Out With The Old, In With The New 🔥

Welcome to the inaugural edition of The New Bridge! Here I will break down the future of work topics that matter, open your mind to use cases, and keep you ahead of the curve.

My #1 goal is to be useful so please send me an email if you have any questions or feedback.

Inspired by the Navy Seals' wisdom, I’m embracing the 'Rule of Three' in this newsletter. Why? Because our brains are wired to hold just about three items in our short-term 'working memory’. So, I’ll be delivering concise and impactful 'triple nuggets of wisdom' in each edition. Just the right amount of info to remember without the mental gymnastics. Because let's face it, who needs that kind of pressure?

In today’s edition:

• Rethinking performance reviews

• Are personality tests dead?

• Blockchain: Traditional contracts to smart contracts

🎨 This Week’s Spotlight: Refik Anadol

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Let’s dive in.

PERFORMANCE REVIEWS

Let's be honest, who likes annual performance reviews? They're the annual reminder that your job is just like a bad relationship - you're constantly trying to improve, but you never really know where you stand until that awkward conversation.

Annual reviews often feel like a box to check for management, with employees not fully internalizing the process and generating negative sentiment. Stack ranking systems, for example, foster competition among employees which leads to mistrust. This has caused some organizations to abandon the method altogether. The reasons are multifaceted and compelling:

• They take too long

• Tend to be one-sided

• Too formal

• Too general

Let’s take a page from Netflix, Deloitte and Microsoft and consider the following shall we? Although not perfect, it’s a step in the right direction.

• Employees are encouraged to write journals to keep track of accomplishments and milestones

• Offer frequent and immediate feedback. Regular feedback is more meaningful and motivating to employees

• Emphasize on peer feedback and shared core values like collaboration and inclusion

• Improving internal efficiency and employee engagement with Objectives & KPIs

In an interview with Business Insider, Kathleen Hogan, Microsoft Chief People Officer & Executive VP of HR, shared the three factors emphasized in reviews:

 A SHRM article shared research from CEB, a management research firm, that cemented why annual reviews are not effective. CEB's research also uncovered some other harsh truths:

• Individual performance had little correlation with business performance

• Performance reviews created an uncomfortable dynamic between managers and employees

• Neuroscience research found that it made employees defensive and resulted in worse performance, even for top talent

• Employees perceived the review process as unfair and "rigged”

• People leave jobs much faster, so annual performance reviews made no sense

Takeaways:

• It is time to reconsider how we conduct performance reviews and whether they effectively fulfill their intended purpose

• You don’t have to copy every aspect of the management process mentioned earlier. Use it as a foundation of what will work for your organization

• Looking at present and future performance is proving to be more effective in today’s workplace where continuous and immediate feedback are at the core

PERSONALITY ASSESSMENT TOOLS

Alright, folks, let's dive into this whole personality assessment thing in hiring. For the most part, personality assessments like the Myers-Briggs Type Indicator (MBTI) aren’t meant for hiring. They’re better suited for team-building and other non-selective purposes. But does that mean we should toss out all personality assessments in the selection phase? It depends.

When used correctly, personality assessments can be a net positive in the hiring process. Think about it, personality plays a significant role in our habits, behaviors, and attitudes. So, when it comes to different roles like sales and accounting, it's no surprise that people with different personality traits tend to excel in each.

Now, before you start throwing personality tests left, right and center, there are a few things to keep in mind:

• Not all assessments are created equally

• Use the right assessment for the job

• They need to be psychometrically reliable and valid for hiring and selection. If not, you will be in hot water for potential bias and discrimination

Here's the kicker, personality assessments should never be the sole determinant in hiring decisions. They should be part of a well-rounded hiring process that includes interviews, references, and more. So, while personality assessments can provide valuable insights, they're just one piece of the puzzle. Got it? 👍

Lastly, a word of caution with the recent AI craze. The following are the risks of using AI personality tests in hiring:

• Discrimination due to biased data sets in AI models

• Collecting sensitive data without consent

• Inaccuracy in AI decision-making

• Lack of human interaction, negatively impacting candidate experience

• Data security and ownership concerns

Employers can use AI in hiring by:

• Ensuring that AI models are trained without bias

• Regular audits to spot red flags and trends

• Be transparent with candidates about data use

• Use AI as a complement to human decision-making, not a replacement

BLOCKCHAIN TECHNOLOGY: HR USE CASE

Why the fusion of HR, Blockchain and digital assets you ask?

The answer is simple: to unlock new dimensions of efficiency, innovation, and empowerment within the HR landscape. Throughout this newsletter, we'll explore how blockchain technology, digital assets, and decentralized systems are revolutionizing the way we manage talent, foster engagement, and build more transparent organizations.

