There is no denying that business practices have changed a lot over the years. Previously, it was easy to wait the whole year for projects central to a business to be completed. However, things have been really changing and this is creating issues with the reporting practices. Currently, many companies are finding it easier to create shorter and more convenient project time tables, which are also affecting the type of feedback given. The annual reports are being thrown out the window in favor of more short term reporting practices.
The CEO at Scoutahead, Raj Fernando feels that employers are moving more in favor of employees getting the random checks into their progress for a number of reasons.
- For the annual report to be created, resources like time, human resource and labor have to be invested into the process.
- The results of the annual reports tend to be restrictive because the creativity of the employees is inhibited a lot in the process. This leads to the working environment turning adversarial, especially on the people that carry out the reporting.
- The outcome of the process is usually employees feeling somewhat undervalued, especially after a year of hard work. This increases the annual turnover
The Harvard business review notes that the conventional annual reports have been abandoned altogether in favor of talent development of company staff. The companies realized that to beat their competition, they had to search among their ranks to find the person who would best fit various positions, hence the talent based search. Since businesses have moved away from annual cycles and are focusing on short term projects, the annual reports no longer make sense.
About Raj Fernando
Raj is the CEO and founder at Scoutahead. He was at the helm of Chopper trading before he created the current company. The long journey he has taken to economic success started with a job as an employee at the board of trade in Chicago. Chopper trader was started after the successful sale of the first business. His successful resume reflects his intelligence as a business leader.
For more details please visit http://www.rajfernando.com