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I need to create a formula field that will give the anniversary (based on hire date ) of an employee per year. How can i achieve this? thanks

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As you are trying to calculate anniversary based on date . So it is like calculating age using date

IF( NOT( ISBLANK( Birthdate ) ) ,
  IF( DATE( 2000 , MONTH( Birthdate ) , DAY( Birthdate ) ) <= DATE( 2000 , MONTH( TODAY() ) , DAY( TODAY() ) ),
     YEAR (Today()) - YEAR ( Birthdate ),
     YEAR (Today()) - YEAR ( Birthdate ) -1 ),
  null)

use this formula and instead of birth date use your hire date field.

Reference:

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