Last week, Goldman Sachs announced that in a shift, its employee evaluations would no longer include ranking staffers from 1-9, a designation that historically followed people around all year, meaning shouts of "Hey, three, where's my lunch" could often be heard around the trading floor. Now Morgan Stanely has told its worker-bees that instead of receiving an opaque "1" or "2" during performance reviews, they'll be assigned a series of adjectives.
For years, Morgan Stanley employees were graded in part on a numerical scale that rated them from 1 to 5. Now, the Wall Street firm plans to change those evaluations — by taking away the numbers. Morgan Stanley told its staff on Thursday that it was overhauling how employees are assessed in several ways, including by discarding the number scale in favor of lists of up to five adjectives...Evaluators will now be asked to list up to five adjectives that describe the employees. The aim is to give more direct feedback and better steer staff members toward areas of improvement.
And the humanity doesn't stop there. In slightly more shocking news, the bank will start taking other factors into account that simply how much money people haul in.
Employees will be evaluated not just on how much money they bring into the firm, Ms. Sullivan said, but also on a broad array of factors meant to measure their overall contributions to the firm. “We don’t just think about what they’ve contributed commercially,” she said. “We think more holistically: their risk management, their leadership skills and what they’ve contributed to our culture.”