I’m a big proponent of doing 360 degree performance reviews every quarter. Many companies do them annually or twice a year. I feel that is too infrequent and that you spend most of your time talking about the most recent quarter, at best. Another benefit of doing it quarterly is that compensation discussions aren’t tied to every review. This makes it less stressful and more useful.
We follow the advice of Patrick Lencioni and only have four simple questions on our quarterly performance reviews:
- What did you accomplish?
- What are you going to do next?
- How can you improve?
- How are you following the values?
Every employee answers these question for themselves as well as their direct reports and manager. It is an invaluable tool and I highly recommend it.