Give feedback while it can still be used, because feedback saved for an annual review is both useless and unkind.
Kept even when things are busy, because busy is when it matters most.
The two rules of good feedback: specific and timely beats saved-up and general, and it goes both ways, so ask what you could do better, and mean it. By review time, there should be no surprises. If a review shocks someone, the rhythm broke.
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