TECH - Jack Dorsey Scraps Performance Reviews PIPs For Block Employees | Benzinga
In a bid to transform company culture, Block Inc. (NYSE:SQ) CEO Jack Dorsey has announced a new approach to performance management and named a new Chief Technology Officer. The company plans to eliminate annual performance reviews and performance improvement plans (PIPs).
What Happened: Dorsey relayed his aim to foster a “culture of excellence” at Block in a staff memo, Business Insider reported. The company will halt its tradition of annual performance assessments for workers following the forthcoming review round.
Dorsey has also designated Dhanji Prasanna, a Block veteran and the firm’s chief scientist, as the new CTO. This move comes on the heels of Dorsey’s announcement of an impending 10% workforce reduction in the next few months.
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Regular employee evaluations will supplant annual reviews, targeting the elimination of the notion that Block permits its workforce to “‘rest and vest’ throughout the company,” according to ...