I worked at a company that did this, then eventually phased it out. We were also required to do a self eval on a variety of categories, one a three point scale:

I worked at a company that did this, then eventually phased it out. We were also required to do a self eval on a variety of categories, one a three point scale: exceeds expectations, meets or does not meet. My managing director point blank told me: no one exceeds expectations and if you dont meet, you're gone. So, the self eval was "meets" all the way down. After 2 years of that bullshit, I stopped filling it out. Figured, if theyre not going to take the opportunity for honest self reflection, why bother? I lasted there another 7 years before I left on my own volition. Never in the 7 years that I did not so the self eval did a manager mention it to me. Fuck that shit.