Goldman Sachs just overhauled how it does performance reviews, and 10% of staff will get rated underperformers each year
Landing a gig at Goldman is extremely competitive: The firm receives as many as a million applications for midlevel jobs every year, out of which just 5,000 candidates receive offers.Goldman Sachs is overhauling its performance rankings and adding more frequent check-ins with managers, Reuters reported on Monday.
In a memo to staff, Goldman Sachs provided information on performance ratings and updates on new performance-management measures,on Monday. The overhaul could lead to more job cuts in 2021 than Goldman had made in recent years, Reuters said. According to the memo, one in four staffers out of Goldman's 39,000-strong workforce will meet its "exceeds expectations" performance threshold. About two in three will be categorized as "fully meets expectations," and the bottom 10% of performers will be designated as "partially meets expectations.
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