Does using compensation plan for calibration support performance related pay?

Summary:

We are currently exploring using a compensation plan to carry out performance rating calibration. I just wondered if there are specific advantages of using this process, rather than just sending managers ratings reports?

Content (please ensure you mask any confidential information):

I'm interested to know whether the calibration process support performance related pay linked to performance ratings (pay increments / bonuses etc)?

Or does it just make it easier to updating ratings after the business has held their moderation meetings.

Version (include the version you are using, if applicable):

24B, responsive (currently testing Redwood)

Code Snippet (add any code snippets that support your topic, if applicable):