When joining the company, we discussed where the company is trying to move in terms of product development, revenue and user satisfaction.
Based on these, they decide the metrics I need to accomplish by the next review.
The managers recommend everyone keep a weekly project log which would be helpful in writing the 6 month performance doc.
The performance doc outline how I did against my metrics (eg, ship 2 features in a month), what did I do well, what could have been better, what will be my metrics for the next review and any personal goals the team could help me with, along with % pay increase I expect and if any promotion would be applicable to me.
The doc is shared with my managers, they comment on it, clarify a few things with me if needed and they decide the final % pay hike + metrics for my next review.
If all goes smoothly, this is done async, otherwise we schedule a call to discuss certain parts of the perf doc.