Peter Seibel:

A feedback process 100% aimed at professional growth would, I suspect, be totally divorced from promotions and compensation bumps. Not because those things should be unrelated to professional growth but because truly reflecting on how you can do better and being open to feedback from your peers and managers is already tremendously difficult; when you are also worrying about whether or not you’re going to get that promotion or raise you were hoping for, it’s probably impossible.

Lots more in there on feedback, biannual reviews, titles, promotions, and the role of management.