We’ve published a new The Pains We Solve page. Take a look!
Addressing Long-Cycle Appraisals is a case of a medium size insurance company, which deployed FairSetup to work in tandem with an existing long-cycle appraisal process.
Deployment consisted of three stages – a pilot, followed by gradual adoption across multiple teams, followed by company-wide adoption.
The outcomes included an increases in productivity, culture, and employee engagement.
Read more about it here.
We released a guide to how to perform collaborative performance evaluations using FairSetup. Read more about it here.
We’ve come up with a new image to explain the components of the FairSetup suite, how they relate to operations, and what benefits differentiate us from everyone else.
The FairSetup Suite has three modules which connect performance evaluations to impact to bonuses to company performance. The benefits include:
While money is the central component of any business, money is generally not the primary motivator. When do people work best? When they feel that they are treated fairly – when they feel that, if they put in a lot of effort, they are adequately rewarded for their impact. Until now, this sort of mindset was reserved for startups. FairSetup is a new type of compensation: one where a motivated company culture is achieved for by creating a system that fairly rewards all participants for their impact.
What makes people feel like their are being treated fairly? The ultimate form of fairness is a feeling of ownership.
What is ownership? It is 1) the ability to make decisions and 2) ownership of future profits. Most, especially late-stage commodity-type, employees are not interested in making strategic-level decisions. At the same time, they do want to profit from their impact on the company and are willing to take a risk to participate in the upside.
FairShare, the most advanced form of deployment of FairSetup, offers exactly that – if you are an employee who works hard and the company does well, you own some of that tasty future profit. The goal of FairShare is to give employees a sense of ownership so that they work hard and profit when the company does well and share in company’s plight when it doesn’t.
FairShare is an easy-to-understand transparent profit-sharing model. Hiring additional people to grow your team becomes easier – no need to dilute, dilution happens naturally as more people become members in the compensation pool.
What’s even better is that FairShare helps address the necessary transience of high quality employees. For example: let’s say that you need a high quality programmer when building a large system. After the system is built, their involvement is no longer necessary. Under FairShare, the programmer will want to build the system as quickly as possible and then move on to other interesting projects, because most compensation comes from success of the system, not the act of building it.
All in all, FairShare brings entrepreneurship into organizations of any size.
Please feel free to download our FairSetup Product Sheet.
Video is often the best way to explain things. To this end, we’ve put together some videos to help explain the fundamental concept of FairSetup and our Product Offering:
Posted on Vimeo:
Click through for YouTube (with transcript) and YouTube with extra text in the video: