Performance Feedback and Review

The Commonwealth Bank’s Performance Feedback and Review (PF&R) framework focuses on helping us achieve our vision and creating and growing a performance culture which engages people through:

• Setting clear expectations linked to business objectives
• Establishing a framework in which performance is assessed in a fair and objective manner
• Links rewards and consequences to performance, and
• Provides everyone with regular and timely feedback, and coaching to help improve performance and to develop for the future

Managers ensure that their people understand the goals and objectives of their work area and the wider business within which it operates. At the start of each year, managers set performance expectations with each member of their team based on a combination of outcomes and behaviours.

Regular feedback is important to ensure our people understand how they are progressing. In addition, a formal performance review discussion is held at least every six months. These discussions are essential to:

• Review and assess performance on outcomes and behaviours
• Review performance expectation, and
• Identify development opportunities for continuous improvement
  
  

Our people have indicated that the opportunity for open and genuine two-way dialogue on their performance through the PF&R framework is valuable and productive.