Many would argue that success is difficult to quantify because everyone has different standards. From an organizational standpoint, however, the definition of success should be uniform, and a set of carefully selected Key Performance Indicators (KPIs) is one way to measure it.
KPIs have long played a role in the early stages of many companies, big or small, and throughout their growth. They are used to gauge the performance of the company as a whole and can be broken down into individual units.
It is how you make sure that employees are taking the steps to reach specific targets and how that contributes to the overall success of the company.
Once you’ve found the balance between ambitious and realistic goals, here’s how HR executives can ensure that they are being followed through.
Think like a startup
Intersective co-founder and co-CEO Beau Leese explains that startups have a slightly different way of going about the goal-setting process than their more established counterparts.
They operate within a shorter time frame of one year and focus on goals that are relatively short-term. Large firms need to think big and have loftier goals in mind, but you also need to be able to break those goals down into smaller, more attainable ones.
Ticking off achievable targets will help keep employees motivated and on track. Leese adds that this also allows for more flexibility, especially when faced with an ever-evolving entrepreneurial landscape. Regularly go back to your KPIs and re-adjust as needed.
Take advantage of data analytics
Current Managing Director at Proofpoint Tim Bentley points out that "executive leaders must know and understand which data is core to their business." With the proliferation of technology, it’s become so much easier to collect big data — but the crux is knowing how to use it.
Carefully identify what information is actually relevant to the main objectives of the company, and once you complete the process of choosing what is useful and what isn’t, Forbes highlights that it's your role, not the IT department's, to select key data decision-makers.
Giving the marketing team access to marketing technology solutions, for example, ensures that the information gets processed by those who know both what the data means as well as how to use it best.
Display priority measures
Here, KPIs are crucial in measuring progress and giving recognition where it's due. In addition, constant feedback helps keep employees goal-oriented and ensures that they are constantly working with set objectives in mind. Interact personally with your staff from time to time, so the employees will feel that you're approachable.
A lot of CEOs make the mistake of strictly sticking to office hierarchy, and leave all the interaction with low-tier staff to the line managers. Ensure that everyone involved is updated with their current performance, what they can improve on and how, and what they need to continue doing.
If need be, upgrade your office intranet as it is often overlooked. That is, despite the fact that it plays one of the most important roles in any company in terms of improving communication. CMS Wire noted that it is counterproductive if the software is slow and the information is out-dated.
Also look into programs that can complement your intranet system such as Dropbox, Skype, and Slack to create a more streamlined organization.
Foster a collaborative work environment
Article written by Joanne Beckett
Exclusively for commuterbenefits.com