Continuous feedback, which is a regular sharing of both positive and negative feedback in real time, is very important. But it cannot be used alone. A good idea is to combine it with 360-based feedback.
360-based feedback includes feedback not only from a manager, but also from teammates, anyone a person being evaluated interacts with, and a self-review.
The problem with a 360-degree review is that we tend to forget things that happened a long time ago, and overemphasize things that happened recently. This is why, writing a performance review, it’s critical to account for the whole year.