Performance reviews at JP Morgan Chase may soon look more like Uber ratings than what comes out of the traditional annual HR process.
The bank is developing an internal tool it hopes will provide its more than 240,000 employees with constant feedback. The web-based tool, called Insight360, will allow employees to solicit reviews at any time from their colleagues and managers. Managers will also be able to request feedback about employees from their peers.
Believe it or not, JP Morgan employees asked for this.
When the company reqested input on its performance review process, according to a JP Morgan spokesperson, the 23,000 comments it received in response frequently requested real-time feedback. In an employee survey, 80% of workers said they liked to receive ratings on their performance.
Apparently, these bankers are not alone. Companies like General Electric, Accenture, and Deloitte have all remade their annual performance reviews into continuous-feedback mechanisms in recent years, and a growing genre of enterprise software facilitate continuous-review processes.
It’s not clear just how often JP Morgan employees will be able to review each other using Insight360, which is still in development. But just as workers on many Uber-like platforms get pay raises based on reviews that customers leave them after each job, according to the spokesperson, the constant feedback at JP Morgan will help assess performance as a factor of employee’s compensation.