The term Tracking Goals and Objectives covers a very broad spectrum of ideas in a business organization. It encompasses a business organization as a whole and its objectives. It also implies that goals and objectives that have been set for individuals can be tracked for efficacy. A business organization runs with profits as a primary objective. Here the term would include profits from changes in business techniques as well as profits from expansion strategies.
Monitoring organizational goals and objectives
Why is it important to track the goals and objectives of a business organization? The answer is very simple – how else will you know whether a particular strategic implementation has succeeded in giving you the desired Returns on Investment (ROI). Knowing whether a particular idea has succeeded and has reached the expected goal will tell you whether you need to modify it or you can continue on the same path. A company maintains a record of the decisions made for a new strategy. This information includes data on who has been assigned the responsibility for its success. ROI of objectives can be studied through their history, progress reports and updates. Reports on any shortcomings or hitches too are very helpful in Tracking Goals and Objectives. These reports will tell you what not to do which is equally important for success.
Why tracking objectives of employees is necessary
Efficient employees define an efficient organization. Both managerial cadre as well as staff is assigned certain responsibilities. They are answerable to the management for deliverables on the designated projects. Employee goals are of two types – group projects and individual projects. Group projects and objectives involve more than one person by definition. The minutes of the meeting and reports will help you track the efficiency of the group in achieving its goal. For example, a group responsible for exporting a product in a manufacturing unit can be tracked through its reports on planning data, client base, income and profits so generated, complaints, etc.
In the same way, efficiency of an individual employee in a business organization can be tracked through regular employee feedback forms. Monthly, quarterly and annual updates by the managers on their subordinates will give the management an idea of how the workforce is attaining its goals and objectives. If there is a discrepancy between objectives and performance, the management is alerted through frequent reporting. The idea behind generating these reports is to know if an employee is facing any problems in achieving his individual objectives and knowing the reason for the same. This enables the management to take corrective action improve the employee’s performance graph. Is the employee fully aware of his responsibilities and duties? Has he been appraised on what he should do in case he faces problems during work? Tracking Goals and Objectives through documentation takes care of all these issues.
This article first appeared as a blog http://www.becitywise.com/tracking-goals-and-objectives-for-higher-efficiency/