Goldman said looking at changing how it evaluates staff performance

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A pilot program will commence later this year.

Goldman Sachs changed the way employees receive performance feedback and plans to start a pilot program later this year where workers get reviews more quickly.

Bloomberg News reports that 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 favour 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.

The firm will test the pilot program in parts of the company before rolling it out more widely, according to a person briefed on the policies. Managers or employees will be able to ask for reviews from colleagues, who can also offer unsolicited feedback, the person said, asking not to be identified discussing internal policies.

The policy shifts were reported earlier Thursday by the Wall Street Journal.

To access the complete Bloomberg News article hit the link below:

Goldman Changes Policy on Employee Reviews, Plans Pilot Program

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