The big corporations realized that businesses no longer run on annual cycles. Organizations need to be more agile and their younger workforce craves development opportunities.
- An estimated 70% of multinational companies are moving away from annual reviews. (It’s already happening)
- The advisory service CEB found that the average manager spent about 210 hours–five weeks–each year conducting reviews. (That’s a lot of time and money)
- Frequent, informal check-ins have led to greater employee satisfaction at Deloitte. (Happiness means more productivity and a better culture)
- A new review system has reduced dismissals at Adobe. (Turnover is a huge expense, you can help avoid it)
- Feedback delivered immediately, “...allows subordinates to process and apply the advice more effectively.” (Employees can learn faster)
- Younger workers are, “...deeply motivated by the potential for learning and advancement.” (Help to keep your workforce motivated)
Harvard Business Review ,