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Every employee in the same pay grade within a given department at my company are ranked and rated against each other. Those ranking and rating discussions happen amongst the department manager and their section heads. It is those meetings that determine merit increases and promotions. After those take place, I have a one on one meeting with my manager to discuss my performance and what I am receiving (promotion or merit increase).
Our system is similar, at least to my understanding. Management is very private and quite about how this step of the process works. I only hear about the outcome as it pertains to me once the decisions have been made.
I wouldn't say that raises/promotions are based on end of the year meetings, but you can definitely negotiate something at your end of the year meeting if you didn't get what you wanted. In general raises/promotions are based on the whole year's performance
End of year performance ratings certainly influence promotions, but business needs also weigh into who gets promoted and when.
Oh, our promotions are based off other factors so usually it’s based off of when an opportunity arises and who applies for it or when a manager thinks you’ve earned one there’s nothing guaranteed like yearly or anything like that
Other factors