Binance CEO does not give employees verbal compliments. Here’s why.
- Changpeng Zhao, CEO of Binance, published a 6,000-word document on his management style.
- In it, he wrote that he avoids giving employees verbal compliments.
- “If we make a big deal out of every ‘small’ achievement, we seem to be setting a low bar,” he wrote.
Changpeng Zhao, CEO and founder of the world’s largest cryptocurrency exchange, announced 6,000 word document on Thursday about his management style.
Binance is hiring thousands of staff members in engineering, marketing, business development and other roles. One thing those employees won’t hear from Zhoe? Compliments.
“If you do something well, you might hear from others: ‘good job, great job, etc.’ Probably not so much from me,” Zhao wrote. On the other hand, the CEO said he often encounters staff who make mistakes or are poorly on task.
“If we make a big deal out of every ‘small’ achievement, it seems like we’re setting a low bar. That’s not something we want to do,” Zhao wrote.
Zhao said he also avoids giving compliments because it could give way to a perception of favoritism, and said congratulating someone on a job well done is simply not time-efficient.
“Satisfaction should come from within. When I do something well, my internal internal rewards are enough,” the CEO wrote.
“I’m not saying this is a good approach, just the way I work,” he added.
Binance has been the center of acclaim and frequent controversy as it faces concerns authorities on whether it can be used to transfer illicit funds. The exchange was on October 7 hacked and about $100 billion of Binance Coin was stolen.
Zhao himself has become a household name in the blockchain industry. Worth $28.5 billion, the Chinese-Canadian mogul is the 37th richest person in the world, according to the Bloomberg Billionaires Index.
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