The peculiar origins of the performance review and other HR bureaucracy
forbes.com
forbes.com
In the current state of things the process is heavily defended by the HR department and most ICs want to have an "objective" way to be promoted and have a raise, when there's very little in this to be "objective", making it almost impossible to dismantle.
In more than 25 years in the industry, I haven't been once in a company that solved this conundrum and makes me want to quit being a manager.
A good book I've read that I can suggest if you're painfully struggling with this, is "Abolishing Performance Appraisals"