Nicole Hollar argues that waiting for annual reviews to give feedback is like a football team only analyzing games at season's end. Feedback should happen constantly, outside bonus conversations, so people can actually improve.
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You wanna ask for feedback outside of your annual review. Can you imagine if a football team just took their whole season and then was like, well, I guess we could have done better in that 3rd game, or with respect to this play in offense or defense or special teams or whatever? Make sure you're reviewing like a football team and asking for quality feedback occasionally. It's gonna give you an opportunity to make improvements, but also be sure to give quality feedback to people periodically outside of the bounds of it being based upon a performance. Bonus or review because that's going to give them that opportunity to know that you want to help elevate them.