Your contract management team is underperforming. What metrics should you track to improve their performance?

Cycle time is an important parameter to monitor/evaluate the performance of any contract professional. However, it must not be the only parameter for performance evaluation as it depends on multiple factors and is subject to other parties. Nonetheless, your contract team must be vigilant to aggressively follow up with other parties for a smooth and quick contract conclusion. Therefore, you may establish some parameters on cycle time and efforts put in by your team in all the stages starting from drafting, negotiating, and sign-off.

In my view, it is an important parameter of how well the contract team manages the risks and obligations in line with the company's policy and business model. Concluding a contract does not gain any significance if it has compromised the Company's policy while taking more risks in terms of the consideration. Thus, there must be some standard terms along with thresholds that the contract team endeavors must achieve while finalizing the contract. Any deviation without any justified reason or prior management approval may be noted during the evaluation of the team member.

While timely firefighting is also very important, preemptive measures/ actions may improve the compliance rate. Experience and capacity building may enhance the performance.

Maintaining Health and safety issues Keeping up Quality assurance for the materials used and survey works Maintaining traffic rules and regulations during execution of the construction different activities stage wise as per working approved drawings While working for the deep excavations

There could be various attributes of such cause. Keeping aside the capability of the team, assuming that the selection was meticulously done, it could be due to workload which requires management on the basis of specific skills or the potential, a team member carries or it may require induction of new resources and unambiguous directives.

Innovation to improve the contract management processes is a step that ensures that contract management stays relevant and on par with a continuously changing world. The contract team can contribute to improving these processes with the addition of new technologies and software with the support of the managers. It also gives the team critical and forward thinking that is good for the long run.

Beyond Metrics: Optimize performance with more than just numbers. Consider these key areas: - Team Dynamics: Foster a collaborative and supportive environment for improved morale and communication. - Technology and Tools: Equip your team with modern, efficient software to streamline workflows and minimize errors. - Training and Development: Invest in ongoing skills development programs to ensure expertise in best practices and legal updates. - Motivation and Incentives: Implement recognition programs and performance rewards to fuel accountability and drive success.