It is, but it may be periodically necessary to get rid of dead weight and extirpate those who’ve risen to their level of incompetence.
I'm not advocating stack ranking for yearly review but rather a quintennial or decennial event to clean-house. In other words, a mechanism to avoid what happened to Boeing, Intel, Yahoo, and what is happening to Google and others.
360 reviews obviously allows orgs to get fat and carry bloat.