Most entrepreneurs often face a challenge on how they can raise a start-up company to a leading competitor. It needs an experienced and focused entrepreneur to compete against competitors who have existed in the industry for a longer time.
For entrepreneurs in Chicago, Raj Fernando has outlined some of the core competencies that can develop a start-up within a short period. Raj Fernando has a wealth of experience having served top positions like Scoutahead’s CEO and founder, Chicago Board of Trade and other leading companies in the finance industry.
For this reason, Raj bears management skills that are crucial to the success of any business in Chicago. According to Raj, Chicago is amongst the cities that have plenty business opportunities. The diverse industries have created a business society that needs each other for success.
However, most entrepreneurs miss out the opportunity to excel due to poor management skills. One of the old skills that most entrepreneurs adopt from top companies is the annual performance assessment structure.
The performance structure is used to gauge the productivity of employees, but Raj Fernando considers it inappropriate. The performance structure rates an employee’s performance on a scale of 1-5, leaving out the exceptional skills of an employee. Fernando suggests that besides the structure, a manager should consider the unique talents of each employee. As a result, Raj believes that annual performance assessment structures are not efficient in improving employee productivity.
According to Mr. Fernando, successful managers do not work with perfect employees but rather, they spot an employee’s weaknesses and support him or her. Oftentimes, good managers encourage employees to support one another to come up with a unified, stronger and professional team.
The annual performance assessment structures do not support long-term employee productivity. A successful enterprise does not require an employee who performs once per year. Rather, employees should be directed towards long-term continuous improvement.
Fernando’s skills helped Chopper Trading to develop into a leading trading company serving its clients like CME, LSE, Eurex, and Nasdaq through a dedicated task force of more than 250 employees. Unlike Chopper Trading Competitors who often lay off its workers, Chopper Trading maintained its employees until retirement.