Why the Annual Performance Review is Going Extinct
Employees don’t need annual performance reviews to know how they stack up against their peers. This summer, GE announced it was abolishing its "rank and yank" system, which assigns employees a performance score relative to their peers and results in the lowest percentile getting fired. Other companies are rethinking their practices, too. Accenture’s 330,000 employees are undergoing what CEO Pierre Nanterme has called a "massive revolution" in which timely, personalized employee feedback is replacing annual evaluations and rankings. Whether you agree or disagree with UCLA researcher Samuel Culbert’s assessment that performance reviews are "a curse on corporate America," it's nonetheless clear that they're falling out of favor. Learn more.