Meaning of the word "performance evaluation" in English

What does "performance evaluation" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

performance evaluation

US /pərˈfɔːrməns ɪˌvæljuˈeɪʃən/
UK /pəˈfɔːməns ɪˌvæljuˈeɪʃən/

Noun

a formal assessment of an employee's work performance, typically conducted by a manager, to identify strengths, weaknesses, and areas for improvement

Example:
My annual performance evaluation is scheduled for next week.
During the performance evaluation, we discussed my career goals.