Bringing Meritocracy to Workforce Management
The U.S. Government Accountability Office released a report stating that over 40 percent of the workforce in the country comprises contingent workers, expected to grow to 50 percent by 2020. Having extensive knowledge of the skills and performance of not just the internal workforce, but also a myriad of sub-contractors, retirees, and part-timers, has now become the central agenda for medium-to-large sized organizations. “In my career experience, I realized that there was no way to quantify the performance or skills of distributed, frontline human capital,” recalls Tracy K. Price, founder and CEO of QMerit. Over the course of his diverse career—from starting as a frontline worker and working his way up in the entrepreneurial ladder—Price noticed that the traditional annual performance reviews were often plagued by personal bias, subjectivity, and randomness, with no true factual context in the five-star or thumbs-up rating systems.