The last company I worked for had these '360' performance reviews where you get reviewed by a few coworkers as well as your boss. Also there was no money involv

The last company I worked for had these '360' performance reviews where you get reviewed by a few coworkers as well as your boss. Also there was no money involved. I thought it worked really well. While you'd hope your coworkers would give you pointers on how you could improve throughout the year, realistically, shyer developers won't do that, and this gives them the opportunity to do so (mostly) anonymously.