When feedback is continuous and healthy throughout the year, I think the review itself acts just as an amplifier. It lets you really praise someone officially i

When feedback is continuous and healthy throughout the year, I think the review itself acts just as an amplifier. It lets you really praise someone officially in a big way for good work. If someone has been seriously troublesome, it should never be the first time that has come up, but it lets you magnify how important it is that their performance issues get resolved. In that sense, it can serve a dual role as a sort of PIP. The review is also an opportunity for the manager to sift through all that continuous feedback over the entire past year and condense the important stuff down into some easy-to-understand big picture ideas. Reviews can also be an opportunity for the direct report to get career plans in writing from their boss. For instance, if you want a promotion to X, the result of the review may be a written plan by your boss on how you can achieve that promotion.