Don`t focus on multiple things, focus on your business goals and growth will follow you’. Setting up business goals for employees is very essential for any organization. Goals represent critical and important achievements in your growth strategy.
Goal settings have long been used as a quantitative measure for employee performance. But many organizations find the entire process rather time-consuming and least effective. However, the truth is that if done correctly, business goal setting can help to improve productivity.
According to recent McKinsey research, ‘goal setting for employee elevates the performance, which benefits the organization and helps to achieve business goals’.
Here are three critical things that organizations must keep in mind while setting goals for an employee:
- Make Employees Part of your Business Goal-setting
The purpose of a business goal setting is to improve the productivity of the employees. Hence, it makes sense to include them in this process. Managers should develop goals by involving their team members by following the SMART approach- specific, measurable, actionable, results-oriented, and time-bound.
Applying this strategy will inspire commitment and instill a sense of ownership in the individuals to achieve business goals.
- Link Business objectives with Employee Goals
When business objectives are linked with employee goals, an effective performance management system is achieved. Employees will be motivated to see how their individual goals fit into the bigger picture. In recent years, many organizations are linking their business goals to functional business objectives. This approach helps them to achieve team-performance goals.
It encourages accountability and individuals to perform better as they see the direct impact of their performance.
- Set Realistic & Real-time Goals
Dynamic & evolving! That`s how every goal should be. One common mistake is setting business goals at the beginning of the year and then forgetting about them. However, as realities fluctuate throughout the year, failing to achieve those goals can be demotivating.
Goals should become moving targets, but they should also provide a scope of adaptation, whenever required. Targets should be updated if the assumptions used to set them to change unexpectedly. This approach helps to motivate employee performance.
Nobody likes annual performance reviews, but setting business goals for your employee can flip the game. Goal setting can improve an employee`s commitment and contribution to improving organizational health.
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