Final answer:
A commonly recognized formal step in performance appraisal systems is 'weakness review', which is not a typical part of the process. Instead, the process focuses on performance planning, intermittent review, and overall assessment of job performance.
Step-by-step explanation:
Commonly recognized formal steps in a performance appraisal system include performance planning, intermittent review, and assessment. However, weakness review is not typically listed as a formal step within the performance appraisal process. The recognized steps focus on establishing performance expectations and objectives in performance planning, monitoring progress through intermittent review, and evaluating the overall assessment of an employee’s job performance over a certain period. The performance appraisal process is documented several times a year, often concluding with an annual meeting between an employee and their supervisor to discuss performance, goals, and potential rewards or consequences. This is also the moment to consider opportunities for training or improvement as part of motivating employees and aligning their performance with organizational goals.