Choosing between annual reporting and short term feedback for businesses; Raj Fernando’s take

A lot has changed in the world of business. The traditional practices that were thought to be the norm, such as annual work cycles that involve reports at an annual general meeting are being phased out by shorter periods for projects and reports that are given at the end of every project. The shorter time tables have proven effective because it does not make much sense to make an annual report when the nature of the work has become short term and project oriented.

We sought the opinion of the CEO at Scoutahead about the changing landscape in the work environment, and he stated that it is true that employers are opting more for the random checks into their worker’s progress. The reasons he gave for the change include the fact that to create the annual reports, the companies have had to use resources such as time, money and labor. Many are finding it unnecessary to keep making expenses that can be avoided altogether, thus improving the bottom line.

Another issue that has been brought out by the annual report is the fact that they are very restrictive in nature. The employees are forced to perform for deadline, or an appraisal as opposed to expressing their talent to the fullest. The working environment becomes a competition as opposed to cooperation, especially between the people who carry out the checks and the people under them. There is also the fact that when these checks are completed some employees end up feeling underappreciated and greatly undervalued.

The Harvard business review has echoed these sentiments. They have stated that research is indicating that annual reports have been ditched for talent development among the staff. The audits carried out show the people most talented for specific projects, which is more beneficial.

About Raj Fernando

Raj is founder and CEO at Scoutahead. He started, developed and sold Chopper trading before starting Scoutahead. He started off as an employee in the Chicago Trade Board and has not looked back since. He focuses on developing great businesses and selling them off when he feels that it is time to move on to other projects.

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