Ditching the Annual Performance Review

It is estimated that 2 million hours per year is spent on performance reviews at some fortune 500 companies. Performance reviews have been around for decades and were designed as a tool for managers and employees to review performance and justify their pay. Reviews have morphed constantly over the years in terms of structure, content and approach. Most annual employee performance reviews today do not yield the results companies want them to and occupy more time than they are worth. Instead, revolutionary organizations have designed new systems that focus on collecting data and taking action on it through better performance intelligence and improvement processes on a regular basis.
We all know from research on employee motivation that things like seeing the impact of their contribution, autonomy in their work, or being part of a work culture they love is what really matters. Given this trend, it’s no shocker that employers are moving away from historical practice. Some of the superior companies are accepting online tools to provide real-time feedback, which means employees can receive short, quick updates throughout the year. ASL’s Performance Management is the perfect solution to track employee success and productivity on a regular basis.