I’ve been in the Blockchain space since 2013 and I often get asked what the fuss is all about. Let’s begin.

What is Blockchain technology?

Blockchain technology is a decentralized and distributed ledger system that records transactions across multiple computers in a way that ensures the security, transparency, and immutability of the data.

I highly recommend you watch ‘Understanding the Blockchain in Two Minutes’ from the Institute for the Future. It’s a great visual! Take a look 👇.

With the above in mind, what workplace challenges require solutions?

Talent Supply Problems:

• Poor visibility of available workers

• Inefficient matching in recruitment and hiring

Cost of Labour: 

• Employers paying intermediaries in inefficient talent markets

• Delayed payments to contractors and freelancers impacting businesses

Candidate Fraud:

• Low confidence in candidate qualifications

• Identity theft increasing over the years

• Over 50% of candidates provide inaccurate information in CVs

Recruitment & Selection:

• Selection bias and rapidly changing talent pools

Data Challenges: 

• Centralized data in hiring and work

• The need to move towards a more decentralized model

How can HR leverage Blockchain?

🌐 Decentralization: In traditional HR systems, data is usually stored on centralized servers controlled by a single entity. Blockchain offers an approach where data is distributed across a network of computers. This reduces the risk of a single point of failure

 🔐 Data Security: Data stored on a blockchain is highly resistant to tampering

💼 Smart contracts: Are self-executing contracts with the terms of the agreement directly written into code. In HR, smart contracts can automate various processes like payroll and on-boarding

 📜 Credential Verification: Verify employee credentials easily, no more fakes

🔒 Data Privacy: It enhances data privacy in HR by providing a secure, decentralized, and tamper-proof ledger for sensitive employee information, reducing the risk of unauthorized access or data breaches

⏳ Immutable Records: HR records are set in stone, perfect for disputes

As with many things, technological developments and adoption take time. They don’t happen overnight and is a gradual process.

In future editions I will provide deep dives into the specific use cases of Blockchain and Web3. Can’t wait to share my passion for the space 🚀.

LUNCH & LEARN 

NFTs (Non-Fungible Tokens) and blockchain are closely related. NFTs are a type of digital asset that represent ownership or proof of authenticity of a unique item, like digital art, collectibles, or virtual real estate. These tokens are stored on a blockchain.

Let’s discover how art NFTs can seamlessly become part of your workplace culture:

1. Enrich Your Office Space: Art NFTs offer a fantastic opportunity to transform your office space and stimulate creativity and inspiration

2. Employee Recognition: Consider using art NFTs as an innovative form of employee recognition. These digital collectibles hold real value and can create a sense of accomplishment and pride

3. Boosting Employee Well-being: Art has the power to soothe and inspire. Incorporating art NFTs into your workplace can contribute to employee well-being. Consider creating relaxation spaces filled with calming digital art or initiating art therapy sessions

4. Cultural Exchange: Highlight the diversity of talent and perspectives that NFT art offers. It's a unique way to celebrate global diversity and creativity within your workplace

🎨 SPOTLIGHT OF THE WEEK

My passion for art offers moments of serenity and reflection in the fast-paced world of HR. The fusion of these seemingly contrasting interests has propelled me to explore innovative ways to integrate both spaces. By combining my enthusiasm for digital art with my expertise in HR, I aim to foster creativity, diversity, and inclusion, leveraging the potential of blockchain technology and enhance workplace culture and engagement.

In each edition of this newsletter, I shine a spotlight on a talented digital artist who's pushing the boundaries of creativity. Stay tuned for our featured artist every week, where we'll explore their work, inspiration, and dedication to their craft.

🎨 This Week’s Spotlight: Refik Anadol

Refik Anadol is a renowned digital artist known for immersive data-driven installations. He merges art and technology to create mesmerizing visual experiences. Anadol's work has been exhibited globally, exploring the boundaries of AI and data as artistic mediums. His innovative approach has earned him international acclaim, making him a prominent figure in the world of digital art.

Here are three of Refik Anadol's acclaimed works:

Machine Hallucination: Anadol's first large-scale solo exhibition in New York City, which explores the hidden datascape of New York City through machine learning algorithms

WDCH Dreams: A public art installation in Los Angeles that uses real-time data to create a digital artwork on the exterior of the Walt Disney Concert Hall

Winds of Yawanawa: A collaboration between the artist and the Yawanawa people of Brazil. The project aims to protect the Amazon rainforest by raising awareness of the impact of climate change on the region

IN CASE YOU MISSED IT 

• Hollywood writers can go back to work

• How GenAI is Creating Work, Not Just Changing them

• How AI is helping hire, promote and train

That’s all!

We’ll see you again next week. Thoughts, feedback and questions are much appreciated.

Cheers,

The New Bridge