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The Emergence Of Professional Credibility Standards

Gallup, Towers-Watson, and other surveys (you can choose the research source) find that at least 7 out of 10 employees are disengaged. The latest Edelman Trust survey shows that over 80% do not trust Government, Banks, Large Corporations, Markets and other institutions and organizations. “Trusted Third Parties” are no longer trusted.

More specifically, employees do not like performance appraisals and managers do not like giving them. It is hard for an employee to keep an updated resume that is properly written to show accomplishments as opposed to skills. It is equally as hard for a manager to appraise the performance of any single employee with whom he may have little or no interaction and know little or nothing about an employee’s actual job.

In a world of rapid technology advancement and accelerating change, for-profit business entities seek top performing individuals and teams. They require risk-takers who create innovation, which results in financial performance and progress. Employers need something more than a resume and a few short interactions to assess a candidate.

The cost to hire an employee can be up to $15,000 in direct expense (and up to 30% or more of first year’s salary if the search is outsourced.) In addition, the cost of removing a new hire who is not a good fit can be extremely high. Tony Hsieh, CEO of Zappos, estimates the cost of a bad employee is $100,000 in performance deficits and HR costs. To further complicate matters,ood employees are hard to retain under the current HR/performance appraisal carrot & stick methods.

What is required as foundational to this process is high Relationship Capital trust or RC credibility. Relationship Capital Points or RCPs can be earned, captured, and measured to track and acknowledge performance. Today this RC asset is locked in the heads of only a few individuals and organizational silos. It is not easily available for evaluation.

The Philosophy & Platform

The Peer SaaS philosophy is based on the premise that leaders need to provide examples and tools to their employees, clients or suppliers that can demonstrate intentional excellence of performance, authenticity and integrity in keeping one’s commitments. This is the cornerstone of a well-run business.

The Peer SaaS Platform captures and measures trustworthiness or credibility online, allowing parties to request and make commitments, thus earning Relationship Capital Points (RCPs) for delivering on their promises. Just as there is a FICO or Credit Score, which is the historical measure of creditworthiness, Peer SaaS measures commitment trustworthiness using RCPs (a measure which admittedly should be a major part of creditworthiness and is not now directly measured.)

This relationship capital or RC metric is based on the intentional, transparent, real-time interaction and record of a person’s completed accomplishments. It will be possible to evaluate and award RCPs for delivery on commitments promised.

Once delivered, each commitment will be provided objective requester feedback scoring and comments on performance of commitment partner. This last feature could allow for a dynamic record of employee performance without the time and angst of once a year reviews.

Why Peer SaaS

Benefits to Small Business:

  • Current assessment of employee performance
  • Members of the team not just the manager share feedback scoring
  • Potential elimination of annual performance appraisal
  • More engaged and committed workforce
  • Lower turnover of high performing employees

Benefits to Solopreneurs or Independent Workers:

  • Distinguish their services by building verifiable on-line track-record of kept-commitments, recognition, and qualitative feedback from customers, partners, and other business relationships that can be shared on digital platforms and social media.
  • Earn more attention and credibility from customers, partners, and industry influencers
  • Win more new business and revenue
  • Earn more credibility
  • Build thought leadership

Benefits to Employees:

  • Distinguish their services by building verifiable track-record of kept-commitments, recognition, and qualitative feedback from customers, partners, and other business relationships that can be shared on digital platforms and social media.
  • More immediate feedback on performance as opposed to annual performance appraisals
  • Demonstrate a record of credibility and accomplishments for recruiters or employers which can act as personal library
  • Transportable data — can be moved from corporate to individual and vice versa
  • Build thought leadership

Conclusion

The emergence of professional credibility standards is a force that will continue to grow. Relationship Capital leadership or behavior is a concept that is becoming more acceptable within leadership circles. It is an intangible asset that can bring extreme value to a company when embraced fully with benefits for all stakeholders, not just one group. The vision of the Standard of Trust is that in 2018, how we connect, collaborate, engender trust, deepen loyalty, keep promises and earn relationship capital is now the source of sustainable advantage.

www.StandardofTrust.com

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