As many companies run mid-year performance appraisals, others are announcing sweeping changes to their performance management. At Morgan Stanley, employees in years past were asked about eight questions and rated from 1 to 5 in an annual performance review. According to a memo sent to employees, that is changing.The goal is giving more direct, actionable feedback so staff members can improve. Click To Tweet
Now, managers will list up to five adjectives to describe each report, with a goal of giving more direct, actionable feedback so staff members can improve. Leaders will also have a dashboard showing metrics on behavior and data from risk and control functions to help them evaluate employees accurately — similar to how Reflektive’s real-time feedback surfaces relevant data to make performance reviews easier.
Goldman Sachs also recently changed their performance reviews to five ratings, replacing the single year-end rating, which is thought to demotivate employees.
“It’s about giving people more information and something they can do more with,” Peg Sullivan, Morgan Stanley’s global head of talent management, told the New York Times. “It’s more candid and memorable.”
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