Are you the type of Business Owner/Manager that plays it by ear when it comes to managing performance? If the answer is yes, we’ve got you covered!
If you feel that statistics are something that companies only use when presenting fancy reports, today’s article will enlighten you!
(KPIs) Key Performance Indicators.
They help you measure and track the performance of your company/team in a specific time frame towards a specific goal/objective.
Customer satisfaction (feedback/reviews), total number of customer interactions/appointments, total of prospects and leads generated per week are often used as basic employee KPIs in some roles as example.
No matter what kind of business you have or the industry you are in, generating periodic measures are important to every business objective. It helps you to know if the expectations of your customers are met and more importantly if your business expectations are aligned with your current results/performance.
The Advantages of KPIs
- They help you set business/team goals.
- Help you to track performance, individually and as a team!
- Improves team performance engagement.
- Using KPIs will help you to identify learning gaps, and safety issues or to avoid confusions.
- Decision making process is easier.
- Screen out candidates who are entitled and screen in performers! Performers love challenges and having KPIs will motivate them to work with you.
The Disadvantages of Performance Indicators
- First time implementation can be challenging. However, if you know the formula to building a productive team the process can be much easier in terms of performance.
- Requires a time investment when implementing, especially when you do not have a hiring and team strategy placed.
- Some KPIs can take longer in giving you relevant data, depending on your business and industry.
OUR TIP
Everything starts with your hiring strategy and how your team is built. Learning about how to avoid the candidates who are not going to add any value to your business and mastering the performance radar will be your best starting point.
Implementing these steps is not an overnight process and requires a strategic approach, and fine tuning to get it working. The rewards of getting your hiring strategy right is incredibly powerful.
Let us know if you need some assistance with working these out. We’re here for you.