Come on down! Let’s estimate the retail price of annual performance reviews. Whoever is the closest to the actual retail price, without going over, wins the Spice is Right cake.
Innovative companies such as McKinsey replaced annual evaluations with quarterly coaching assessments to better serve beginner and intermediate level associates as well as alleviate time-consuming and therefore expensive practices. In my experience, annual assessments are dreaded routine for management with outdated methods robbing employees of authentic feedback and organizations of improvements. While a harsh critique, an overhaul of traditional performance reviews is long overdue as well as an honest look the silent intimidation keeping an ineffectual tradition in place.