Deposed crypto king Sam Bankman-Fried was convicted on seven counts ofcriminal fraud yesterday, with Manhattan’s federal court finding the 31-year-old founder of FTX guilty of USD multi-bn crypto fraud. Prior to his conviction, Fried had claimed that this platform was exceptionally safer than competitors’, complete with an ins. fund to protect investors from (you guessed it) fraud.

What does this mean for the cryptosphere? While this trial might have shattered the trustworthy image of monkish, eccentric tech gurus, the volatile industry as a whole seems to have come out unscathed. Crypto advocates believe that FTX’s disintegration — which cost customers over USD 8 bn in missing assets — is an anomaly, and some are even doubling down, cashing out through other means to reinvest in crypto.

The long con: Over the years, Bankman-Fried called for the regulation of crypto and monitored consumer protection from US authorities. This came at the chagrin of crypto users who were drawn in by the decentralized and anti-establishment nature of the currency, but won him points with powerful people. Many investors reportedly found Bankman-Fried’s scruffy appearance comforting, but insiders claimed that it was a calculated decision to look the part of the non-threatening wunderkind.

The month-long trial was laden with unimpeachable evidence against him, including the testimony from former CEO of Alameda Research — FTX’s sister hedge fund — and ex-girlfriend Caroline Ellison. Bankman-Fried’s three-day-long testimony in defense of himself did little to counteract the statements given to the court by five former members of his inner circle, all of whom have taken plea deals for their complicity in these crimes.

Performance reviews aren’t quite enough to illustrate who is actually driving company success and who isn’t, according to the Financial Times. Less than 50% of North American firms who participated in surveys in 2021 reported that they have no idea who is really the valued employee putting in the elbow grease by using performance reviews in their current model.

“Rank and yank” performance reviews are back in fashion, despite being shunned decades ago. Based on a system used by the US military before World War II it focuses on the survival of the strongest contender and has recently been readopted by tech companies as they skim staff based on evidence demonstrating employee performance.

But these reviews do not account for many important factors. How can the performanceof employees who help their peers reach their goals quicker or those who foresee a looming problem and nip it in the bud have their performance measured? It’s simple — they don’t.

Remote work and messaging tools contribute to the problem. With more WFH or hybrid work set-ups a lot of the measurable interactions that take place happen without line-managers or seniors being aware, since they are not privy to these conversations.

360-degree performance reviews may be the answer. Asking questions such as who do your employees go for guidance or who do they think is an exceptional performer, and why, could give those strong and silent types a chance to shine, and perhaps stay on in any establishment.

The review is a requirement in most establishments to rank their employees, and is often the underlying reason that there can be a divide in employees and a decrease in morale.

BY THE NUMBERS-

#1- 15% of workers produce 50% of revenue, while 5% produce 50% of problems, claims Confirm, a performance review platform, cited in the Financial Times.

#2- Managers spend only eight seconds reading a self-reflection for every 7.5 minutes it takes an employee to write it, shares the salmon-backed paper.

#3- 14% of employees felt inspired to improve from their reviewsbut others believe differently. They believe that the reviews do not equip, inspire, or improve performance, and are not the best method for determining pay and promotion, Gallup reports.

#4-38% of people surveyed wanted to resign; in the end 21% actually left due to insufficient feedback. The quality of feedback did play a huge role in employee retention; especially the use of language which contributed to increase in turnover.

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