It is an important part of our end-of-year retrospectives to give and get valuable feedback.
At the end of the year everyone gets a chance to look back upon the past year and reflect on how they worked with each colleague. Yes, we write a bunch of reviews! Also if we take it seriously (and why not?) this task requires quite a lot of time and a good deal of honesty.
We have to answer the same two questions:
why was it good to work with him or her?
Is there any room for improvement?
We do our reviews anonymously on an online tool, which was developed by our inhouse team (ehm, any HR / Organization Specialist hanging around?). Our experience on 360 reviews is absolutely positive. It's an effective tool to build trust in the company, improve self-knowledge and define personal goals.