It's safe to say that Goldman Sachs is the bank of over-achievers. The average Goldmanite, we can assume, not only reminded high school teachers they'd forgotten to collect homework, but offered to collect and grade it as well. So it's fitting that, as Lloyd Blankfein and company roll out a new feedback and monitoring system that seems to draw equal inspiration from Jamie DimonRay Dalio's book of Principles and a Black Mirror episode, Goldman employees have no one to blame but themselves:
Called Ongoing Feedback360+, the initiative follows Goldman Sachs’s redesign of its annual review processes last year, Chief Executive Officer Lloyd Blankfein said in a note to employees on April 13 that was also signed by co-presidents David M. Solomon and Harvey Schwartz. Employees then asked for more frequent and timely interactions, Blankfein said.
Like Bridgewater and now JPMorgan employees, Goldmanites will have the privilege of sending and receiving a constant stream of live-action criticism concerning every aspect of their workaday lives in lieu of simple once-a-year evaluations. Though such a system might sound oppressive and unsettling, some members of the 70 percent of those who survive Bridgewater for more than two years seem tolike it.
Anyway, it may be less accurate to say that Goldman is treating its flock like Bridgewater employees than it is Goldman technologies:
“The same approach that we take to our revenue-producing businesses, we have to apply to our investment in people,” [Goldman’s head of human capital management Edith] Cooper said. “That means taking a look and saying ’can we do this better?’”
Happy feedbacking, Goldmanites. Feel free to let us know how the app is working.