A 12 month planning cycle can be fine in a stable environment. Just set some goals and expect people to reach them.
In a more complex environment performance management practices probably should be more focused on looking ahead – with particular emphasis on continuous learning and development. Conversations take place much more often than before.
In an ideal situation learning and development is at the core of work itself, not a separate activity that may get done when we are not busy attending other priorities. The way to achieve this is to have an ongoing conversation about what we plan to do next, get out there do it and then return in a while to see what we learned on the way. This continuous cycle is of course in alignment with higher order goals or the company purpose. The outcome is continuous learning with sustained focus and energy.