According to his blog article, “The Limits of Traditional Talent Management,” posted in Scoutahead on July 7, 2016, Raj Fernando explains why more companies are doing away with the traditional annual employee assessment. Different companies are ditching the old systems and replacing them with new ones, which ensure continuous measuring and monitoring of employee performance. The old way of conducting performance reviews is said to discourage innovation, creativity and collaboration among team members. Raj says that the rate at which Fortune 500 companies are ditching the old structure is encouraging.
Citing an example from Goldman Sachs, Raj said that no employee, including those who trade in them, wants to be reduced to a number. Goldman is doing away with the top-down quantitative performance systems, which Raj recommends for other businesses. Quantitative reviews ignore human subjectivity and naturally occurring biases. For instance, an employee can be good at presentation while another is good at client management. They can only learn to apply those skills in all sectors of their jobs from a personalized review but not a numerical one.
Top-down performance method that follows hierarchy discourages growth since successful leadership can only be achieved through identifying and supporting right answers from those below you. Lastly, the older method involves annual assessment process, which discourages consistent improvement. Raj says that it is advisable to monitor and review the performance of employees often. The new performance structure assesses workers based on delivery, project cycle and general growth. This information was originally mentioned on Raj Fernando’s website as explained in the following link http://www.rajfernando.com/
About Raj Fernando
Raj Fernando is the CEO and founder of Scoutahead, an internet startup designed to improve corporate and professional growth through safe and improved communication systems. He was the former CEO and founder of Chopper Trading. He sold the firm to DRW Trading Group. While pursuing his undergraduate degree at Beloit College, Fernando volunteered at the Chicago Mercantile Exchange. Later, he joined Chicago Board of Trade. He graduated with a bachelor’s degree in Economics and History. Raj Fernando is also a charity giver. He supports various initiatives in the U.S., especially Chicago. These projects include The Wounded Warriors and the Clinton Foundation. Raj is a board member of the American Security Project. This information was originally published on Markets Wiki as outlined in this link http://www.marketswiki.com/wiki/Raj_Fernando