How are you managing your talent?

In recent times, performance appraisal has been a subject of intense ideological debates. Performance appraisals have traditionally served as a mechanism to basically assess an individual’s performance in the previous year to reward employees in terms of compensation and career progression in the coming year. On one hand, organizations, at least the reasonably larger ones, need some systematic and transparent way to deal with employee’s performance evaluation. On the other hand, with more part-time and virtual employees entering the workforce on a very mission-based engagement as opposed to building a long-term career, the whole idea of formal performance management systems seems to be rather backdated. So, what’s the real deal?