What Are the Key Elements of Ms 360° Performance Evaluation Process? Essay Sample
- Pages: 2
- Word count: 480
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- Category: management
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Introduction of TOPIC
The objective of the MS 360° performance evaluation process is to assess the professional and personal development of employees in the firm’s efforts to create a cooperative/teamwork based corporate environment. To assess the performance of employees’, three key questions need to be answered.
A)How the assessment can be collected?
•Evaluation Request Form(360° feedback form): This form collects information on evaluatee’s strength and weakness across four categories
1. Market/Professional skills
2. Management and leadership
3. Commercial Orientation
4. Teamwork/one firm contribution.
•Office of Development: The responsibility of “Office of Development” is to collect filled evaluation forms, consolidate all into a data packet for each person being evaluated.
B)Who should fill these Evaluation Request Forms?
•List of Evaluators: Each employee is required to identify people with whom they regularly interacted and would be able to provide relevant feedback. A list of prospective evaluators is defined. This list includes Supervisors, peers, subordinates, “internal clients”. Each evaluator is categorized in one of 4 categories based on
the nature of the working relationship to the evaluatee: 1) Downward 2) Colleague short 3) Colleague
•Self Assessment: The self-assessment was completed annually by each employee in conjunction with the 360° feedback. It was meant to compliment the information in the 360° feedback and was also used as a means for self-reflection. It was broken down in 3 sections as follows: 1. Business Goals & Accomplishments 2. Contribution to Morgan Stanley, division, and external/industry-related community 3. Professional Development. The first 2 sections were open-ended, while the final section consisted of a series of short answers. These forms also asked for the top 3 strengths and weaknesses.
C)How assessment is finalized?
•Evaluation Director: Evaluation director reviews, analyzes and summarizes the comprehensive set of data. As a result Evaluation director produces an Evaluation Development summary. Performance expectations are benchmarked based on organizational hierarchy (i.e. “Managing director should have “the broadest, most in depth strategic knowledge of the banking process.”). Some MS division base promotion and compensation decisions based on the Evaluation and Development Summary.
•Performance Review Discussion: The process culminates with a meeting between evaluator director and evaluatee. In this meeting the evaluator director provides feedback and development advice. The evaluator also discusses promotion decision with evaluatee in this meeting.
So the key elements of MS 360° performance evaluation process are 1) Self-Assessment 2) Evaluation Request Form 3) Evaluation criteria 4) List of Evaluators 5) Office of Development 6) Evaluation Director 7) Template for Performance Review Discussion.
The MS 360° performance system is similar to those employed by other financial firms like Citigroup and JPMorgan Chase. Overall, many firms invest time in developing and administering some form of performance evaluation through their HR departments.
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