It reminds me of a psychology study done on kids that I wish I had the source for. IIRC when asked to perform a task for no reward (like, how many simple math problems can you solve in a minute?), many performed it well. then they gave the good performers gold stars. Immediately, the kids not getting stars started performing worse than originally. Then they took away the gold stars. Now the top performers started doing worse as well.
People just want to be seen and heard. Measure the things that are important WITHOUT deciding in advance what is considered a "good job". this way you can do your 1:1 on the whole picture. "you're slow, but your quality is exceptional"
The only exception to this is if the work is simple enough that you can measure it directly against your $$$, and you have a target that ensures you are green. Like maybe a strictly data entry position for a very consistent source of data. In this case, there arent 1:1's to be expected with your employees.. they either hit target or get fired.