How to Reinvent Your Corporate Strategy
This is the last piece of our series on The Workplace is Changing. We hope this will provide a guide for companies who “are listening” and searching for tools to help reinvent their organizations to attract, measure, reward and retain their talent...all while boosting profits.
First, let’s discuss technology and the frequency at which it touches our lives both personally and in the workplace. Millennials come to work ready for any technology you throw at them. This brings a whole new dimension to the word “workplace.”
The workplace is no longer everyone in one building, frequent communication exchanges at the water cooler, and Town Hall meetings in the break room. Today’s workforce is everywhere. And, communication is happening over the internet through hand‐held devices and laptops.
Reinventing your corporate strategy to meet the expectations of your employees as well as your shareholders is one in the same. There is no need to create separate strategies. The following rules would apply in changing the way you do business, making everything more visible to everyone, no matter the office or position they hold.
- Setting Your Organization’s KPIs – Key Performance Indicators (KPIs) are metrics which are used to determine how the company is performing against business objectives. Goal setting has become a very dynamic task. It is critical for companies to establish their KPI’s and be ready to modify them at any time based on external and internal directional shifts.
- Aligning KPI’s to Employee Goals – If anyone in your organization asks: What should I be working on? When is it due? Am I providing meaningful work? or What is my purpose?....then you know your employees are not aligned with the over corporate strategy for success.
- Coaching and Mentoring….a new way of communicating - Create an environment of value and purpose. Coaching and mentoring can take additional time and may even result in little success. But, by using tools that are embedded into a performance management platform, daily and weekly communication can be streamlined.
- Continuous Learning – Over the next five years, continuous learning will remain a necessity for companies. By utilizing a performance management system, that detects knowledge and skill gaps, companies can customize training programs that meet individual, team and department needs for skills upgrade.
- Identify High Potentials for leadership roles – One of the areas of concern for most companies is succession planning. In many companies, identifying those who have the desire and aptitude to grow into leadership roles is difficult. This process can be filled with subjectivity, relying solely on one or two managers’ feedback. When performance data is based on goal achievement, peer and customer feedback, and engagement, identifying high potentials becomes a process and is no longer a guessing game.
- Recognize and Reward – Over the past two years, we have read so much about Millennials and their need to be recognized and rewarded. But, the fact is – everyone wants to be recognized and rewarded. It is human nature to strive for recognition of and job well done and to become a productive and successful member of the team.
The above areas of performance management support continuous growth by empowering your employees with knowledge. Being part of a larger effort breathes new life into your business. It creates “purpose” for each and every person you employ. Employees who create their own destiny have greater job satisfaction. Employees who understand their purpose become employees empowered to lead.
Create your “Super Team” through employee empowerment!
Read more about the steps you can take to keep your heros on the team