The present study examined the role of positive goal‐performance discrepancies (GPDs), self‐efficacy beliefs, and dispositional goal orientation on goal revision processes following performance feedback in a sample of 129 Icelandic job applicants. The results indicated that goal revision was primarily a function of the positive GPD encountered by individuals. However, this relationship was moderated by self‐efficacy, performance goal orientation, and learning goal orientation. Implications of these findings and directions for future research are discussed.