I schedule annual performance reviews for my staff. If there are circumstances that warrant a review prior to the scheduled annual one, I may go ahead and do one. It's better to nip a problem in the bud than allow it to continue until the review. By the way, I will do an unscheduled review for positive reasons, too.
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Sample Response:
An annual review, actually any kind of formal review (no matter how regularly scheduled), is simply not enough. We all benefit from acknowledgment, just as we all benefit from knowing whether or not our performance is up-to-par. In a respect-based workplace, performance review goes on all the time.
It is what drives communications and discussion in the workplace. The question most often posed is, “How are we doing with that?”. This reflects a concern and commitment to the job, and a desire to know whether performance is meeting/exceeding expectations.