360 Degree Feedback at Morgan Stanley

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Harvard Business School 9-498-053 Rev. October 29, 1998 The Firmwide 360° Performance Evaluation Process at Morgan Stanley The objective of the annual Performance Evaluation Process is to provide every employee with quality performance feedback. We continue to believe strongly that candid feedback serves as the foundation for creating development plans for each individual that help the firm meet one of its most important goals: the continuous professional development of its employees. This development remains one of the critical success elements of the firm. —Richard Fisher (Chairman) and John Mack (President) The New Performance Evaluation Process During 1993 Morgan Stanley implemented a new firmwide 360° performance…show more content…
This document was officially called the Year-End Data Packet, but was informally known as "the book." This raw data (which were anonymously reported from subordinates, but was clearly identified with colleagues and superiors) then had to be 2 The Firmwide 360° Performance Evaluation Process at Morgan Stanley 498-053 interpreted and synthesized by the evaluation director. As one managing director who served as an evaluation director described: The data packets are a cornucopia of information that the evaluation director has to sift through. That task is huge and extremely important. It is critical to the integrity of the system and to preserving the ongoing working relationships. The evaluatee never saw the actual comments made by those who had completed evaluation forms. Instead, the evaluation director produced an Evaluation and Development Summary (see Exhibit 6). For some divisions these Evaluation and Development Summaries were the data on which promotion and compensation decisions were based. Everyone in the firm acknowledged that it took a great deal of time and effort to write clear and consistent summaries. The process was perceived as helpful in conducting performance appraisals because the manager was able to draw on detailed and specific

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