Ryan Smith, CEO of Qualtrics
When it comes to keeping track of employees, the annual performance review just doesn't cut it.
That's why Ryan Smith, CEO of research company Qualtrics, says his team built a 360-platform for conducting reviews. Basically, it's a system that lets employers create and conduct reviews any time. It also allows coworkers to offer feedback.
Smith says these 360-reviews take the burden off the manager while helping workers get more comprehensive job assessments. "Giving performance review feedback with only a manager's perspective is like trying to play football with only a quarterback," he explains.
Common gripes with annual performance reviews are that they focus too much on metrics, are far too infrequent, and are distrusted by employees. By using a 360-degree system, many of those issues are eliminated. The reviews can look at both metrics and intangibles, take place more often, and solicit input from all members of the company, which increases their legitimacy with employees.
"Multi-rater feedback helps managers get a well-rounded view of an employee, including strengths and innovations, that a manager might not know even exist," Smith says.
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