Reviews are an unecessary evil, you shouldn't do them if you don't have to and you shouldn't tie actions to them.

If someone is doing well, tell them right then.

If they keep doing well, find ways to promote them into roles that better benefit them and the organization.

If someone is screwing up, tell them right then.

If they keep screwing up, put them on a corrective action plan. If they don't improve, only then do you consider firing them.

Most US states allow fire at will, so building elaborate paper trails is rarely necessary and just a waste of time/butt covering.