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.