Performance review is a critical part of human resource management. Business is about people, whether customers or employees, and a close review of it will help sort out several important problems.
The system we have here at RSPL is, every third month employees are subject to a personal review of their performance, and counseled about in which direction to move their career in the company.
First individual employee's Team leader fills and submit an "Employee Evaluation Form", then the employee himself fills the "Self evaluation form", the Employee also fills two more feedback forms, one a general company feedback form, and second a supervisor review form.
Henceforward, a schedule is announced for the employees, which might end for 15-20working days taking 1-2 daily. The meeting goes for 30-60mins depending on employee's job profile.

The actual review is very close to a personal interview but its made little informal, we want an environment where an employee can speak confidently. Instead of the first question being "Tell me something about yourself?" it starts from "How are things with you?" and then diving from Gantt charts, Schedules, Project management guidelines, Coding Standards, Debugging, UMLs, to Attendance, Work related Issues, Career goals, Office politics.
Finally, during the meeting guidelines are given about how to do better, as well as company's expectation from that individual employee. On the other hand, it also helps us better understand an individual contribution to company which sometimes are blurred by the hierarchical layers.
E-mail me (zeeshan @ retinax . com ) if you want any of those feedback forms.
Or if you want to be part of RSPL, drop an email to jobs @
retinasoftwarein.com