FairSetup is a flexible tool, which can be applied to a variety of circumstances. At its core, FairSetup provides the following benefits:
- a performance evaluation process that everyone
likesloves - team alignment
- regular feedback that:
- creates an ongoing record of performance
- is collaborative & peer-based
- eliminates high-stake situations
- drives rapid behavior adjustment
- Expect increases in:
- productivity
- autonomy
- transparency
- accountability
- Create:
- clarity of relationship between performance, impact, and bonus compensation
- No overhead:
- simple web-based interface
- no long meetings
- easy to test and see results
- supports/integrates with existing performance management
When deployed in the larger companies, it has the following benefits:
- Solve problems associated with long-cycle appraisals:
- People remember only the last 2 weeks when performing assessments
- Hard to get peer feedback
- Hard to get managers to give tough feedback
- Disconnect between performance and compensation
Employees…
- … love the performance appraisal process
- … feel and work like partners
- … become more autonomous
- … have vesting and divesting
- … engage in collaborative performance management/team calibration
- … have control over work intensity through self-throttling
- … manage and push each other to improve net outcome
- … do not tolerate slackers
- … accept and help deal with hard times
- … understand the connection between performance and compensation
Employers…
- … introduces team-based dynamics
- … sees improved short-term cash flows
- … engages in easy/quick performance evaluations
- … improve retention
- … improve succession planning
Investors …
- … solve the agency problem
- … amplify deployment of capital ($1MM can work like $1.7MM)
- … reduce risk of failure
- … reduce probability of dilution
General Benefits include …
- … system allows for transient talent
- … allows employees to put skin in the game