Create a system that measures results
There are certain executive-level challenges that are routinely experienced across all companies. Among these challenges is the need to:
- Operate more efficiently;
- Improve collaboration;
- Execute better and more consistently;
- Attract the best people;
- Fully engage the employee team;
- Create greater momentum;
- Be more forward-thinking (have a vision);
- Accelerate profitable growth.
Business leaders often put off addressing these challenges or won’t commit to an improvement process because they either don’t know where to start, don’t know what to do or they think developing or refining their existing management process will be too complex.
Your company’s performance management process should include five key elements:
- Goals – for measuring performance (financial and operational).
- Controls – to verify performance toward specific goals.
- Visibility – to ensure performance transparency throughout the organization.
- Communication – to ensure critical dialog occurs about performance issues.
- Executive commitment – commitment, discipline ensuring the process is embraced.
The strength of a well-developed performance management process is that it ensures clarity regarding performance goals and it creates visibility about performance accomplishments and/or performance shortfalls. This ensures that problems, obstacles and opportunities are identified and addressed with an appropriate sense of urgency – this supports the achievement of accelerating profitable growth.
From: Philip Mydlach www.biztimes.com