How can we use Performance Management to support continuous performance evaluation?

Summary

How can we use Performance Management to support continuous performance evaluation?

Content

At this moment Performance Management is very time-bound. For example: half-yearly/yearly. 

However the current trend in Performance evaluations is to evaluate employee performance continuously. For example: after each project, job or task.

We are considering to change our MYR/EYR processes to continuous performance evaluation. Do you have any thoughts of how we can use PM to support this new process?