if that were true, i too would say that Performance Reviews matter. i'm 45 and it's literally never been true at any place i've worked.
"Without them, you’re letting managers just make things up." sadly with them you are also letting managers just make things up.
we pay so much attention to the hiring process, but i think Performance Reviews need a shake up. i've consistently seen the wrong people rewarded. you want to talk about people only hiring people who look and act like them? how about people only promoting people who look and act like them?