I respectfully disagree here. Having worked in the industry for many years (now at a startup) the review process was deeply flawed. Because it happened once a year and your bonus was tied to it people always erred on the side of providing 100% positive and thus superficial feedback. There wasn't a mechanism to know where you really stood and how you could get better. I'm not saying this is the solution in itself but the current low touch twice a year process which is minimally invasive is a disaster in my opinion. I think this solution has merit as it takes a page out of Ryan Dalio's Principles which is to shorten the feedback loop as quickly and as much as possible.

What I think would be interesting is to see behaviorial benchmarks for employees that are auto tracked. I sat next to kids that always printed 5+ extra color copies of 100 page presentations just in case. That could cost the desk 20k over the course of the year. banks have no way of knowing if employees are going out of their way to be efficient, save costs, or be productive other than subjective year end measures. bottom line is as someone in the industry I think this is a positive step forward and wanted to throw that in the mix for consideration.