By Denis Guedj
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Extra info for Le Mètre du monde
In addition, Pat and her team used the aggregate data to identify organization-wide interventions and training to help close gaps in performance and prepare the next group of leaders to fill more senior positions. Increasing Individual and Team Productivity at New York Life Members of New York Life’s management development group were concerned that the company was not fully exploiting the 360 data they had been collecting. ” says Vince Baglio, New York Life’s corporate vice president of management development.
In fact, that objective feedback and the process by which it is implemented turns out to be a critical component in their performance management process (PMP). The goal of the PMP is to “align organizational, business unit and individual performance, and foster communication on an ongoing basis between managers and their direct reports,” according to “Building a Performance Culture,” their internal PMP guide. The PMP is a robust system that includes a year-end assessment of individuals on their goals (“a project or assignment that an employee is expected to accomplish during the performance period in areas such as growth, financial and operational performance, customer focus, talent management, quality, and innovation”) and their competencies (“the five core competencies from the McGraw-Hill leadership competencies and up to five additional job-related competencies essential for success in their current position”).
But in the 1990s, two trends once again contributed to recognizing the importance of 360-degree feedback—increasing competition and the renewed focus on the customer. The traditional hierarchical structure of most organizations had always made for a cumbersome approval process and limited sharing of information. As organizations attempted to succeed in an increasingly competitive environment and meet the expectations of a better informed and more demanding customer base, these weaknesses made it difficult to take advantage of new opportunities and respond quickly to changes in the marketplace.
Le Mètre du monde by Denis Guedj