According to profilesasiapacific.com, 82 percent of organization as Gartner found that performance reviews either did not contribute to goals or directly nullify them. Performance reviews in a modern setting involves collecting data and delivering a single performance review at the end of the year, which essentially, offer a little value. 
Gartner study listed some suggested performance changes in 2020. Which these changes may directly affect the traditional ways of evaluating and reviewing performance:
• Make performance reviews ongoing, it means real live feedback. They call it a “1-Minute Manager”. This “One-minute manager should look like or have the following:
        Clarify and agree on goals
        Describe the mistake/confirm what happened
        Mention why this is concerning 
        Highlight that the person can do better than this and help the person find the solution (do not make the solution for them).
        Offer praise for good behavior this person has shown.

• Establish a 360 Feedback, it means collecting feedback from managers, employees, and underlings.
• Highlighting Failure should end.
• Emerge 2-Way Dialogue to share responsibility for results.
• Connect performance reviews to personal development and coaching.