Full Disclosure: I'm the co-founder of a company focused on feedback / performance reviews. I care deeply about the process of delivering feedback, and would love to hear your thoughts. My email is in my profile.

I've read through most of the comments posted thus far, and I'm far from surprised with the varying sentiment. We run into this at Eager Labs, where we facilitate 360s, performance assessments, and more, for companies. Because we actually embed ourselves within the organizations, I get an opportunity to see how different company cultures trigger different reactions to the process of delivering feedback.

A few things we've observed from our work so far that might be interesting to those following this thread:

[1] For many employees, sitting down with their manager and having a conversation around performance is the thing they value the most. This often occurs because the manager doesn't regularly do this as a part of a 1:1 cadence. Having a formalized time where the company "mandates" this conversation can be a useful forcing function when some managers are less willing / apt to have these conversations on their own.

[2] Getting peers to provide actionable feedback is a real challenge. We've invested a lot of time in crafting our process (both in software, and in a workshop we run) to guide people towards providing less feedback along the lines of "Great job, keep it up", and towards S.B.I.A feedback, (Situation - Behavior - Impact - Action). Even if you have something positive to say to someone, give a concrete example of a situation where they exhibited a positive behavior, how that impacted you, and any actions you want them to take going forward. For example, "When you speak up in meetings and share your opinions, it helps me to feel more empowered to share my own thoughts. I'd love to see you speak up more frequently, if not for your own benefit, than for mine!"

[3] Giving regular feedback is great, but make sure you avoid giving 'drive by feedback'. Knowing the right moment to deliver praise or critiques is a skill, and a lot of peers / managers don't know when the right moment is to deliver feedback. For example, as an engineer, one of the most challenging times to personally receive critical feedback is right after a really hard push to deliver some massive new feature or product. The feedback may be totally valid, but knowing WHEN to provide that feedback can be the difference between it being motivating and just discouraging. So, while I totally agree that "feedback should be a regular part of any peer, manager, or mentee relationship", finding the appropriate times to deliver said feedback matters just as much as the feedback itself.

[4] There is no one size fits all solution for performance reviews or feedback. Whether it's what questions to ask, how to deliver the feedback, or what the cadence should be of delivering that feedback... Every team, department, and organization has unique wrinkles that make them special. We end up spending a lot of time customizing our assessments down at the team level for this very reason, because we find that what makes a sales organization tick is wildly different than an engineering department, and while there may be cultural overlap because of company values, they each have their own needs. This is why it can often be challenging for an HR / People Ops department to craft a process that works for the entire company, which may result in a lot of people having a sour experience.

Thanks to everyone who has taken the time to share their thoughts so far on this thread. It's been a real pleasure to read.