Formal, once-a-year performance reviews are still commonplace and the norm in offices up and down the country. They are often anxiety-inducing affairs that don’t end up being as bad as employees fear they could be.
Nevertheless, new research from TriNet has found that performance reviews negatively impact productivity, morale and talent retention. Companies such as Accenture, Adobe and Gap have already acted to eliminate the traditional review and the process is increasingly coming under evaluation in other leading companies too.
The survey found that 62 percent of millennials felt ‘blindsided’ by a performance review and 74 percent of those surveyed felt ‘in the dark’ about how their managers and peers think they’re performing at work. Nearly half of the employees surveyed felt that performance reviews made them feel like they couldn’t do anything right.
Many millennials surveyed felt that a more regular and continuing conversation with mangers is what is required. 69 percent of millennials said that they viewed their company’s review process as flawed, having no choice but to depend on it for their professional growth and development.
Nine out of ten (a whopping 85 percent) of millennial employees concluded that they would feel more confident in their current position if they could have more frequent performance conversations with their manager.