What is your favorite performance management process for engineers?

I started wondering if there are any well functioning performance management processes for engineers. In my startup we started using OKRs for the whole team which I find to not be very useful for our engineers as well as very time intensive. This could be because we are using them wrong. In my opinion a well functioning performance management process should satisfy the following: 1) Non-subjective 2) Motivating 3) Tie in to companies goals 4) Not be too burdensome to manage

I'm also super interested to hear how people are connecting performance management and the general process of the engineering team (insert agile flavor of choice here).