If annual reviews are the only time when feedback is given, that's a problem. But it's certainly better than nothing. -John Allain
It is always better to give feedback instantly and create a feedback culture in the company.
As explained best by the following two sketches
Still, the performance review / career preview is important. For us, we want to follow this principle:
Connect a person's past – gaining a detailed understanding of who they are and what motivates them at work through their life story – with their future – the wildest dreams they have for themselves at the pinnacle of their career.
Start with the Past
The Strengths
The Impact
The Communication
The Weaknesses
General Work Attributes
Thoroughness
Proactivity
Extra Mile
Talk about the Future
Where do you want to be?
What do you want to achieve?
Do I see you there?
Plan for the Present
How can we connect the past to the future?
What actions can we take to make this happening?
Is there a chance to do this?