In this post, I would discuss the need for creating a performance appraisal system by making use of Blockchain, Smart Contracts, and Cryptocurrency such as PATB (PAT on the Back) Coin. This article is in continuation to the article I posted on LinkedIn with the title as A Decentralized Performance Appraisal System using Blockchain & Smart Contracts?
Performance Appraisal – Need for Greater Trust, Transparency, and Rewarding Experience
In age-old performance appraisal review system, the performance review is done by a couple of guys including the immediate manager/team leads and the reviewer. While some managers (and/or team leads) maintain the record of the all-round contribution of the employee throughout the year, most of the managers end up reviewing employees based on project-based performances of the employee. This looks to be flawed and end up in dissatisfaction of the employee, primarily, because of the fact that employees’ contribution to overall growth of organization gets ignored.
Employees do not only contribute to project-based activities and deliverables but also contribute to many other non-project related areas including training, organizational initiatives, brand-building activities.
In addition to above, employees are found to complain about their lack of trust and transparency in the overall performance evaluation system.
Thus, there is a need for a system where trust, transparency can be ensured while providing a rewarding experience for the employees at the end of performance appraisal reviews. This is where Blockchain comes into the picture.
Our Performance Appraisals can be part of Our Resume
The following are some questions which could highlight the need for a shared distributed ledger for maintaining our performance-related track record:
- Why our performance in the company can’t speak for itself through our resumes?
- How credible and trustworthy are our writings on the resume where we present our achievement details in one or more projects?
- Can my performance in different companies I worked for, be tracked/traced?
- How trustworthy are reference checks?
If we pay attention to above, we can find that there is a need for trust, transparency, and traceability when evaluating the resume of a person vis-a-vis his/her performance in any given company.
With Blockchain, smart contracts, crypto-coin (private coin) and a governance system, employees performance appraisal could be a rewarding experience. In addition to that, employees performance could easily be traced by different employers. This may end up removing the need for reference checks when hiring the potential candidates. The idea is to decentralized performance appraisal system thereby making sure that employees overall contribution to organization growth is properly captured.