A new performance feedback platform at Goldman Sachs has brought the company into the age of continuous feedback. The Ongoing Feedback360+ system allows all employees to provide or request feedback at any time, from anyone.
According to a post on the company’s blog, the new platform has been designed to encourage ongoing conversations between employees and managers. “We built Ongoing Feedback360+ to help employees and managers better understand what they are doing well and in which areas they can improve,” it reads.
In a note to employees earlier this month, CEO Lloyd Blankfein said the implementation is a response to employees’ requests for more frequent and timely interactions, Bloomberg reports. It will not, however, replace the existing annual performance review, which will continue to determine staff bonuses and pay rises.
The new system allows all employees to submit solicited or unsolicited feedback about any colleague. The feedback will then be reviewed by the manager of the colleague in question after which they can choose to release the feedback directly through the system, discuss it in person, or save it for later.
Advising its employees on how to best use the platform, the company’s blog post sets out four elements of effective feedback: context, behaviour, impact, and advice. It adds: “Effective feedback contributes to the firm’s culture of excellence by helping our colleagues improve through timely, specific guidance.”
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