Formal appraisal is another term for what Rico is doing.
A formal appraisal system includes establishing guidelines, meetings and interviews, forms, a rating system, and reports. Formal performance reviews are usually held at set times to assess employee performance. Many, but not all, organizations use assessment results directly or indirectly to decide reward outcomes. In other words, the evaluation results are used to identify the best performing employees who should receive the most of obtainable raises, bonuses, and promotions. For the same reason, evaluation results are used to identify under performing employees who may need some form of counseling or, in extreme cases, demotion, dismissal, or pay cuts.
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