beqom Acquires Our Tandem to Transform Performance and Rewards
beqom, the total compensation management solution, today announced the acquisition of Our Tandem...
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The new year has arrived and it’s tempting to dream big, plan big and set goals for the year ahead. But it’s important that these goals are measurable and attainable. Therefore, a manager should not only guide the improvement in employee performance but should also actively help strengthen the business and enhance its reputation as an employer of choice in today’s competitive hiring market.
To get you off to the best start in 2023, we listed five straight forward tips that can be used as a guide for you and your team to set goals you can actually achieve.
When an employee understands how their individual role and responsibilities contribute to the overall company aims and objectives, they’re often more focused and motivated to achieve goals that result in success for both themselves and the company. Managers should keep this in mind by communicating the overall company goals to their team. In turn, this will keep employees more focused on their targets and their work in achieving them.
Often managers will have certain key targets put in place for each employee, depending on their job. However, it does pose an insightful strategy if employees are asked to identify what goals they feel are important for their role within the organisation. From here, if the employees self-suggested goals align with the company’s objectives, a manager can then work in tandem with their employees to develop action plans to attain those goals.
In order for employees to realistically achieve their goals it’s important to carefully plan clear, attainable and trackable goals using the SMART (specific, measurable, achievable, relevant, and timely) framework. This method is a practical way to outline the steps necessary to reach any goal. Each element of the SMART goal framework works collaboratively to set boundaries, define next steps, identify necessary resources, and pinpoint indicators of progress. Consider using this framework when working with employees to help them create a strong foundation for success.
If you don’t track your progress, you will never know if you are making any. Managers and their direct reports should track the progress of goals with transparency and accountability. The best way to do this is to conduct regular check-ins or one-to-one meetings with your team members. Regardless of the frequency of these conversations (weekly, monthly), their purpose remains the same – to keep the lines of communication open between managers and employees and keep track of goals that have been set. Simply put, the more employees and managers communicate, the better they will be able to work together to achieve goals, develop skills, and give or receive feedback. If quarterly goals are regularly evaluated and refreshed, then working towards annual goals will become smoother thanks to improved communication.
It’s important to acknowledge employees who achieve or exceed any goals they have been set. Not only does this recognition highlight that employee’s efforts, it also demonstrates that the company values their people who are committed and work hard. It may also further motivate your employees to work hard in achieving their goals. Alternatively, when hard work goes continuously goes unnoticed, employees will feel unmotivated and may reduce their productivity or even begin looking for a new job elsewhere where they feel more appreciated.
Are you looking to transform how you manage performance in 2023? If so, book a meeting with one of our performance management experts here.