I spent a while in management, and what I learned about the review process was pretty eye-opening. Basically everyone was graded on the curve, and you couldn’t afford to have too many “exceeds expectations” ratings. That would mean they probably met expectations above their role, and they could make a strong case for promotion. If you can’t give out lots of promotions, then the top performers get pissed. So, just don’t let them all know how great they’re doing.

Performance reviews are a dumb system, and you shouldn’t be learning anything new from them anyway. Just give helpful feedback throughout the year, and give promotions to people strategically as you’re able.