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I recently came across an article on Entrepreneur.com regarding how important employee reviews are to your company and I couldn't agree with more. Employee reviews today are more important now then they ever have been before with such a huge pool of unemployed people out there. Your annual reviews serve several purposes that are vital to not only your employees but to the company itself as well.
Employee reviews help to keep everyone in the company on the same course. They provide feedback as to how the employee is doing, what they are doing correct, and the areas that they may need to work on. All of that feedback helps to keep your company running smoothly.
Annual reviews also help to serve as a reminder on rewarding your key employees. The employees that go above and beyond what is expected of them obviously deserve to be rewarded accordingly with say a raise, bonus, or maybe a little more paid vacation added to their allowance. But sometimes without holding these reviews you may easily forget about those key employees.