Formal, Annual, or Semi-Annual Review
Our commitment to our people has to be that we will complete an annual review at minimum. Many companies also do a formal mid-year review, which helps to verify that everyone is on track, allows for an easy process to reflect changing priorities, and gives the supervisor and employee a clear picture of where everything is at. This is a common type of performance review, usually supported by some kind of form where both parties sign off that the information has been shared and understood (even though the employee may not agree with it).
A formal review can also take place after professional development training or a course has been completed, and could include on the job testing.