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There are few workplace rituals more dreaded than the annual performance review.

According to a 2012 Cornerstone OnDemand/Harris Interactive survey, less than half (45 percent) of surveyed workers who had gone through their employer’s review process thought the assessment was a fair and accurate representation of their performance, and only 37 percent said their manager gave them useful feedback.

While it’s true that many supervisors aren’t skillful at giving formal reviews, an annual review can be more than a necessary evil. In fact, it can be an important tool for helping you achieve your job-specific and overall career goals.

Here are five myths about performance reviews – and the reality.

Myth No. 1: Performance reviews are a waste of time.

Reality: The review can provide a wealth of helpful information – if you ask for it.
“A good review should be a conversation about your job and how it relates to the goals of the department and the company,” says Lisa Orndorff, manager of employee relations and training at the Society for Human Resource Management (SHRM). “You can use the review to calibrate against expectations and learn how to improve your performance.”

Myth No. 2: The review will have big (and bad) surprises.

Reality: If you’ve been getting periodic reviews – even informal ones – you shouldn’t be surprised during the annual review.
You may have been getting minireviews throughout the year whether you realized it or not. Many of these appraisals may have been informal, such as passing comments in emails or at the water cooler. These mini-appraisals are important, according to Orndorff. “A good manager will be appraising you and giving you feedback year-round, whether it’s in writing or in a passing comment,” she says. Be active in soliciting feedback throughout the year.

Myth No. 3: The annual review will determine your raise.

Reality: Even if your raise is based on performance, it’s probably set in stone long before the review.
Some companies have budget parameters, and some managers – say, in government organizations – don’t set your pay rate at all. Even if your manager does have the ability to raise your pay, budgets have been set and the approvals for salary increases have been made before the annual review, according to Orndorff. But you can still use the review to learn how (or if) you can get the maximum increase next year.

Myth No. 4: You should refute all negative feedback about you.

Reality: Experts say you don’t need to dispute criticism, unless it’s based on inaccurate information. Listen without defensiveness and don’t make excuses or argue.

Myth No. 5: Your coworkers’ opinions of you don’t
matter.

Reality: Coworkers can give your supervisor a clearer picture of your performance, but you may have to solicit their opinions on your own.

To apprise your manager of how others regard you, take detailed notes on everything your coworkers say about you, and present that information, along with emails and other documentation, at the review, Orndorff says.

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