Performance Review Advice
Investment bankers, brace yourselves—this year, your performance review from your boss might be on the harsher side.
We’re living in a time where efficiency is king in the workplace, and corporate bigwigs are all about making sure everyone’s firing on all cylinders. They’re trimming the fat wherever they see it, and they won’t lose sleep over an underperformer deciding to jump ship.
Remember the early days of the pandemic? Back then, the focus was on building up the team, not cutting it down. Performance issues? They got a pass. The fear of losing overworked and stressed talent meant managers were more likely to turn a blind eye than to crack the whip.
But those days are behind us. Now, it’s all about having the right person in every seat, according to Dave Carhart from Lattice, a firm specializing in people strategy for human resources. Lattice’s recent survey data put a spotlight on performance management, revealing it’s at the top of the agenda for nearly 40% of HR pros—the highest it’s been for a while.
Take McKinsey as an example; the consulting giant reportedly flagged about 3,000 of its staff for not making the grade, according to insiders. This shift indicates that performance reviews might pack a bit more punch than you’re used to.
Yet, there’s a silver lining. A tough review can be a golden ticket to showcasing your resilience and problem-solving skills. The key? Keep your cool and craft a plan of attack that’s both thoughtful and strategic.
A negative review could be the wake-up call you need, either to step up your game at your current gig or to find a new role that’s more in line with your aspirations and talents.
Erik Post’s tale, as featured by The Wall Street Journal, is a case in point. He was taken aback by a review that praised his work but noted he didn’t exceed expectations. Despite rubbing shoulders with top brass and receiving accolades, his inconsistency in the nitty-gritty tasks was a letdown. Post took this feedback to heart, improving his team collaboration and eventually shifting gears career-wise to rediscover his spark.
This story underscores the importance of self-reflection and seeking out candid feedback. It’s easy to fall into the trap of thinking you’re doing just fine, especially when direct, constructive criticism is rare. But facing the music and taking proactive steps to address feedback can set you on a path to not just meeting but exceeding expectations.
So, when you find yourself on the receiving end of a performance review that’s less than stellar, remember it’s not the end of the world. It could very well be the push you need to elevate your career to the next level. After all, in investment banking, being complacent isn’t an option.
