It is a well-established fact that startup environments differ significantly from that of the enterprises and big corporates. For one, startup employees are part of a constant hustle. They not only manage different profiles but they also work very closely with different teams whilst contributing in many ways apart from the job function they were hired for.
Furthermore, when it comes to these multi-tasking employees, appraisals most of the
Here are my top takes on how the future of startup appraisals will actually look like In India in the next 5 years:
1.) Performance Matrix: Traditional methods of appraisals will slowly fade away making way for the more performance-oriented approach to assess the job achievements and objectives. Performance matrix will come into picture, which would not depend on human assessment neither would be biased in evaluation. It would also be possible add dynamic factors to the performance matrix such as contribution in building company culture, cross-dimensional abilities, multi-tasking, task TAT, etc.
2.) Incremental Progress Rewards: Humans are highly incentive driven in nature. Conventional appraisals are conducted once a year, which may not sound appealing to the new generation of employees. Hence, considering the multiple roles, hustling environment, execution speed, value addition to the team, building culture, etc. they should be incentivised on milestones basis.
4.) Objective based Assessment: Appraisals that lack objective usually end up with a strong need for constant feedback for the employees to keep a check in their on / off track. This method is highly discouraged within the present generation of employees. With the startups of today and future, this would surely change. Adopting Objective based and not just goal based expectations would certainly help the employees to understand the quality and quantity needed to achieve the goals
5.) 360 Degree feedback systems: 360-degree feedback system empowers the employees to open up which is not seen in larger organisations so far. Employees must have a platform to open up and share feedback about their managers, seniors, peers and the organisation, which is extremely important to promote progressive culture within an organisation.
The author is the Co-Founder, CHRO and the Chief Health Officer at 23BMI.