The start of a new business begins with an idea. An idea of what success will look like for the owner of the company. This idea is encompassed with a clear vision and clearly defined goals and objectives. The second step an employer or a business owner takes is hiring employees. When hiring workers, the owner hopes that they will understand his vision and buy into it. He also hopes that they will align their own goals with those of the business. Therefore, employee goals and objectives become a big part of successful businesses.
Employees’ goals and objectives are what motivate them to do their best in their jobs. Achieving these gives a sense of accomplishment and worth. Therefore, management must prioritise and encourage the process of setting employee goals and objectives and having measures in place to monitor, review and reward the achievement of employee goals and objectives.
To aid the effective setting of goals, management must ensure that workers know the importance of setting SMART Goals. Below, we will explain what smart goals are and why they are important.
· Specific: Employee goals and objectives must be specific and clear. Ambiguous goals lead to inefficiency and a lack of accountability. When goals are not clear, workers are often left feeling demotivated because they do not know what their exact responsibilities are and how these responsibilities fit into the bigger picture.
· Measurable: Employee goals and objectives must be quantifiable. This makes it easy for management to be able to measure progress and be able to reward it. It also ensures that workers know that measures used to measure their performance are fair and consistent throughout the organisation.
· Achievable or Attainable: Employee goals and objectives must not be out of reach. They must be set in consideration of their scope of work. If you set goals that are too challenging, it can have a countereffect on the employee’s morale.
· Realistic: If you set realistic goals, you have a good chance of achieving them. Employee Goals and Objectives being realistic means that you set goals paying careful attention to your current position, the resources available and the time you have to achieve these.
· Time-Bound: When you set goals without giving yourself a deadline, you might procrastinate and fail to reach the targets you had initially set. You are also not able to be held accountable as there is no time limit to you achieving those goals. Therefore, it is important to allocate time and set realistic timelines that can be monitored throughout the performance period. Employee Goals and Objectives must be allocated time so that they can be reviewed at the end of the set period.
Performance objectives for employees are set so that they can know what is expected of them and understand what they are accountable for. They can be performance-based, or they can be development-led. The following are some of the examples of performance objectives for employees.
This has to do with the amount of work that an employee is expected to perform within a specific time. This is one of the most important performance objectives for employees. In the service industry such as banking, this could be the number of clients that a service consultant has assisted. This helps to increase productivity within a business, and it can increase sales and revenue.
· QUALITY AND EFFICIENCY
This has to do with the manner of performing activities. It takes productivity further to deal with how fast the worker can perform a task. This measure also takes quality into consideration. Not only should the service be fast, but it must be of good quality. This is one of the most vital performance objectives for employees because it makes them pay more attention to the quality of their work which reduces human error while increasing productivity.
· EDUCATION AND SELF-DEVELOPMENT
This performance objective for employees considers the needs of workers. It focuses on the goals workers set to develop themselves. It can include things such as an employee learning a new skill, doing a new course or simply job-shadowing someone. This makes workers more valuable due to continuous growth in their respective fields. This also encourages employers to see how committed workers are to their own growth and personal development.
These are some of the performance objectives for employees. They are measured differently from one company to the next. They are also assigned different weightings depending on the industry. These performance objectives for employees must be documented and reviewed constantly. Employees must also sign off their performance objective contracts to show their commitment to meeting them.
Once the performance objectives for employees have been set and signed by both the worker and the line manager, they must be implemented. The line manager must constantly monitor the employee to ensure that they are performing as per the requirements set by the objectives. At the end of the performance period, the worker’s objectives must undergo a performance review.
During this performance review, employees’ actions are reviewed to ensure that they were in line with the company targets. This is to allow the worker to be assisted in their area of weakness and to be rewarded where they have done well. Employee objective for performance review allows for constructive engagement between the worker and the employer. Performance review is also intended at ensuring that both worker and company objectives are catered for and prioritised.