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Performance reviews are an ongoing responsibility. Feedback should be gathered and communicated to employees throughout the year, and performance problems should be dealt with as they arise.
In any case, you should conduct an annual, formal, written review of each employee's performance.
Certain employee groups have very formal procedures for review. While many of the general guidelines and tips apply to all reviews, make sure you are following the policies outlined for the employee group of the employee you are reviewing.
Annual reviews should be conducted using standard University performance review forms, unless a college/unit performance management plan has been approved by the Office of Human Resources