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Recently, IBM joined the ranks of dozens of other global companies including General Electric, Microsoft, Accenture, and Deloitte, who are replacing the annual performance review procedures they’ve had in place for decades with new performance management methods.

The traditional annual performance review process that global companies like GE and IBM have had in place for years were originally designed to help companies increase performance and revenue. However, new research shows that this widespread process demands more than 200 hours a year of managers’ time, but results in little or no correlation with actual business results.

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