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Head over to Google and search for the term, "performance review," and you'll be instantly flooded by news stories on the latest companies to do away with it. My guess is that half the Fortune 500 will kill annual rankings and reviews by 2017.

But as that institution of performance management fades away, what's taking its place? To answer that, here's a look at six companies (and many more here) that have recently put in place some of the most forward-thinking alternatives to the dreaded annual review.