Goldman Sachs wants to be more transparent in how it rates its employees, according to a new report.
The investment bank plans to roll out a new review system, in which employees will receive continual feedback from managers and peers,The Wall Street Journal reported on Friday.
This software-based process will supplement the bank's annual review process with more frequently occurring check-ins, Edith Cooper, Goldman's head of human capital management, told the Journal in an interview. The system was tested in some divisions of the company beginning last year and will soon be extended to all 35,000 Goldman employees, she added.
"The same approach that we take to our revenue-producing businesses, we have to apply to our investment in people," Cooper told the newspaper. "That means taking a look and saying 'can we do this better?'"
Goldman said it will continue to conduct annual reviews, though, as those remain a "high-stakes affair" that influences workers' chances for promotion and bonus checks, according Cooper's interview with the Journal.
The changes are all part of a bigger shift in the way businesses are tracking and grading workers' performance, with Accenture PLC and Deloitte both recently halting their annual performance reviews.
"If you're giving [employees] lots of feedback and being transparent, that will create some stickiness," Cooper told the Journal.