A Measure of Efficiency and Honest Conversations
A study conducted by MIT Sloan Management Review partnered with McKinsey and Company about how performance management is changing, concluded that productivity and performance will continue to become “more data-driven, more flexible, more continuous, and more development-oriented.”
One of the reasons why traditional methods are not as useful is that feedback often arrives too late, so it is increasingly less indicative of actual performance. The annual or even quarterly review process has become out-of-date.
In today’s business environment, feedback needs to be provided closer to real-time, or at least as soon as is reasonably possible. Ideally, performance should be measured with quantifiable metrics. Imagine what your team’s productivity might be like if constructive feedback and guidance were provided on a weekly basis? The resulting discussion would have far greater authenticity and relevance, likely causing a stronger influence on changing behavior.
Moneyball Your Way to Higher Performance
Every good manager knows they must have a set of Key Performance Indicators (KPIs) to measure performance. Everyone’s job has a purpose. But, without measurement, there is no way to know if these purposes are aligned and the resulting efforts are paying off, so no way to improve. A good leader understands this concept. They also know the importance of choosing the right thing to measure.
- How to Limit Business Liability by Measuring Employee Productivity
- How to Effectively Measure Productivity in the Workplace