The only FANG that doesn't do this is Google (annual review only, no Stack Ranking, Needs Improvement rating is only for 1-4% of the company). Also, Google is the only one without an "up or out" policy limiting your maximum time between promotions to four years (i.e. you get canned for not meeting your expectations for career growth). This forced attrition policy is why FANG companies are always rapidly hiring (even during COVID-19), have tons of open positions, and the average tenure for software engineers is only 2.5 years. The mentality is that these companies hire the best of the best, pay the best, and as a result, expect your very best performance in return.