Overview

• Block CEO Jack Dorsey has announced a new approach to performance management, scrapping annual performance reviews and performance improvement plans (PIPs).
• Dorsey aims to foster a 'culture of excellence' at Block, with regular employee evaluations replacing annual reviews.
• Employees not meeting expectations may be let go immediately, bypassing formal feedback or performance improvement strategies.
• Performance ratings of 'meet, exceed, or fall below' will be introduced, and each employee will have access to their rating.
• Dhanji Prasanna, a Block veteran and the firm’s chief scientist, has been promoted to the new Chief Technology Officer.