J.P. Morgan Employees Will Soon Be Able to Give Co-Workers Constant Performance Reviews
Employees at J.P. Morgan Chase will soon be able to give CEO Jamie Dimon performance reviews—at least in theory.
J.P. Morgan’s employees are in the process of getting access to software that allows them to review each other instantly, according to a Thursday internal note first obtained by Bloomberg. Head of HR John Donnelly, who signed the note, explained that the change will roll out with two major pieces of software: a performance tracker and Insight360. The former provides all employees, from investment bankers to tech workers, with performance reviews seen between themselves and their supervisor.
But later this year, employees will be able to use the Insight 360 software to “request and receive feedback from anyone, anytime,” Donnelly said.
Insigth360’s creation also means subordinates will be able to personally review their supervisors and not just the other way around, a person familiar with the matter told Fortune. These reviews likely won’t be anonymous unless it’s passed on to a reviewee’s manager who, in turn, wiped the name before passing it along.
So while J.P. Morgan employees could review Dimon in theory, in practice, they might not want to.
The new review system replaces the traditional single annual performance review, but the latter will still factor into the company’s compensation decision. The exact process remains unclear.
“We want people to act and lead in a way that creates an environment where folks are comfortable asking for, giving and receiving feedback,” managing director Michael D’Ausilio told Bloomberg. “If they walk out of that meeting, they should hear straightaway how they did.”
The changes were reportedly in response to surveys and discussions held among J.P. Morgan employees, who said they wanted constant feedback from managers.
The transition to the new rating system is expected to finish by 2018.
J.P. Morgan isn’t’ the first to change their performance review process. Morgan Stanley and Goldman Sachs each overhauled their performance review systems last year: Morgan Stanley switched out its 1-to-5 point scale for adjectives last year, while Goldman is now experimenting with constant feedback that doesn’t rate employees on a nine-point scale.