Some great idea here on how companies handle annual reviews of it's workers. Seems that once a company hits 50 or so employees that some formal review process becomes inevitable - what did surprise me is that very often this came at the request of employees.
The most innovative and elegant solution comes from a company called CareerFoundry. Have a read - I can see this idea catching on.
Deloitte revamped its performance management system in 2015 after discovering that it was spending nearly 2 million hours a year on its review process. Last year, Adobe calculated that its 2,000 managers were investing 80,000 hours into performance reviews. Accenture learned that 75% of its review process was devoted to talking about employees, leaving only 25% for actually talking to them. And that’s before you consider the bias issues long known to plague an already unpopular corporate ritual.