman Sachs.
6% of Fortune 500 companies have gotten rid of rankings and once-a-year evaluations, according to management research firm CEB.
Join The Wave With Tap My Back
Tap My Back is a simple and effective tool to allow team members to share feedback.
Public recognition: give and receive badges in a public way so all team can see who’s giving a positive contribution to the team.
Peer evaluation: allow team members to evaluate their peers’ performance with a simple drag-and-drop interface and in a private way.
Create your team for free at www.tapmyback.com
"People often say that motivation doesn’t last. Well, neither does bathing - that’s why we recommend it daily". - Zig Ziglar