NewsBytes
    Hindi Tamil Telugu
    More
    In the news
    Mukesh Ambani
    WhatsApp
    Reliance Jio
    OPPO
    Vivo
    Sensex
    Bitcoin
    NewsBytes
    Hindi Tamil Telugu
    NewsBytes
    User Placeholder

    Hi,

    Logout


    India Business World Politics Sports Technology Entertainment Auto Lifestyle Inspirational Career Bengaluru Delhi Mumbai Visual Stories Find Cricket Statistics Phones Reviews Fitness Bands Reviews Speakers Reviews

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
     
    Home / News / Business News / Get rid of bosses to create an equal working environment
    Business

    Get rid of bosses to create an equal working environment

    Get rid of bosses to create an equal working environment
    Written by Anish Chakraborty
    Apr 25, 2017, 08:47 pm 3 min read
    Get rid of bosses to create an equal working environment

    A new kind of organizational structure, dubbed Decentralized Autonomous Organization, aims to revolutionize the way companies work. DAO aims to do away with workplace hierarchy i.e. no place for CEO, CFO or VPs. It steers away from "command and control" structure that we are so used to and that's what makes it interesting. Let us look at how it works.

    What is it all about?

    The DAO founders have set up the basic rules of governance, which the employees are supposed to follow. It basically is a combination of blockchain, smart contracts, computer codes and people working together. DAO has stakeholders in the company who have tokens that represent their shares in the performance of the company. Increase in the value of tokens means profit for them.

    How does it work?

    The stakeholders have the right to vote their approval or denial of proposals. Once a proposal is submitted, it is discussed among the stakeholders and members of the community, and voted upon for the work to commence. Instead of hiring employees the company works on a hired-on-a-project basis, which means the company has the flexibility to hire the right person for the right project.

    How will it change the future of companies?

    In other companies, the higher authorities possess the power of firing or hiring people depending on their performance. However, often office politics lead to unequal treatment of employees. DAO ensures quality of work and more importantly equality among all the workers.

    Is this what the future companies would opt for?

    In DAO when a person misses a deadline or does not adhere to the budget, the stakeholders withdraw their votes and his/her project ultimately fails. The project-based model of DAO ensures flexibility and comfort, which leads to better performance. The expulsion of hierarchy also ensures a free flow of idea, which results in more innovation due to the lack of interference from higher authorities.

    Leaders killing the innovation buzz at workplace

    The founder of innovation consultancy Inventium, Dr. Amantha Imber opines that the stifling of ideas at the workplace because of the rigid hierarchical structures, is leading to lesser innovations. She suggests that higher officials should adopt techniques, which give the employees a challenge, help them embrace failure in a positive sense and encourage experimentation in order to include innovations.

    Flipkart lets an employee to become CEO for a day

    On the occasion of the 10th-anniversary celebration of Flipkart, it has started a competition which would let one employee to become the CEO of the company for a day. This stance aims to familiarize the employees with various structures of work and introduce them to the challenges that the higher officials face.

    Share this timeline
    Facebook
    Whatsapp
    Twitter
    Linkedin
    Flipkart
    Workplace

    Flipkart

    Cash-strapped Snapdeal vacates 60% of Gurgaon office space Snapdeal
    Flipkart to replace CEO for a day India
    Flipkart offers massive discounts on Apple Days Sale iPhone
    Delivery boy to multi-millionaire: Iyyappa recalls his Flipkart Journey India

    Workplace

    Facebook showcases its next big leap at F8 meet Facebook
    TimesJobs Survey: 70% women dissatisfied with workplace friendliness Women Safety
    5 important lessons failure teaches us Mental Health
    Dream11 will fine employees for disturbing colleagues on leave Dream 11

    Love Business News?

    Subscribe to stay updated.

    Business Thumbnail
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2023