Monday, October 28, 2002
Tuesday, February 27, 2001
360 Degree Feedback
The 360-degree performance review is also known in HR circles as "multi-rater", "multi-source" or "simultaneous assessment." The rating process is well past being another trend with more than 90 percent of Fortune 1000 companies using "multi-source assessment" for at least developmental feedback. (Source: International Personnel Management Association.)
The widespread saturation is due to 360's wide acceptance by employees who receive 360-degree reviews. The reviews are perceived by the employees as extremely fair. And, also to a direct positive impact on Fortune 1000 companies' bottom lines. Companies who institute a competency based assessment and development system see ROI (return on investment) as high as 700 percent. (Source: The Economic Value of Competencies: Measuring ROI, by Lyle Spencer and Charles Morrow)
Originally, 360-degree feedback was a time-consuming paper-based process. With the technological advancements of the patented web-based system MindSolve Visual Performance (MVP), assessment time is reduced up to 80 percent over traditional paper-based systems. And reduced up to 66 percent over other computer-based systems. The percentage of paper (read trees) saved by using MindSolve Visual Performance (MVP)instead of paper-based 360 is either 80 or 99.9 percent, this depends on whether the client company elects to receive final reports on paper or electronically.
Additional 360 degree feedback information.
Friday, February 23, 2001
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