Do you think this is good or bad for business and employees?

weekly I have to answer a case study for my course Human resource management. This week I have to answer about process management. The question this week is:Many years ago we eliminated formal reviews. We had held them for a while but came to realize they didn’t make sense—they were too ritualistic and too infrequent.“The elimination of the formal performance management process is a trend among some companies. Do you think this is good or bad for business and employees? Do some desktop research and explain which performance criteria should be focused on, considering thenew challenging environmentNetflix is operating in. There needs to be a introduction, body and conclusion.