Rob Parson at Morgan Stanley
1. 360ÃÂº Performance Evaluation System Overview
360 ÃÂº performance evaluation system is a multi source feedback model for evaluating the performance of the employees within a company. The main purpose of this system is to develop the employees, not to use it for the administrative purposes as promotion, firing, and compensation package. The feedback is received from the direct manager, customers, peers and subordinates. Also, the self-evaluation of the employee is taken into consideration.
2. A Critical Assessment of the Current Evaluation System
The system used within Morgan Stanley is a kind of 360 ÃÂº feedback, based only on behavioral data. Although it is recommended for development process, in this case it is used mainly for administrative purposes - promotion and compensation packages.
If a performance system is intended to be used for administrative purposes, including promotion, the output data (management by objectives) should be used besides the behavior data.
The dimensions of behaviors are not formally defined and not well understood by the company employees, even by the recently hired managers. The company wants to change the culture through this performance appraisal system, but the design was not complete and not appropriate training was provided.
In this 360 ÃÂº feedback implementation, the self-evaluation and customers feedback are not included, although Rob Parson has direct contact with them all the time.
A relative assessment in not used, only absolute assessment. The relative one is useful in this case to compare internal potential candidates for the managing direct position.
The new line of business - Capital Markets Services - is a special type of business, which requires a special approach, with high priority activities, which require a fast action. The existing culture does not meet the demands for this type of business. The colleagues are not...