Loved the North Star metrics conversation. It is so important to create this metric to get the entire organization mobilized behind a clear objective. Awesome post Lenny !!
If I could add to this - From my experience in labor marketplace (gig economy), one NSM that works is "number of hours" worked on the platform. This is in contrast to …
Loved the North Star metrics conversation. It is so important to create this metric to get the entire organization mobilized behind a clear objective. Awesome post Lenny !!
If I could add to this - From my experience in labor marketplace (gig economy), one NSM that works is "number of hours" worked on the platform. This is in contrast to "number of shifts" that most companies use.
Why "number of hours" worked?
- Atomic unit - It's the logical, unit of work that the job seeker performs on the platform. It is also the way the companies place their job requirements on the platform.
- It connects to everything else - Payments are done on an hourly basis, we can identify or extrapolate experience based on number of hours worked (more hours --> more experience, more engagement and more retention)
- Aligned with success for both sides of the marketplace - as the number of hours increases, companies and talents both have "fulfillment" and allows us to ensure matching is done easier - hours posted vs hours worked.
What do you think? Is this the right approach for labor marketplaces? Could there be another approach?
Loved the North Star metrics conversation. It is so important to create this metric to get the entire organization mobilized behind a clear objective. Awesome post Lenny !!
If I could add to this - From my experience in labor marketplace (gig economy), one NSM that works is "number of hours" worked on the platform. This is in contrast to "number of shifts" that most companies use.
Why "number of hours" worked?
- Atomic unit - It's the logical, unit of work that the job seeker performs on the platform. It is also the way the companies place their job requirements on the platform.
- It connects to everything else - Payments are done on an hourly basis, we can identify or extrapolate experience based on number of hours worked (more hours --> more experience, more engagement and more retention)
- Aligned with success for both sides of the marketplace - as the number of hours increases, companies and talents both have "fulfillment" and allows us to ensure matching is done easier - hours posted vs hours worked.
What do you think? Is this the right approach for labor marketplaces? Could there be another approach?
Thank you for sharing Nishant! I think this makes a ton of sense for labor marketplaces.