* Our Insights: Your Perspective *
| Performance Management |
The Goalpost
Objective Performance management practices and tools distinguish how an organization is categorized in modern day apart from what they deliver to their shareholders every quarter or how happy employees are at workplace.
It’s a tough combination of work culture, practices and in this modern era technology. If an organization wants to extend the performance management beyond financial performance but also-
- Business Performance Metric
- Revenue, Profit Margin, Working Capital, Inventory Turnover, Debt equity Ratio, CSR Spending
- Operational Performance Metric
- Days Sales Outstanding, Customer Retention Rate, Customer Lifetime Value, Employee Turnover Rate, Cost per Hire, Throughput, Carbon Footprint
- Process Performance Metric
- Energy Intensity, Safety Incident count, Mean time before Failure (MTBF), Employee Absentiesm
Aiming High
AND that they are synchronized something like a balance scorecard AND the numbers stay current Information Technology is the only way to achieve it.
How to go about it?
Necessary ingredients of a successful and resilient Performance Management system are-
- A Shared philosophy between people and departments about performance management
- A System that defines Targets (aka Metric or KPI) at harmony with Customer, People, Process, Departments, Shareholders and Business Partner needs.
- System of data that reflects the ground reality. Avoid manual inputs.