So, nobody commented on this..

"Once a year, managers make adjustments in employee compensation".

Performance reviews are supposed to be a two way street. We talk about if the employee is adding value to the company, how both parties could improve to create more more value, then negotiate how much the company will pay to have the employee stay.

Sure give feedback early and often. You really should be talking every day with your manager in the daily standups.

But lets be honest, if you are still only doing annual pay reviews there is still just one meeting a year that matters.