Goldman Introduces Real-Time Employee Performance Reviews

Goldman Sachs redesigned its feedback system to be more qualitative, allowing employees to provide timely feedback to managers. This change was driven by employees' desire for constant feedback, not just annual reviews. While millennials benefit from this, the initiative was requested by older employees. The new system may be costly initially but could save money long-term. Annual reviews remain crucial for salary and bonuses.

What was the main reason for Goldman Sachs to redesign their feedback system?

• To provide more qualitative feedback

• To increase annual bonuses

• To reduce the number of employees

• To improve their software systems

Who primarily requested the continuous feedback system at Goldman Sachs?

• Interns

• Vice presidents in their 30s to 40s

• Millennials

• Senior management

What is one potential benefit of the new feedback system for millennials?

• Higher salaries

• More vacation days

• Constant feedback on performance

• Faster promotions

What is a potential downside of implementing the new feedback system?

• It may lead to fewer promotions

• It could result in less frequent feedback

• It could be time-consuming and expensive initially

• It might decrease employee satisfaction

Despite the new feedback system, what remains a significant event for employees at the end of the year?

• Quarterly meetings

• Holiday parties

• Team-building events

• Annual reviews