I wonder to what extent this problem motivates folks to branch out and do their own thing.
Or conversely, stay in a boring-but-successful role too long at a company because they're able to play the game leisurely.
The problem is ultimately that the management buy-in opens management up to getting taken advantaged of. It's hard to balance accountability, when management via HR holds all the power. Peer reviews are rarely more than formality, used to reinforce the manager's personal assessment/feelings.