Goldman Sachs Group Inc. changing the way performance evaluation of its employees and starting next month will no longer assign ratings on a scale from one to nine. And in the fall the company will begin testing an online system through which employees can have continuous feedback about the results of their work, according to The Wall Street Journal.
“We asked staff about Goldman more frequent and constructive feedback,” said WSJ the head of human capital management Goldman Sachs Edith Cooper.
Innovations in Goldman Sachs are part of policy changes on the performance evaluation of employees, which is now in many major companies, says the WSJ. For example, the leaders of Gap, Adobe Systems and Microsoft also abolished the numerical ratings, considering that they only harassed workers.
Consulting company Accenture PLC recently completely abandoned the annual performance reports in favor of more frequent interaction between managers and employees. General Electric is testing a similar system, with part of his staff.
Goldman Sachs is not abandoning the annual performance reports. However, the Bank will focus on providing employees with specific guidance to improve their work, instead of classifying their performance for the previous year in the numbers.