There are quite a few different complaints here. The annual cadence is both too frequent, and too infrequent. The (toxic) "stack-rank and fire 10%" is mention

There are quite a few different complaints here. The annual cadence is both too frequent, and too infrequent. The (toxic) "stack-rank and fire 10%" is mentioned as well. But, regarding the title: performance reviews are good and necessary to operate an organization, and having a more formal process on an annual cadence is also good.