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The 3 Core Performance Review System Archetypes
Ad-hoc spaghetti (small companies): No ratings, no recurring timeline, no formal process to get feedback
Manager determines all (traditional companies): Manager determines 90%+ of your rating. Used by most companies.
(modern, mature companies): Get feedback from all directions.
360 feedback is the best system, and it's used by pretty much all the top companies like Meta and Google.
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