{"id":3217,"date":"2017-04-25T08:12:01","date_gmt":"2017-04-25T15:12:01","guid":{"rendered":"https:\/\/bwblogdev.wpengine.com\/?p=3217"},"modified":"2022-12-16T08:46:52","modified_gmt":"2022-12-16T16:46:52","slug":"goldman-sachs-introduced-real-time-employee-feedback","status":"publish","type":"post","link":"https:\/\/www.betterworks.com\/magazine\/goldman-sachs-introduced-real-time-employee-feedback\/","title":{"rendered":"Why Goldman Sachs Introduced Real-Time Employee Feedback"},"content":{"rendered":"<p class=\"p1\"><b><\/b><span class=\"s1\">Why is it that we rate rideshare drivers in real-time, but we don\u2019t rate our employees until the end of the year? Apparently Goldman Sachs takes this question very seriously, announcing that they will be rolling out <a href=\"https:\/\/www.wsj.com\/articles\/goldman-goes-beyond-annual-review-with-real-time-employee-ratings-1492786653\"><span class=\"s2\">real-time feedback<\/span><\/a> technology for all of its 35,000 employees this year. &nbsp;<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Edith Cooper, Goldman\u2019s head of human capital, says the goal is to add more frequent check-ins to supplement the traditionally <a href=\"https:\/\/www.washingtonpost.com\/news\/business\/wp\/2016\/03\/07\/why-146200-is-a-terrible-bonus-for-wall-street\/\"><span class=\"s2\">high stakes<\/span><\/a> annual review process. An internal memo described the rationale behind the move: \u201cour employees want to know where they stand at all times.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Coming from three years of experience on the trading floor of one of Goldman\u2019s biggest competitors, the shift to <span class=\"s2\">continuous performance management&#x2122;<\/span> doesn\u2019t surprise me one bit. Despite multiple rounds of <a href=\"https:\/\/www.ibtimes.com\/wall-street-pay-raises-juniors-sign-millennials-declining-interest-banking-1671060\"><span class=\"s2\">pay raises<\/span><\/a>, faster promotion tracks, and \u201c<a href=\"https:\/\/www.wsj.com\/articles\/j-p-morgan-chase-tells-investment-bankers-to-take-weekends-off-1453384738\"><span class=\"s2\">protected weekends<\/span><\/a>,\u201d millennials continue to leave investment banks in droves. Why? Some executives view disgruntled millennials as entitled complainers, so used to constant praise that they expect high pay and high profile work right out of the gate. &nbsp;<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">I would argue that [tweet text=&#8221;Banks have only treated symptoms of a larger problem: millennials want to know how they&#8217;re doing.&#8221;]previous changes by large banks have only treated the symptoms of a larger yet very simple problem: millennials want to know how they\u2019re doing.[\/tweet] \u201cDid I prepare an effective marketing deck today?\u201d \u201cWere my comments in our pitch with \u2018Johnny Prospect\u2019 effective?\u201d I\u2019ve worked with hundreds of millennials on Wall Street and I know first-hand that most of them desperately desire feedback, not just to secure that top bonus, but to learn and grow skillsets that will serve them best in their lofty professional pursuits.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Yes, your new millennial hires have been praised and recognized since being named MVP of Little League all the way through graduating college as valedictorian, but more importantly, in an increasingly social and transparent world, they have received instant, <a href=\"https:\/\/www.forbes.com\/sites\/wesgay\/2017\/01\/09\/the-worst-way-to-engage-millennials-with-feedback-and-how-to-avoid-it\/#2c48a79d6e1e\"><span class=\"s2\">often quantified, feedback<\/span><\/a> on their actions (positive and constructive) for at least a decade. &nbsp;<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">To put this in perspective, in a world where that Instagram of your employee icing her knees after her #firstmarathon got 200 likes and 50 congratulatory comments within ONE HOUR, receiving a congratulatory \u201cfist-bump\u201d after working on a 6-month IPO for 18 hours a day feels a bit cheap. Even if that big annual bonus comes 9 months later, oftentimes it\u2019s too late.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">This isn\u2019t to say employers should stroke the millennial ego. [tweet text=&#8221;Employees crave and thrive on constructive feedback.&#8221;]You\u2019d be amazed to learn how much all employees crave and thrive on <a href=\"https:\/\/www.betterworks.com\/performance-management-watch-future-feedback\/\"><span class=\"s2\">constructive feedback<\/span><\/a> too.[\/tweet] &nbsp;Maybe you\u2019ve noticed your direct report struggles to make eye contact in presentations. Imagine being able to share that feedback <span class=\"s2\">right away<\/span> on your smartphone. Importantly, Goldman has set feedback to be <span class=\"s2\">bidirectional<\/span> (a trend we\u2019re noticing), so your employee can ask their manager for quick feedback on improvements she\u2019s made the next time she has a presentation. &nbsp;<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">According to Cooper, the aim of the program is to give employees a real-time sense of where they stand in order to avoid feeling blindsided later on, adding that \u201cthose conversations that happen once a year are going to go better.\u201d Goldman is also focused on collecting data points throughout the year to make the end-of-year process more reliable in light of recent studies around <a href=\"https:\/\/www.newyorker.com\/business\/currency\/the-push-against-performance-reviews\"><span class=\"s2\">bias<\/span><\/a>. With this data, performance at the organization will become a continuous story as opposed to an annual snapshot, making it easier to eliminate manager bias and increase overall employee engagement and retention. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Goldman Sachs implements employee feedback to give employees a real-time sense of where they stand.<\/p>\n","protected":false},"author":44,"featured_media":77114,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","inline_featured_image":false,"footnotes":""},"categories":[236,237],"tags":[],"featured_location":[],"industry":[],"class_list":["post-3217","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-employee-engagement","category-employee-experience"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v18.1 (Yoast SEO v23.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Real Time Employee Feedback Embraced by Goldman Sachs<\/title>\n<meta name=\"description\" content=\"A real-time employee feedback program should give employees a sense of where they stand professionally. 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