Consider the performance review process at your organization. Is it simply an exercise, or is it valuable for managers and employees?
Assess the performance review system, using the prompts below:
- Does the review have a self-assessment component?
- Does the process lead to an individual development plan?
- Does the financial and performance discussion happen in the same review?
- Are the outcomes of the review tied to any talent management opportunities?
What two changes would you advise the CEO to make in your organization’s performance review process?
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Goldman Sachs is a leading financial institution in the world and one of the companies listed in the Fortune 500 Companies. The company had previously incurred a substantial financial crisis where most of its loans had been on housing, which is a great risk for banks. However, this problem was based not only on the company’s failure to make proper financial decisions but also on the kind of performance review it had adopted. The company has recently addressed this problem by adopting a better performance review process or system known as the Ongoing Feedback360+ (Sahadi, 2016).(730words)