Performance reviews are useful for two things:
Thing #1: Succession planning. There’s a decent chance you’ll get a new manager before the next performance review. That new manager needs to know how you’re doing, where you’re excelling, where you’re struggling, what you’ve accomplished, what your goals are, etc. Reading past performance reviews helps with that onboarding.
Thing #2: Compensation. If your company ties performance ratings to raises and bonuses then your performance review is where the manager explains (or maybe “defends” is a better word) why you got the raise/bonus that you got. Your review should lay out the places where you didn’t meet expectations or missed opportunities to increase your impact (i.e. why your rating wasn’t higher) and the places where you consistently met or exceeded expectations (i.e., why your rating wasn’t lower).
Neither of those things is related to giving feedback. Performance reviews are too infrequent to be useful as feedback. A competent manager’s review should be a boring rehashing of the feedback y’all have already been talking about day to day and week to week. If that isn’t happening for you, try asking for it.
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