Goldman Changes Policy on Employee Reviews, Plans Pilot Program
- Firm scraps system based on quantitative score for workers
- Near instantaneous feedback will be offered later this year
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Goldman Sachs Group Inc. changed the way employees receive performance feedback and plans to start a pilot program later this year where workers get reviews more quickly.
The bank, often an early mover in Wall Street compensation and employment policies, is scrapping a system that scored employees on a nine-point scale in favor of one more focused on strengths and weaknesses, according to two memos this week obtained by Bloomberg News. Employees will also receive feedback earlier in the year.