How Blockchain Will Improve Performance Management of Your Team

As an employer, you are always looking for ways to improve the efficiency of your team. You need to be sure that each employee is doing their best work, meeting deadlines, acquiring new skills and improving existing ones, and is motivated to bring your business the results it needs for as long as possible. 

Employees expect you to guarantee timely and full payment of salaries, predictable raises, additional benefits, and sustainable development within your company. Blockchain technology can help you build such a win-win relationship between you and your team. 

Blockchain allows you to store and manage data in the form of chains of blocks, where each block contains records. In our case, it is about certain actions or plans of the employee. In addition, each block is encrypted and linked to the previous blocks in the chain, so interference with the records of previous blocks is impossible without detection.

Using blockchain, you can better monitor and analyze the work of each employee. The technology allows you to set goals for a certain period of time, monitor efficiency and time spent on work within the records in a separate block for each employee. When a certain task or goal in a block is achieved, the relevant manager or HR specialist leaves the necessary records. If the results do not meet the set goals, the corresponding feedback is also displayed in the block. 

All employees of the company can see the entries in each block, so the workflow becomes less subjective and biased. You can also track progress and collect feedback from colleagues on the performance of each employee. This makes performance management predictable, fair, and easy to manage, and the process transparent for both the company and the employee.

The introduction of blockchain paves the way for effective control over team performance. Since the team also benefits from the technology in the form of a predictable roadmap of their career in the company, they do not feel any discomfort with closer performance monitoring.

The Apollo HR team will help you implement blockchain technology, create optimal conditions for managing your team's productivity, and tell you how blockchain can benefit other business processes in your company.