How is your company's performance rating scale designed? Is it designed as a 5-point, 4-point, 3-point, or other scale? Do you use numerical ratings, descriptive phrases, or a combination of both?

We moved from a 3 point scale to a 5 point scale this year.  Both had descriptors.
I will also share a former direct report provided feedback that a 'valued' descriptor would be received more favorably than 'meets expectations.'

We are moving from 4 pt to 5pt scale - descriptive phrases.

We use a 4-point Rating scale:

Surpassing:  The individual has surpassed expectations for their role.
Achieving:  The individual has achieved all expectations for their role.
Developing: The individual has not achieved all expectations for their role but is developing as expected
Improvement Needed: The individual has not achieved all expectations for their role and is not
developing as expected.