Annual Performance Reviews Vs Continuous Feedback Infographic

Annual Performance Reviews Vs Continuous Feedback

Problem

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.

Annual Review

• Inaccurate
• Discouraging
• Boring
• Costly

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.

Continuous Feedback

• Real-time
• 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

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