a year is a long time to wait

Goldman Sachs among others is changing the way it gives performance ratings - shifting to more frequent feedback rather than just a number according to the WSJ here.

I liked this observation generally about the annual performance eval:

Ranking a year of employee performance on a numerical scale can be tough on all workers, and particularly young ones, who are hungry for more-constant feedback from bosses, surveys show. More firms are eliminating numerical ratings for workers as bosses realize “the person receiving the rating is now stuck with the number for an entire year that labels them,” said Josh Bersin, a principal at Deloitte Consulting LLP who advises companies on talent management.

A year is a long time to wait between evals, especially early in one's career. For me, the extended period is almost as important.

Some of my recently graduated undergrads stay only a year or so in their first job. That first year feels like an eternity, as I remember it, because everything is new. More feedback during that first year is important. I'd venture, more formal feedback is important as well.