Chicago is amongst the world’s leading business cities. It harbors top companies like Exelon, McDonald’s, Motorola, United Airlines and many more companies. The differentiated industry makes Chicago an ideal place for startups that can provide their creative services to the large companies.
In 2015, Chicago had over 104 private Inc. companies. Besides, Chicago was ranked the second position amongst cities with fast growing companies. These are some of the reasons why Raj Fernando considers Chicago as an ideal space for business.
Most top companies use a performance assessment structure, whereby employees are fired due to poor productivity and new employees are recruited.
Raj Fernando terms the top- down performance systems as outdated since they do not consider the unique skills of an employee. Unluckily, not even those managers who use the assessment structure could love to be laid off in such a manner.
Fernando says that the issue of low employee productivity and high employee turnover is due to bad hiring practices. Most companies overlook academic Excellency than the specific skills of a worker. For this reason, they end up recruiting employees who lack passion on their job.
Raj suggests that alongside academic excellence, passion and talent are other top qualifications an employer should consider while recruiting. During his tenure as a former founder and CEO of Chopper Trading, he practically showcased on the importance of selecting candidates based on skill and passion. His company did not experience issues of employee turnover.
Raj believes that during recruitment, managers should take the time to gauge a candidate’s skills of handling various issues that are common in the industry. On the other hand, managers should be skilled in making a team that complements the skills of each member to give out quality service.
Many boards and companies have appointed Raj Fernando to serve as their counsel due to his long experience. Some of them include Foreign Policy Leadership Committee at the Brookings Institute, US Commodity Trading Futures Commission, and Chicago Board of Trade.
Besides being a successful businessperson, Mr. Fernando is a philanthropist who supports Chicago Symphony Orchestra and PAWS Chicago, a wildlife conservancy.