Is it that important to have an employee appraisals, performance evaluation,increments in one organization on a yearly basis?

for the performance evaluation and appraisals should be yearly or based on what you will evaluate your team performance as well share their strength, weakness points to them , how they performing and how they achieved during the year  , regarding the Salary increments it is not mandatory and it depends on many things as examples; the organization financial status, department budget allocation ,....