Traditionally, performance management in most organisations is carried out as an annual exercise when managers and employees get together for reviewing the performance against the goals set for the year. This is backed up in some organisations with mid-term reviews.
However, the changing organisation landscape and the dynamic environment in which they function are the triggers for organisations to rethink their performance management system. Disruptive technologies and innovation are demanding flexibility in functioning. With millennials forming a significant part of workforce, organisations have had to rethink their tenure, compensation and career growth plan to attract and retain the right talent.