Only 3% of employees report that they derive any value from the traditional, annual, once-and-done performance review process–and yet companies spend inordinate amounts of time and money on the cycle ever year. In 2012, Adobe found it was spending 80,000 hours across 2,000 employees in review-related activities each year–that’s the equivalent of 40 full time employees. In spite of this investment, turnover increased and motivation decreased. Why are companies making such huge investments despite the lack of ROI? Because feedback is important. It’s how we learn and develop as employees. But the way we approaching it in corporate America is all wrong.
Fizz is an HR tech solution with a completely different approach to the performance review process: micro-interactions between a manager and her direct reports dramatically increase the time savings and transparency of assessments across an organization at any level. The data we collect through these interactions will also allow Fizz to provide companies with key insights about engagement, productivity, and risks. Our long-term goal is to automate the performance assessment process and expand its application beyond merit increases and promotions.