If awards were given out for the most disliked workplace ritual, I dare say the annual performance review would be up there among the front runners. It’s an ordeal that neither manager or employee ever seems to enjoy, yet they largely persist, it seems through no other reason than there are few feasible alternatives.
It’s perhaps no surprise therefore that recent data from the Institute for Corporate Productivity suggests that just 10% of companies have discontinued their annual performance appraisals in the last year.
What is equally clear from the data however is that few companies are entirely satisfied. If they were reviewing the reviews, they would score a firm ‘could do better’. The stats reveal that 66% of companies plan to tinker with their performance reviews as a priority in 2017.