All senior executives should have exceptional skills to develop key performance indicators and hold their team to account against them. What does this mean?
- The organisations Strategic Plan should be underpinned by annual Operational Plans.
- The Operational Plan will then identify Key Performance Indicators needed to be met to deliver on the Strategic Plan.
- A Key Performance Indicator needs to be SMARTE – specific, measurable, actionable, resourced, have a specific timeframe and effectively measure the organisations performance.
- Your Key Performance Indicators should be known by all staff.
- Review the Key Performance Indicator’s on a weekly or monthly basis.
- Ideally a small number of Key Performance Indicators should be developed, covering all dimensions of business performance. These should be presented together in order to provide a balanced scorecard.
- A traffic light visual (green is good, red is bad) can help with KPI presentation.
- Key staff should be accountable for achieving the Key Performance Indicators in their area.
KPIs are important for personal growth and can help build increased morale. They allow employees to monitor their performance and respond in the moment means that they are more likely to achieve their goals and better understand how to do so in the future.
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