It’s hard to believe that the employee annual performance review still exist in many companies. Since the realities of today’s workforce is so different from say, 1995 it’s hard to imagine why some companies cannot align their performance reviews to the 21st century. And while many employees feel that this is nail-biting event have passed its best before date, there are probably a few supervisors with an axe to grind with their employees who look forward to this antiquated practice with some zeal.

In the meantime, there growing list of studies that support either eliminating the practice or at least changing the way in which is conducted — but the question remains, why are so many companies still holding on to a practice that’s counterproductive?

In an article by Anne Fischer, titled “Are annual performance reviews necessary?” for Forbes magazine. A couple of paragraphs from the article read in part:

“If you’ve ever been frustrated, annoyed, or otherwise perturbed by annual performance reviews — whether giving them, getting them, or both — here’s something that may surprise you: Not even the HR people in charge of overseeing yearly appraisals really think they’re worth doing.

One of the many strange quirks in the current labor market is that, although unemployment is high, people who have jobs are not hesitating to ditch them for a better offer. A new study from PricewaterhouseCoopers says voluntary turnover has increased by 14% since 2010 and is still rising. The No. 1 reason people give for quitting, according to the U.S. Department of Labor: They don’t feel that their efforts are recognized or appreciated by their direct bosses.”

Bottom-line: the hope is that the few remaining companies that still hold on to their annual employee performance review concept, will one day see the light and ditch them. It should be noted that corporate cultures do not change overnight— companies, after all are run by people and its being well documented, human beings adapt to chance slowly.

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