Journal of Medical Insight (http://www.jomi.com) has recently soft-launched. We’re proud to say that JoMI is one of the companies that uses FairSetup for both operational management and to drive compensation.
JoMI is a particularly interesting case due to use of FairSetup at the inception of the company to set up a dynamic equity model, where all employees are partners and the angel investor’s investment is treated in a manner that is similar to partners’ efforts.
We are looking to seeing how JoMI goes, but are excited to the less-trivial equity (as compared to bonus-only-model) in action.
So, we got something from a fan and we just had to share this.
So a colleague of mine told me about this “new automated performance management system”.
I was not very excited…
Now I had the usual problems. Like people being very busy.
FairSetup is proud to announce that we are partnering with the Center for Effective Organizations (CEO) from the Marshall School of Business, University of Southern California. CEO will work with FairSetup when requested to collect and analyze performance-related data, to ensure that our technology generates business benefits, and to estimate the ROI of FairSetup. Read more about the partnership here.
More about CEO is available at http://ceo.usc.edu.
I had the pleasure of being interviewed on DriveThruHR, the HR’s #1 Radio Show (http://www.DriveThruHR.com). I met William Tincup at HR Tech a while back and William was kind enough to invite me over for segment. The interview was conducted by Bryan Wempen and Nisha Raghavan.
We’ve published a new The Pains We Solve page. Take a look!
You have a business unit. You need to manage its performance. Seems simple enough, but what is “performance management” really?
Performance management consists of three principal steps: 1) set expectations/goals, 2) measure performance/outcomes, 3) adjust to improve.
Our Summary: Performance Reviews, as long-cycle (date-driven) top-down insincere processes, are an abomination that should be replaced by short-cycle (regular) conversation where boss and manager are codependent.
Our take: While Culbert doesn’t offer solutions per se, the very fact that WSJ posts something so black and white supports our approach. At this point, “Performance Reviews” really is taken to mean “long-cycle reviews” and here we completely agree. However, short-cycle reviews are still reviews, so we believe that the solution being proposed (albeit vague) is also a performance review… just a short-cycle review that is integrated into management. Continue reading
According to the 2012 US Census, from 1978 to 2008 individuals who aged from 18 to 44 held an average number of 11 jobs. Compare that to the industrial age, when you were lucky to have a job. Quite the change.
So what happened?
Our summary: lack of transparency creates opportunity for problems. No lack, no problem. Namaste Solar is successfully transparent about salary information. SumAll is transparent about cap table. Transparency and and having everyone participate results in better culture and retention.
Our take: YES! We are big believers in radical transparency. Bridgewater is worth mentioning. That said, it is important to ensure structured communication and distribution of information, or transparency may affect scalability. It is also important to couple transparency with fair treatment/compensation and a voice. Continue reading
- Don’t give out the first number
- Don’t lie
- Don’t take the first offer
- Go for benefits
Our take: this is only for people who want a steady “salary”. We recommend that you focus on the value that you are bringing with a particular focus on the bottom line and impact on the business. Also, address the question of “How are my peers/company going to work with me to reach our goals?”. Granted, this advice is not for everyone, but what most outcomes-focused employers would like to hear in response to “How much should I be paid?” is “What is the value that I bring and how can it be maximized?”. As an employer ourselves, we don’t want to hire someone who walks in demanding high base and no variable outcomes-based compensation. We want people to work with us, not for us. Continue reading