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Rob Parson at Morgan Stanley The Firmwide 360 degree performance evaluation process at Morgan Stanley

Submitted by: GROUP 2 Ankesh Jindal Manish Shukla Megha Jain Nitish Mittal Ritvik Sharma Sivia Goyal

Morgan Stanley
A leading US investment bank A One-Firm Firm Competitive advantage: Employees and culture Environment of teamwork and innovation Developing and utilizing employees abilities Dignity and respect for all Unified face presented to customers Up-or-out promotion system with steep pyramid hierarchy

Capital Markets Services


A division created as an effort to be more responsive towards clients A link between the Investment Banking Division (IBD) and the sales and trading arm of the firm Intended to provide clients with focused attention and service Cross-divisional collaboration Requires Relationship skills Understanding of clients business Ability to work with product specialists Good understanding of the market

360 degree feedback


A system or process in which employees receive confidential, anonymous feedback from the people who work around them A mixture of about eight to twelve people fill out an anonymous online feedback form that asks questions covering a broad range of workplace competencies 360 feedback measures behaviors and competencies 360 assessments provide feedback on how others perceive an employee 360 feedback addresses skills such as listening, planning, and goal-setting A 360 evaluation focuses on subjective areas such as teamwork, character, and leadership effectiveness

Advantages of 360 degree


Multiple Perspectives
The employee gets a well-rounded perspective of his performance. You should conduct one-on-one meetings or surveys with those providing input.

Customer Input
Customers can be internal and external. Ask the customer to provide situations in which expectations were not met, met or exceeded.

Confidentiality
Subordinates can provide feedback about managers without fear of retaliation. Do not disclose the names of subordinates providing feedback.

Credible Feedback
When the same feedback is from multiple sources, the employee does not feel he is being targeted by one person.

Training Needs
Using 360-degree feedback provides a better perspective of training needs.

Enhance communication
It enhances two way communication, both formal and informal

Disadvantages of 360 degree


It is time-consuming and costly, so the technique is often restricted to management levels If too many appraisers are used, the results can be difficult to interpret It can be destructive unless handled carefully and sensitively It can generate an environment of suspicion, unless managed openly and honestly 360 feedback is not a way to measure employee performance objectives (MBOs) 360 feedback is not a way to determine whether an employee is meeting basic job requirements 360 feedback is not focused on basic technical or job-specific skills 360 feedback should not be used to measure strictly objective things such as attendance, sales quotas, etc.

Performance Evaluation at Morgan Stanley


Process followed 360 performance evaluation Evaluation by Superiors, Subordinates, Colleagues Self evaluation Was directed towards a culture change to emphasize Teamwork, Co operation & Cross-selling To provide Comprehensive development feedback to improvise in areas Market/ professional skills Management & leadership effectiveness Commercial orientation Teamwork / one firm contribution

Drawbacks of the Process


No actual consensus on the practical meaning of the process. No explicit set of criteria to satisfy / absence of competencies required No weightage assigned to the 4 areas / overall score used is average of 4 KPAs Teamwork, co operation etc were not defined/ no competencies or explicit criteria Absence of client feedback

Suggestions
KPAs should be assigned weights according to their relative importance Presence of a detailed job description / set of criteria Clear definition of competencies required / set of criteria to judge Teamwork Co operation Cross selling etc. Client feedback should be included Clear consensus on the process and its practical nature

Rob Parson
Positives Negatives

Market knowledge Aggressiveness in business Cross selling skills Relationship management with external clients Commitment Fulfilled clients demands Cooperative and integration oriented regarding the clients side activities Good commercial instincts and cross selling skills Creative and good judgment

Volatile & abrasive behavior Lack of team player skills Misfit between the culture and the values possessed Did not cared about the consensus Was not able to treat other members as their family members as required in company

Thank You!