Transparency is a popular buzz word on Wall Street these days, and many investors are demanding it. However, transparency doesn’t only serve outsiders trying to understand the strengths and weaknesses of your company, transparency can play a valuable role inside the company walls, as well and is an important element in performance management.
Increase employees’ sense of ownership
By sharing numbers with employees, not just executives, you can increase employees’ sense of ownership. However, being open is not enough. You need to be sure your employees are trained to understand financial statements and have enough insight into their own jobs to know how to affect the numbers.
How to ensure successful performance measurement?
Focus and direction
The Watson Wyatt WorkUSA survey report indicates that employee engagement is critical to productivity and employee turnover. Engagement is:
Focus and direction that enable employees to understand what to do to make their organizations successful.
The study concludes:
Companies can sustain engagement over the long haul by creating a culture of continuous engagement built on strong strategic direction and leadership, intense customer focus, equitable rewards and effective internal communication. Companies that excel in these areas can enjoy better individual and organizational performance and deliver superior long-term financial results.
But do remember to celebrate milestones once they have been reached. Taking the time to celebrate is important because it acknowledges people’s hard work, boosts morale and keeps up the momentum. If you want something to grow, pour champagne on it.
High performance and success are not dependent on one simple factor or as a result of one or two things. The entire context you operate in greatly impacts your results.
Short URL & Title:
Improving performance through transparency – performance management — http://www.torbenrick.eu/t/r/lcy