I like this idea and would recommend doing it far more than once a year. That is like the annual performance review cycle.
At a minimum of once a week, and often every day, we share appreciations at the family dinner table. Every person says one appreciation for each person. Guests are always included. Even the 8 year old guests.
John Gottman’s research into relationships shows that for a relationship to thrive the ratio of appreciations to criticisms must be 5:1. So we focus on appreciation as a priority and regularly ask for and solicit feedback from each other. No big deal. That is how I think it should be everywhere. Feedback is regular and NO BIG DEAL.
I agree with your points about soliciting feedback. The more I solicit feedback the more I receive, the better relationships I have with all my colleagues and the better my work gets.
Feedback. It is the breakfast of champions.