Goldman Sachs uses 360 Feedback for Performance Review
It was interesting to see that Goldman Sachs has changed its complex, annual performance review process. They have decided to replace a once-a- year ‘appraisal’, with regular 360 Feedback For Performance Review.
They found their employees were asking for more real-time feedback to support their performance and ongoing development: feedback that is timely, constructive and actionable.
The short video below gives an insight into how crucial feedback is to Goldman Sachs for ensuring that their people learn and grow professionally.
For them, feedback matters. And 360 Degree Feedback is critical.
Visit the Goldman Sachs Careers website to view the video.
Providing high-quality and regular feedback is at the heart of our culture, and is an important investment we make in our people”Edith Cooper, Executive Vice President and Global Head of Human Capital Management
Over the following year, the organisation would adopt new feedback practices to focus further on the growth and development of their employees. They would begin to put in place the new process starting with improvements to their 360-degree feedback approach. Later they would put in place a more frequent process for feedback. The whole performance process is therefore being changed to become more relevant and dynamic.
In the video, you can hear these leaders of the firm discussing the change in approach:
- Edith Cooper, Executive Vice President and Global Head of Human Capital Management
- Gary Cohn, President and Chief Operating Office
- Mark Schwartz, Vice Chairman of the Goldman Sachs Group, Inc. and Chairman of Goldman Sachs Asia Pacific
- Richard Gnodde, Co-Chief Executive Office of Goldman Sachs International and Co-Head of the Investment Banking Division
The keys to 360 Feedback success, as stated by Goldman Sachs, are:
- When using 360 Feedback for performance review, it’s important to do it regularly. This means that employees can get relevant feedback, based on their current goals, when they need it. They can then make immediate adjustments and improvements.
- Quality of 360 Feedback makes a difference. For 360 Feedback to be of high quality, it needs to come from colleagues who have been able to observe the ratee. The feedback needs to be about demonstrable and measurable skills. And finally, the process and purpose need to be transparent to ensure employees, colleagues and line managers feel confident and secure.
For more information on 360 feedback, please contact us.
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