Tesla also told employees that there's a new round of performance reviews, called Performance Acceleration 2020, that will be completed by July 27. The company has sometimes cut staff at or around reviews.
In the second half of 2019, before the emergence of Covid-19, Tesla slashed commissions and added responsibilities for sales employees, and had already delayed end-of-year performance reviews and awards for all, as CNBCHere's the email announcing the new performance review process:Date: June 17, 2020 [Ed. Time stamp redacted]I'm excited to share that from July 1 through July 27 we will be conducting our new performance review session, "Performance Acceleration 2020.
Performance Acceleration 2020 is how we as an organization will evaluate performance, offer feedback, set clear goals and expectations, celebrate strengths and provide support/coaching where needed. It is also the primary way we will determine promotions, merit increases, equity awards and other recognition as well as assess our organization and what is needed to continue to succeed.
Performance Acceleration 2020 is for all employees company-wide and will be a bi-annual process moving forward Conducting reviews on a regular cadence allows for regular and predictable performance feedback, increased opportunities for career growth and development, more time to assess achievements and overall more fairness in evaluations.
Due to the economic impacts of COVID-19 on the business, and virtually every business in the world, any merit notifications you may have received in prior months will not be awarded since we are replacing the prior merit cycle with the one starting in July. Along with broader efforts to manage costs, the decision to hold these awards was important to help ensure that Tesla would thrive in the aftermath of this pandemic.
Please know that this program has the support of Elon, myself and the entire leadership team. You'll be hearing more about this from your leaders and HR Partners next week and will have a chance to ask questions and get familiarized with the new way to review how scrappy gets done!
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