{"id":609452,"date":"2023-11-05T00:00:00","date_gmt":"2023-11-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/05\/sam-bankman-fried-convicted-of-fraud-do-performance-reviews-really-do-employees-justice\/"},"modified":"2023-11-05T00:00:00","modified_gmt":"2023-11-05T00:00:00","slug":"sam-bankman-fried-convicted-of-fraud-do-performance-reviews-really-do-employees-justice","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/05\/sam-bankman-fried-convicted-of-fraud-do-performance-reviews-really-do-employees-justice\/","title":{"rendered":"Sam Bankman-Fried convicted of fraud + Do performance reviews really do employees justice?"},"content":{"rendered":"

Deposed crypto king Sam Bankman-Fried was <\/strong>convicted on seven counts of<\/a><\/strong>criminal fraud<\/a><\/strong> yesterday<\/strong>, with Manhattan\u2019s 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\u2019, complete with an ins. fund to protect investors from (you guessed it) fraud.<\/p>\n

What does this mean for the cryptosphere?<\/strong> 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<\/a>. Crypto advocates believe that FTX\u2019s disintegration \u2014 which cost customers over USD 8 bn in missing assets<\/a> \u2014 is an anomaly, and some are even doubling down<\/a>, cashing out through other means to reinvest in crypto.<\/p>\n

The long con: <\/strong>Over the years, Bankman-Fried called<\/a> 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<\/a>. Many investors reportedly found Bankman-Fried\u2019s scruffy appearance<\/a> comforting, but insiders claimed that it was a calculated decision to look the part of the non-threatening wunderkind.<\/p>\n

The month-long trial was laden with unimpeachable <\/strong>evidence<\/a><\/strong> against him<\/strong>, including the testimony from former CEO of Alameda Research \u2014 FTX\u2019s sister hedge fund \u2014 and ex-girlfriend Caroline Ellison. Bankman-Fried\u2019s three-day-long testimony<\/a> in defense of himself did little to counteract the statements given to the court by five former members of his inner circle<\/a>, all of whom have taken plea deals for their complicity in these crimes.<\/p>\n

\n

\n

Performance reviews aren\u2019t quite enough to illustrate who is actually driving company <\/strong>success and who isn\u2019t<\/strong>, according to the Financial Times<\/a>. 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. <\/p>\n

\u201cRank and yank\u201d performance reviews are back in fashion, despite being shunned <\/strong>decades ago.<\/strong> 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.<\/p>\n

But these reviews do not account for many important factors. <\/strong>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\u2019s simple \u2014 they don\u2019t.<\/p>\n

Remote work and messaging tools contribute to the problem. <\/strong>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. <\/p>\n

360-degree performance reviews may be the answer. <\/strong>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. <\/p>\n

The review is a requirement in most establishments to rank their employees, <\/strong>and is often the underlying reason that there can be a divide in employees and a decrease in morale.<\/p>\n

BY THE NUMBERS-<\/strong><\/p>\n

#1- 15% of workers produce 50% of revenue<\/strong>, while 5% produce 50% of problems, claims Confirm, a performance review platform, cited in the Financial Times.<\/p>\n

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

#3- 14% of employees felt inspired to improve from their reviews<\/strong>but others believe <\/strong>differently. <\/strong>They believe that the reviews do not equip, inspire, or improve performance, and are not the best method for determining pay and promotion, Gallup<\/a> reports.<\/p>\n

#4-<\/strong>38% of people surveyed wanted to resign; in the end 21% actually left due to <\/strong>insufficient feedback<\/a><\/strong>. <\/strong>The quality of feedback did play a huge role in employee retention; especially the use of language which contributed to increase in turnover. <\/p>\n","protected":false},"excerpt":{"rendered":"

Fried\u2019s conviction of criminal fraud will crack the confidence in the cryptocurrency industry<\/p>\n","protected":false},"author":1,"featured_media":609453,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7215],"tags":[633,638,11738,6628,8597],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-609452","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-for-your-commute","tag-enterprisepm","tag-for-your-commute","tag-performance-reviews","tag-sam-bankman-fried","tag-worklife","wpautop","entry"],"acf":{"mongo_id":"069c1eaa-df8e-408b-bf8a-f60760eb10f7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/204.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[609447],"teaser":"Fried\u2019s conviction of criminal fraud will crack the confidence in the cryptocurrency industry","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.fab9999d-431e-427e-8320-62f019c2e206.mp3"},"yoast_head":"\nSam Bankman-Fried convicted of fraud + Do performance reviews really do employees justice? 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UNDER THE LAMPLIGHT- Another day, another crypto fiasco. Going Infinite: The Rise and Fall of a New Tycoon is the latest book by award-winning and bestselling author Michael Lewis. 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(Washington Post)Croatia is\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/526.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":580227,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/how-ftx-defrauded-investors-with-a-small-change-to-its-code-musk-dethroned-as-the-worlds-richest-person\/","url_meta":{"origin":609452,"position":2},"title":"How FTX defrauded investors with a small change to its code + Musk dethroned as the world\u2019s richest person","author":"enterpriseam admin","date":"14 December 2022","format":false,"excerpt":"A small change to FTX\u2019s code allowed the company to defraud investors: Fallen crypto exchange FTX saw a tweak in its code in 2020 that allowed a hedge fund owned by former CEO and so-called \u201ccrypto king\u201d Sam Bankman-Fried to borrow an unlimited amount of FTX funds, Reuters reports after\u2026","rel":"","context":"In "FOR YOUR COMMUTE"","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/711.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":611271,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/04\/is-crypto-witnessing-a-resurgence-plus-white-hydrogen-could-be-powering-our-lives-soon\/","url_meta":{"origin":609452,"position":3},"title":"Is crypto witnessing a resurgence? Plus: White hydrogen could be powering our lives soon","author":"enterpriseam admin","date":"4 December 2023","format":false,"excerpt":"Two CEOs accused of money laundering hasn\u2019t dampened the bullish run of the cryptocurrency this year","rel":"","context":"In "FOR YOUR COMMUTE"","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/178.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550557,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/crypto-exchange-ftx-wants-computers-to-replace-brokers-amazon-makes-big-stride-in-race-towards-internet-from-space\/","url_meta":{"origin":609452,"position":4},"title":"Crypto exchange FTX wants computers to replace brokers + Amazon makes big stride in race towards internet from space","author":"enterpriseam admin","date":"6 April 2022","format":false,"excerpt":"Can computers replace brokers? A crypto exchange wants the answer to be yes: Crypto exchange FTX has made an intriguing proposal to US regulators: Offering crypto derivatives trading directly to users, without the intermediation of traditional brokers. The proposal by CEO Sam Bankman-Fried is part of a bigger plan, which\u2026","rel":"","context":"In "FOR YOUR COMMUTE"","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/444.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":609386,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/05\/ftxs-sam-bankman-fried-found-guilty-in-crypto-trial-of-the-decade\/","url_meta":{"origin":609452,"position":5},"title":"FTX\u2019s Sam Bankman-Fried found guilty in crypto trial of the decade","author":"enterpriseam admin","date":"5 November 2023","format":false,"excerpt":"Good morning, friends, and welcome to a business-heavy morning. The big stories today center on energy and FX, with cabinet extending budget cutbacks through June 2024 at the same time as it raised the price of petrol at the pumps by 14%. Notably, the oil ministry held back from raising\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/176.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/609452","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=609452"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/609452\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/609447"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/609453"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=609452"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=609452"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=609452"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=609452"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=609452"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}