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My very cynical experience:

> For all its flaws, the review process at forces a conversation where you get to summarize to higher management what you have accomplished and why it is important.

In my experience, they've decided it already and don't really care what you put down - unless they want you to get a promotion and then they will care as they need buy-in from others. Particularly, if they want to screw you over, then it doesn't matter what you've written (i.e. even if you put in great accomplishments you can still get a poor rating).

> Peer-review at least gives you a chance to call out outstanding work from your co-workers.

Same thing here. We used to require naming 3 people to give peer feedback. When they want to screw someone, the manager would actively seek out negative reviews to support his case - regardless of whoever you picked.

> And the review itself at least gives you a venue to hear what management thinks of what you have done.

I can agree with this - although where I worked they'll let you know throughout the year. I did have one manager who was very reluctant to give negative feedback, though, so I suppose this benefits the employee where the manager is at least forced to formally give you negative feedback.

Processes are good in general, but useless if the system doesn't value it. If the manager can actively go and solicit feedback from folks you didn't nominate, then why waste my time and the time of the people I did nominate?

I cheered when my company stopped doing annual reviews.




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