Goldman Sachs Introduces Real-Time Employee Performance ReviewsBy
The bank debuted Ongoing Feedback360+ to employees this week
Firm follows similar performance initiative at JPMorgan
Goldman Sachs Group Inc. introduced a new system for performance reviews this week, giving employees the ability to send and receive real-time feedback with managers throughout the year.
Called Ongoing Feedback360+, the initiative follows Goldman Sachs’s redesign of its annual review processes last year, Chief Executive Officer Lloyd Blankfein said in a note to employees on April 13 that was also signed by co-presidents David M. Solomon and Harvey Schwartz. Employees then asked for more frequent and timely interactions, Blankfein said.
“Providing ongoing, high-quality feedback is at the heart of our culture of teamwork and excellence,” the three executives said in the note.
Goldman Sachs is the latest bank to introduce changes to its annual performance reviews as financial-services firms continue to adapt to an age in which technology enables real-time criticism of everything from restaurant meals to package deliveries. In March, JPMorgan introduced a similar mobile tool that lets workers send or receive instant critiques of their colleagues.
The Wall Street Journal reported on the changes at Goldman Sachs earlier Friday.
Goldman Sachs’s new system will offer employees and managers a dashboard that summarizes the feedback they’ve received throughout the year, Edith Cooper, the bank’s global head of human capital management, said in a note to staff on April 20.
“I am confident that Ongoing Feedback360+ will have a direct and positive impact on the professional growth and experience of our people,” Cooper said.
— With assistance by Hugh Son