Performance Management is a driver for business success! It can help you to turnaround a business that’s on the path to failure due to customer dissatisfaction, staff complacency or if management’s vision and energy have plateaued? There are a number of tools that can be deployed to assist any business that’s on the downward trajectory toward failing! These are tools used to manage, measure and improve performance.
Here are my top 3!
Mission & Vision Statements:
First, it’s important for businesses to recognize why it’s in business in the first place – what’s our mission and vision – if none exist then it’s a great idea to thoughtfully and insightfully…maybe with the assistance of an expert develop these statements. Your mission and vision should not be just great words put on business stationary or framed in the company’s reception area; it should be a meaningful direction – a philosophy that permeates throughout the company from top to bottom! ISO 9001:2015 a Quality Management System standard requires the development of these statements. With a mission and vision in place it gives the team something to aspire toward!
Key Performance Indicators:
Setting KPIs – Key Performance Indicators are great to use and must be tied to the organization’s strategic goals – otherwise they may direct energy away from the company’s overall objective toward lofty purposes, not in any way relative to the company’s strategy. The Company should ascertain what it wants to achieve, identify methods of attaining the objectives set, monitor the application of the methods and measure their efficacy. Only relevant KPIs must be set and not too many; and accountability for each KPI clearly articulated. It helps all the more if incentives are attached to the KPIs.
Performance Appraisals:
A useful and powerful tool is the performance appraisal – this gives staff a look into where they fit, in the grand scheme of things! It allows meaningful exchange between management and staff. Primarily, it is an opportunity to build specific goals for staff intended to achieve the overall organizational objectives. When a person is permitted an opportunity to assist in developing their goals within the organization, this creates an opportunity for complete buy-in. Not many persons will readily refuse to work toward an objective they themselves have had a stake in developing. Management should be committed to performing this exercise with utmost focus and not flippantly, as the tone is very important so that maximum benefits can be derived here.
All of these measures can be implemented with the use of an internal ambassador. However, to ensure a seamless development and implementation of these tools it helps to have an experienced consultant with a proven track record.
These tools above are both sensible from a business perspective and also will address your compliance and governance requirements.
The Capital Group Ltd., will assist companies of all sizes with developing their performance management structure. We help you set goals in line with your strategic objectives. Call us today at (242) 677-5265 or (242) 356-3835. We can be reached via email at [email protected] .