The company I work for did this for about 10 years. The idea was cut from the bottom and add to the top. Everyone had to be ranked like in a totem pole, one higher or lower than someone else in your org. If you worked in an org of superstars you were in big trouble. I know alot of very good people who were let go because of it. They stopped about 10 years ago because everyone but HR hated it.
I wish the company I work for would stop it. The horror stories of what happens in the management meetings where the ranking is determined is unbelievable. Every misstep an employee makes is discussed, aired.
“The company I work for did this for about 10 years”
Ok, but in the first 2 years, was this good ?
I suspect it was as the competent people stayed and the deadwood got cleared out.
After that, the dog eat dog atmosphere probably was detrimental.