Recommendations:

Goldman Sachs rating system was not that beneficial for the employees to improve their contribution to the organization. Low rating was demoralizing the employees and not being effective in their career development After the survey done by the company, they implemented a performance management tool. The changes they adopted were- and implementing a more specific fecdback system which would help employees improve the in

1. Replacing the scoring system performance regularly.

2. Frequent meetings between the team would highlight the problems and give a chance for improvement

3. Development of in-house app "Ongoing Fecdback 360+", which lets the managers and colleagues give feedback for anyone working in the organization. The person can view the entire year's feedback history at a glance.

Apart from these changes which helped in few recommendations from my end that could employee's empowerment, help in performance management are-

1. The goals that are required to be achieved must be set at the initial stage. Communication on such a goal must be done clearly from the management to the employees. Everyone in the organization must have a clear knowledge of the mission, vision and objective of the organization.

2. Defining the role of each employee clearly by defining the action they need to perform.

3. Regular training- Training on different aspects helps employees to learn and improve their skills

4. Offering rewards to employees- Appreciating employee by rewarding them is the best way to improve the performance because it motivates them to perform more effectively. Every one of us loves getting rewarded and recognized, it boosts us, brings back our energy level and helps us to perform in a better way so that we can reward another time.

5. The management must show the employees that they are an asset to the company. Any employee who feels that they are important for the company and its success will find their personal growth by helping the organization to succeed.

6. Offering employees with different courses as per the requirement so that they develop more skills which not only helps the organization but also helps in their personal growth.

Transcribed Image Text:

In the past, employees at Goldman Sachs, one of the world's ieading investment and banking firms, could expect to be rated each year on a scale of 1 to 9. Perhaps it felt great to be a "9," but the number did not help them do much to improve their contribution to the organization or guide their career development. A low rating was just demoralizing-and typically a sign that one would be asked to leave. Making matters worse, the rating process involved closed-door discussions among managers, which could create a feeling that the scores were mysterious, even unfair. Furthermore, the company surveyed employees and learned that many wished they did not have to wait as long to learn how well they were doing. So a few years ago, Goldman set out to make its performance management more relevant to its strategy and its employees ambitions. The first change was to replace the scoring system with more specific feedback on what employees can do to improve their performance. In addition, the annual reviews, based on data from the employee's manager and several co-workers, were expanded to more frequent meetings between employees and their managers. The goal was for employees to improve their performance throughout the year, rather than waiting for an end-of-year grade. Over the following months, Goldman made it easier to provide even more frequent feedback. It rolled out an in-house mobile app called Ongoing Feedback 360+, which lets an employee's manager and colleagues deliver informal feedback at any time. The idea is that when an employee completes a big transaction, presentation, or product launch, others can praise wins or offer ideas for doing better next time. The employee can view a summary of the year's feedback on a dashboard display. Goldman's HR team sees the changes as a way to empower employees and create a high-performance work system where they will want to stay. The Ongoing Feedback app is intended to support this goal by promoting teamwork and a commitment to excellence. QUESTION: OUTLINE AN ACTION PLAN. BRIEFLY DESCRIBE HOW YOU WOULD IMPLEMENT THE RECOMMENDATIONS. In the past, employees at Goldman Sachs, one of the world's ieading investment and banking firms, could expect to be rated each year on a scale of 1 to 9. Perhaps it felt great to be a "9," but the number did not help them do much to improve their contribution to the organization or guide their career development. A low rating was just demoralizing-and typically a sign that one would be asked to leave. Making matters worse, the rating process involved closed-door discussions among managers, which could create a feeling that the scores were mysterious, even unfair. Furthermore, the company surveyed employees and learned that many wished they did not have to wait as long to learn how well they were doing. So a few years ago, Goldman set out to make its performance management more relevant to its strategy and its employees ambitions. The first change was to replace the scoring system with more specific feedback on what employees can do to improve their performance. In addition, the annual reviews, based on data from the employee's manager and several co-workers, were expanded to more frequent meetings between employees and their managers. The goal was for employees to improve their performance throughout the year, rather than waiting for an end-of-year grade. Over the following months, Goldman made it easier to provide even more frequent feedback. It rolled out an in-house mobile app called Ongoing Feedback 360+, which lets an employee's manager and colleagues deliver informal feedback at any time. The idea is that when an employee completes a big transaction, presentation, or product launch, others can praise wins or offer ideas for doing better next time. The employee can view a summary of the year's feedback on a dashboard display. Goldman's HR team sees the changes as a way to empower employees and create a high-performance work system where they will want to stay. The Ongoing Feedback app is intended to support this goal by promoting teamwork and a commitment to excellence. QUESTION: OUTLINE AN ACTION PLAN. BRIEFLY DESCRIBE HOW YOU WOULD IMPLEMENT THE RECOMMENDATIONS.

Answer rating: 100% (QA)

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