Revolutionize How You Assess Your Employees ft Dr. Peter Fader | Hard Corps Marketing Show | Ep 401

How can a peer assessment system revolutionize employee performance evaluations?In this episode of The Hard Corps Marketing Show, Casey sits down with Dr. Peter Fader, Professor of Marketing at the Wharton School of the University of Pennsylvania and Co-Founder of Theta & Incompass Labs, to explore an innovative approach to improving employee performance evaluations. Dr. Peter Fader discusses the flaws in traditional performance measurements and introduces a new algorithm originally developed for grading student papers, now adapted for employee assessments.Dr. Peter Fader explains how this incentive-compatible peer assessment system works, correlating evaluations with employees' own performance. Used by companies like Hostelworld, the system measures employees on various dimensions such as productivity and cultural fit, ensuring honesty and accuracy. The discussion also touches on how AI can improve qualitative assessments, detect biases, and the broader implications of Employee Lifetime Value (ELTV) for team performance.In this episode, we cover:The flaws in traditional performance evaluationsHow the new peer assessment system works and its impact on employee performanceThe role of AI in reducing biases and enhancing qualitative assessmentsThe concept of Employee Lifetime Value (ELTV) and its relevance to optimizing team performanceIf you're looking to optimize your company's performance evaluation system and drive better results with data-driven insights, this episode is packed with actionable insights you won’t want to miss!🔔 Don’t forget to subscribe and hit the notification bell so you never miss an episode of The Hard Corps Marketing Show!Follow us on LinkedIn: https://www.linkedin.com/company/the-hard-corps-marketing-show/ Connect with Peter:LinkedIn: https://www.linkedin.com/in/peterfader/  Twitter: https://twitter.com/faderp Theta Equity Partners: https://thetaclv.com/Wharton School Website: https://marketing.wharton.upenn.edu/profile/faderp/  Customer Centricity Book: https://www.amazon.com/Customer-Centricity-Customers-Strategic-Essentials/dp/1613630166/ref=sr_1_2?keywords=Customer+Centricity%3A+Focus+on+the+Right+Customers+for+Strategic+Advantage&qid=1561730651&s=gateway&sr=8-2  Customer Centricity Implementation Book: https://www.amazon.com/Customer-Centricity-Playbook-Implement-Strategy/dp/1613630905/ref=sr_1_1?keywords=Customer+Centricity%3A+Focus+on+the+Right+Customers+for+Strategic+Advantage&qid=1561730749&s=gateway&sr=8-1 Ways to Tune In:Apple Podcasts:  https://podcasts.apple.com/us/podcast/the-hard-corps-marketing-show/id1338838763Amazon Music/Audible: https://music.amazon.com/podcasts/0f4497c6-b402-4cad-9018-1e41b7e8f2bb/the-hard-corps-marketing-showSpotify:  https://open.spotify.com/show/1vVLpNI1LssMTiL6KdsamnStitcher: https://www.stitcher.com/podcast/the-hard-corps-marketing-showGoogle Podcasts: https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkcy50cmFuc2lzdG9yLmZtL3RoZS1oYXJkLWNvcnBzLW1hcmtldGluZy1zaG93Youtube: https://youtu.be/H3gs-Q6yU7AHard Corps Marketing is produced and sponsored by Ringmaster, on a mission to create connections through branded podcasts. Learn more at https://ringmaster.com/