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360 performance evaluation system is a multi source feedback model for evaluating the performance of the employees within a company. The main purpose of this system is to develop the employees, not to use it for the administrative purposes as promotion, firing, and compensation package. The feedback is received from the direct manager, customers, peers and subordinates. Also, the self-evaluation of the employee is taken into consideration.
We understand that one of the main objectives of the company is to change the culture through team work, cooperation, cross-selling and improving management skills. On the other hand, the company strategy includes the development of the Capital Markets Services line of business, which is very demanding and whose principal is Rob Parson.
The implementation of performance appraisal system including management by objectives to be used for administrative purposes
The improving of the 360 performance system by formal definition of behavioral dimensions, appropriate training for all employees, adding self-evaluation and customer feedback.
The Morgan Stanley should provide for managers training programs as team-building and programs for the development of coaching and management skills. Socializing events should be organized across the company. The results of each department performances should be presented to all employees through special channels.
Regarding Rob Parson, we suggest to promote him to the managing director position, with the recommendation to improve his management and communication skills, to be less aggressive with the colleagues and also to explain them what are the challenges of his business and to ask for their support.
If Rob will not be promoted there are big chances that he will leave the company. He wants this promotion because is part of his long term career goal and this will motivate him to improve himself and his team.
If he will leave Morgan Stanley, the company can loose important clients and business opportunities.
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