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Can you share a bit more about the nature of the workflows you are looking to automate? What type of peer-to-peer feedback are you referring to - is it approval on a team member's deliverables or something similar?
I know that Confluence has some add-ins to support simple workflow and SharePoint has similar capabilities, but I don't know how cost effective it might be.
If you are willing to start simple without the workflow component, Slack might be worth considering.
Sounds like you need a BPM tool. Cost effectiveness is relative to the needs and return to your organization. SharePoint also has a workflow engine. Again, really depends on the specific needs and the must-haves vs would-haves.
Thank you for offering the support. Let me explore the suggested tools. From a workflow perspective, one should be able to use the feedback tool and share their observations on the individual's behavior that impacted him or any of the work deliverable. There should be a field where one can capture some details to extract more information on the work deliverable. Further the receiver should be able to accept/decline with comments.
Maybe the tools included in office 365 is a good idea, however, there are many other options like a Bonitasoft, it is a nice bpm and use bpmm 2.0 as notation
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