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eBook: How to excel at goal managementBy Halogen Software

Why Does Goal Management Matter?

• In a global economy, the pace of change continues to steadily increase

• For organizational survival, alignment and agility must increase

• Companies and organizations must be able to innovate and respond quickly

An organization’s agility depends on the alignment, engagement, resilience and

skills of its workforce

Effective goal management has a positive impact on: • Organizational goal achievement

• Organizational culture development and alignment

• Skill development and bench-strength

• Employee performance

• Employee engagement

Why Does Goal Management Matter?

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Organizations with goal management best practices perform better because:

• Employees know what is expected of them and can move forward with confidence

• Employees are working on the right projects, not wasting time on unimportant tasks

• Work is aligned in achieving organizational goals – everyone is pulling together

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Many executives, managers and employees lack the skills to set effective goals

Organizations face a number of challenges when it comes to goal setting. Perhaps the most common one is related to skills.

This has a negative impact in a variety of ways…

Poor quality goals mean…

• Employees and their organizations don’t have the clarity and alignment needed for high performance

• Managers and employees may be wasting time and effort working on the wrong things

• Executives can’t effectively measure organizational performance and progress

• Managers have no basis for objectively evaluating employee performance, providing feedback and coaching, developing employees or supporting career advancement

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Let’s look at the four best-practices in more detail…

4 Goal Management Best Practices

Set SMART Goals for clarity and alignment

Align individual goals with organizational goals

Communicate the status of high-level goals

Regularly review, revise and update all goals

Based on recent research by Bersin by Deloitte, Watson Wyatt, the Aberdeen Group, the Institute for Corporate Productivity (i4CP), the Corporate Executive Board, and others

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Best-practice #1: Set SMART goals for clarity and alignment

S Specific. The goal identifies a specific action or event that will take place.

M Measurable. The goal allows employees to determine and measure their progress towards completion.

A Achievable. The goal is achievable while still challenging enough to push the employee and organization forward.

R Relevant/Realistic. The goal allows for success based on available skills and time and is aligned with and supports the organization’s strategic objectives.

T Time-bound. The goal states the specific time period in which it will be accomplished.

What are SMART Goals?

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Best Practice #1:

Best Practices for setting SMART Goals

What Why

Managers and employees collaborate to set goals

Enhances communication, empowerment and engagement while providing multiple insights about how best to get the work done

Employees and managers can clearly visualize what success looks like and what it will take to get there

Helps everyone know what’s expected and how success will be measured

Choose goals that have an element of “stretch,” build on employee strengths and interests. Provide development resources

Spurs employee and organizational continuous improvement; makes the most of talent

Discuss how employee goals will help the manager, department and organization achieve its goals

Boosts employee effort, focus and performance as they see their part in a larger effort

Best-practice #2: Align Individual Employee Goals with Organizational Goals

64% of employees don’t understand their organization’s goals *

Employees need a more direct view of the connection between their individual goals and the organization’s high-level goals. This alignment helps gives employees a context for their day-to-day work, and builds their pride and motivation

Through greater goal alignment, organizations can expect employees to focus their efforts on the highest value activities and deliver the best returns possible.

* Source: Driving a High-Performance Culture: Ten Key Insights from Corporate Leadership Council Research; Corporate Leadership Council

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Best-practice #3: Have Your Leaders Communicate Organizational Goals and Status

Best Practices: Leaders need to frequently communicate:

• What the organization’s goals are and how they support the overall mission and vision

• How individual goals link to organizational goals and initiatives

• The current status of the goals, including changes in priorities

• DON’T: Hide bad news when goals are at risk

• DO: Celebrate success when milestones are met

Leadership support and communication

leads to higher engagement and better business

results

Best-practice #4:

Review and Revise Goals Regularly

Benefits: Companies that review and revise goals at least quarterly are…

45% more likely to have above-average financial performance

64% more likely to be effective at holding costs at or below level of competitors

But most companies miss the mark for goal review

54% of organizations still think of goal setting as a once or twice per year activitySource: Bersin by Deloitte

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• “Walk the talk” by holding themselves and their subordinates accountable for setting, measuring and achieving goals

• Regularly review and revise goals at all levels of the organization to keep pace with changes in priority

• Create an open environment in which issues can be surfaced

• Have regular reviews with individual employees to check progress on goals

• Provide resources and remove barriers to successfully meeting goals

• Coach employees to improve performance and ensure goals are met while avoiding micro-managing

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Best-practice #4:

Review and Revise Goals Regularly

Best Practices: Leaders at all levels need to:

Key Questions for Your Organization

Which of the 4 best-practices does your organization currently follow?

Which ones should you think of implementing?

Are all your employees able to state your current organizational goals?

Do all your employees have individual goals to work towards?

What could you do to increase everyone’s skills at writing effective goals?

How could you measure the business impact of adopting better goal management practices?

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Want to learn more?Read the eBook!Further explore how your organization can excel at goal management.

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