Every new year, millions of people make resolutions that they have every intent on keeping. Either they're going to go to the gym daily, or paint 100 different tableaus, or finally dust off and finish the novel they've been mumbling about since high school. Most of these end in the same way — forgotten or modified beyond comprehension by early March, annual testaments to the inefficacy of the whole resolution process.
The reasoning behind their failure is simple: evaluating your processes and implementing changes just once a year doesn't work. It's far too long of a period to be able to plan for successfully, and by the time January 1 rolls around, you don't have any momentum left at all from your previous pledges.
So why would you conduct your employee evaluations this way?
A more dynamic 360 degree feedback assessment beats the traditional annual review in just about every conceivable way. A single touchpoint once every twelve months won't provide very clear information or steps that can be acted on. Employees will have difficulty accurately describing their entire year in a one snapshot, and a road map created for the coming year is going to be difficult to follow without any sort of intermediary signposts.
Unless your only business is producing those novelty glasses that people wear on New Year's Eve, your company doesn't only work once a year. That means that feedback is going to be an essential part of your ongoing operations, and that it's critical that everybody remains on the same page at all times. A hidden bonus is that both managers and staff remain more engaged when appraisal comes more than once per year, since each has a much clearer and more useful gameplan.
In this way, every level of your company benefits from 360 feedback.