How do you use SMART goals to drive innovation and growth in your workplace?

Applying the SMART framework to drive innovation or any other desired outcomes starts by setting an effective scorecard and it all starts by clearly defining the goal in Specific terms. For example, instead of saying, "Increase innovation," you could say, "Increase revenue generated from new products."

I am a believer in setting team goals that can be cascaded through the rest of the team members. Team goals also help employees feel more invested in the company’s objectives since they contribute to developing them. Setting goals as a team gives everyone the opportunity to display and develop their skills and contribute their unique experiences. Setting goals as a team is a process that requires collaboration and communication.

For innovation and growth specifically, you need to consider idea generation, analysis and testing while building timelines. You specifically have to consider if your goals are achievable with the talent you have because for innovation and growth, you may need more creative thinkers. Applying SMART goals is a way to ensure progress but are not necessarily the foundation for innovation and growth.

The best way to set SMART goals for innovation is ti engage your stakeholders who can help provide insight in: (1) Determining the short- & long-term objective for the organization; (2) What are the primary challenges the organization is facing; (3) Do we have a robust & inclusive Ideation/Innovation Process; (4) Using this information, you should be able to clearly define the objectives and parameters that will shape your innovation goals, as well as preempting any possible roadblocks along the way.

Most performance management systems will allow you and your team members to easily set, update and share goals. Sharing goals transparently allows for alignment throughout an organization- which helps employees connect their work with the broader business strategy and mission.

I love the idea of OKRs and regular check-ins for driving innovation and growth. Goals are often seen as something to do once or twice a year, hidden away from view and then dusted off before your performance review. This approach is not helpful. Transparency as to how your objectives and key results link to others’ work is super important in a culture that celebrates helping lift up others. Therefore, make it a part of your regular routine!

Best way to monitor and review goals is through checkin process which is a facilitated one on one conversation between the manager and the individual where they look at goals, achievements and what can be done to complete the goals.

If we follow the SMART principles well, especially the "measurable" component, then it can be easily monitored. A dashboard of measurable KPIs, leading indicators, and other meaningful metrics provides near real-time insights into progress or challenges to progress. This gives team members and leaders opportunity to address and resolve issues early on.

As with any goals, you should regularly revisit and update SMART goals to make sure they are still relevant. It’s easy to fall into the trap of “setting and forgetting” goals, so carving out time to review and update them is important. You can use ongoing 1:1s and more formal performance check-ins to seek feedback from your stakeholders and update them on goal progress.

The "R" in SMART is for "relevance." Things change and evolve, so if we are not taking the time to reassess and integrate new information into our plans, we cannot adapt. Some goals or ways of measuring them may no longer be relevant. Adaptation is the most critical capability to any strategy.

SMART goals fuel workplace innovation and growth by providing a clear roadmap. Specificity focuses efforts, measurable criteria track progress, and attainability ensures realistic targets. Relevance aligns goals with overarching objectives, while time-bound deadlines foster urgency. For instance, setting a SMART goal to increase team collaboration by 20% within three months through cross-functional projects harnesses innovation. Regularly reassessing and adjusting these goals cultivates adaptability, propelling continuous improvement. SMART goals act as catalysts, channelling collective energy purposefully for dynamic workplace evolution and sustained growth.