Many organisations in their quest for modernity and relevance in the real world are ditching the formal annual performance appraisal in favour of a process of continuous performance management.
Whilst some organisations still hold on to antiquated systems that do little to increase performance, others have realised that to generate higher levels of performance they must engage with their employees on a more regular basis.
What these forward thinking organisations have discovered is that by setting performance goals more frequently, they can deliver much greater returns. In fact, it is reported that organisations that set quarterly performance goals generate 31% greater returns than those that do it annually.
Good Managers know that forming a clear and shared understanding of ‘what is required’ is essential, especially in today’s fast paced workplaces, where more regular reviews help to keep people, plans and projects on track.
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