That's a fair question. I think reviews shouldn't be about performance but rather about employee growth. It is a touch base to make sure everyone is on the same page. It should also direct an employee in their career path. These are discussions that also lead to "Would you like to manage people or remain an individual contributor?" "Okay, to do that you need to improve your skills at X".
As far as bonuses, I think they should just be split regardless of performance. I think raises are tied to promotion but if it is CoL, then people just get it.
As far as promotions go, this should be a broader discussion with lot of ancillary group managers as well and should focus on "Has this individual contributed at a level above their current pay and role?" "Do we all think this individual can handle this new role/level and be effective?" "Do we need more people at this role/level?"
As far as bonuses, I think they should just be split regardless of performance. I think raises are tied to promotion but if it is CoL, then people just get it.
As far as promotions go, this should be a broader discussion with lot of ancillary group managers as well and should focus on "Has this individual contributed at a level above their current pay and role?" "Do we all think this individual can handle this new role/level and be effective?" "Do we need more people at this role/level?"