Prediction markets are only effective if a lot of people participate. What are the best ways to encourage more traders and trading within internal company prediction markets?
In Google’s case, awards such as t-shirts and cash prices were given to those who participated and made correct predictions. I was reading this case and wondered how many employees were skeptical of participating in a program where t-shirt prizes were given and predictions revolved around sporting or political events. If Google wants to increase their participation rates within their GPM program they need to offer more trading involving Google’s business decisions as well as business related incentives. With incentives such as an extra day of PTO or the ability to leave two hours early on a Friday as well as involving more Google related predictions employees will feel more comfortable participating during their work hours.
Executives within Google should participate and then make conversation with employees during breaks or lunch regarding the GPM. This will encourage both increased interaction and discussion about the GPM as well participation. Another idea would be the ability to trade Goobles in for paid vacations. For example, employees who obtain a previously determined amount of Goobles could trade them in for a family vacation in which they could choose from a few different vacation options or packages.
No comments:
Post a Comment