• Prepare your comments: Will help you stay in track;
• Be specific: Tell the person exactly what he needs to improve;
• Criticize in private: While public recognition is appreciated, public scrutiny is not;
• Use "I" Statements: Give feedback from your perspective;
• Limit your focus: no more than 2 issues/session;
• Talk about positives too. But don't overdo it, because it takes away the message;
• Provide specific suggestions: what needs to be done to improve the situation;
• Follow-up.

Informal, simple feedback should be given much more often than this – perhaps every week or even every day, depending on the situation.

It's not a once-a-year or a once-every-three-month event. Though this may be the timing of formal feedback.