Real Time Remote Goal Management
Managing goals remotely has never been easier. With many employees working remotely it is imperative they have the right tools to get the job done and one essential tool an organization/team needs is a robust goal management system that empowers users to create, share, update, and collaborate their goals, action plans, and results in real time while sending update alerts to others with a need to know.
Transforming the corporate vision into profit, improved margins and engaged employees is a key challenge facing business leaders.
Transforming a winning strategy into winning results is easier than you think. The benefits of a Cascaded Goal Alignment strategy are incalculable. The offshoot is a wholesale culture change in which everyone is participating in a Pay for Performance culture and not just a few. This single factor boosts Margins, Profits and Employee Engagement!
Imagine a CEO's delight in knowing that every employee is working on two or three focused deliverable tasks that, when completed, will achieve the profit plan.
Picture what an organization can accomplish when all the employees consistently help drive the organization toward successfully reaching its profit goals.
The bad news is that most strategic plans begin to fail within two weeks of their creation! The demise begins when the executive team tries to implement their plan but lack a cascaded goal management technology.
Competency Management isn't Goal Management!
It's critical that business leaders identify and craft their corporation's scorecard metrics; these are your bottom line's critical building blocks. Mapping scorecard objectives to cascaded goals and KPI's down and across the organization creates accountability and real time metrics. Flawless execution of a plan requires goal ownership at every level of the organization. Goal ownership fosters accountability for metric driven measurable tasks, outputs, and deadlines. IFP will help guide you through this critical foundational step as you build your organization's Cascaded Goals.
Goal alignment should not be left to chance. It does not trickle down through an organization by way of a Mission Statement or Newsletter or Town Hall Meeting. Nor should business units, and teams formulate their goals in isolation as if an island.
Goal Alignment Characteristics
Strategic Goal Alignment starts with an organization's critical scorecard objectives. These vital broad brushed objectives spawn measurable outputs and goals which are cascaded from the executive suite to the shop floor and the receptionist. Alignment and accountability happens only when every member of an organization understands the strategic goals, above and below them in the goal chain and each employee knows the pivotal role the achievement of their goals play in helping the company reach or exceed its goals.
A Nimble Real Time Measurement and Feedback Tool
Employee's KPI's, action steps, revisions and scorecards are updated, and tracked in real time.
Strategic goal alignment may require a culture change because everyone in the organization shares accountability for the completion of their tasks and delivery of their outputs. Leaders must be clear and consistent about their commitment to achieve their goals in order to set an example for the rest of the organization.
Financial Performance and Individual Goals
Studies show a dramatic increase in both worker and business performance, when an organization effectively sets employee goals that are tied to the company's strategies.
A study by the Harvard Business School estimates that only 7% of employees today fully understand their company's business strategies and of these less than 4% are able to discern how their efforts contribute in any meaningful way to the company's success.
Researchers at the Workforce Intelligence Institute found a direct correlation between a company's financial performance and their ability to effectively set and manage goals even though they had some form of performance management in place. Their findings concluded that companies having higher levels of financial success were adept at aligning their employee's goals with the organization's strategies and priorities.
The study also found that employees in under performing companies did not clearly understand the connection between their individual efforts and the overall goals and priorities of their employers. A disconnect between the employee's goals and those of the executive suite is systemic in profit challenged organizations.
These findings underscore the critical importance of effectively setting and closely aligning employee and business goals to drive the success of your company. Financial performance is improved when employees clearly understand how their work connects to and serves both the short and long-term goals of the business.
Three Goal Alignment Benefits
To achieve these results, your company must put a performance/goal management process in place that:
2. Quicker Execution of Company Strategy - Tighter goal alignment and goal visibility allows for quicker execution of company strategy by enabling your management team to more effectively allocate labor resources across various projects.
By exposing redundant business initiatives, it also increases overall efficiency by ensuring employees are not duplicating the efforts of others. Plus, goal alignment strengthens the leadership at your company by allowing managers to:
3.Pay-for-Performance - Employees want to perform, achieve results and be recognized and paid for their contributions. Without clear meaningful goals that are linked to a recognition/reward/pay-for-performance system employees become disengaged which leads to poor customer service and turnover. Goal alignment mitigates employee dissatisfaction and turnover because employees understand how their contribution flows to the bottom-line and to their paycheck. A well executed goal management system provides leaders with the ability to foster a true pay-for-performance culture.
Setting Effective Goals
To be effective, goals must serve both the needs of the company and the employees. Company goals must contribute directly to short and long-term business strategies. Employee's, goals must be clear, objective, and understandable.
Improve Line of Site and Accountability
Achieving "goal alignment" at your organization requires clear communication of your strategic business objectives across your entire company. Once company-wide goals have been established, managers can then set goals for their individual departments which clearly support your overall business strategies.
Major job-functions and responsibilities can serve as a general framework when writing employee goals. Managers must remember to communicate to staff members not only what is expected of them, but how each task is to be completed. For example, a customer service rep might be given the goal to boost customer retention (the "what") by improving customer service (the "how").
To be most effective, goals should also pass the S.M.A.R.T. test and be specific, measurable, attainable, relevant and timely. This provides clarity up front to employees who will ultimately be evaluated against these goals.
S.M.A.R.T. Goals
S.M.A.R.T. goals have been found to be a very effective method of motivating employees to perform at peak levels. To qualify as S.M.A.R.T., a goal must be:
Specific goals let people know exactly what's expected of them with no room for misinterpretation. specific goals should be able to answer the following:
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MEASURABLE - When setting goals, you must also set specific criteria for measuring progress against those goals. This gives your employees a way to stay on track, aim for target dates, and reach milestones that will serve as ongoing motivation.
ATTAINABLE - Setting overly lofty goals that are truly unattainable serve to demotivate, rather than motivate your employees. By setting ambitious, yet realistic goals,you will inspire your employees to fully leverage their talents and all available opportunities in order to achieve them.
Leveraging Technology to Achieve Goal Alignment
Our Goal Management System makes your employees partners in the business because they understand how their contributions cascade to the bottom-line and employees and managers have the ability to align goals and communicate goal status in real time with clarity and efficiency.
Leveraging Insights For Performance Consultancy to Achieve Goal Alignment
IFP has been consulting with and helping clients achieve Goal Alignment since 2003.
SUMMARY
Bridging the gap between strategy and execution with Cascaded Goal Alignment is easier than you think. Whether you use our Summit Goal Management software or another system, IFP's consultancy is built on helping organizations with their programs since 2003. If results are your top priority then IFP's SUMMIT GOAL MANAGEMENT SOFTWARE coupled with our CONSULTANCY will ensure everyone in your organization is pulling together to achieve the bottom line.
Please contact me to see if our Software and our Consulting Service is right for your organization.
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