According to Investors In People, approximately 47% of the UK’s workforce will be on the lookout for a new job in 2014.
Attracting the right employees and hanging onto them is a problematic and ongoing issue faced by many organisations.
There’s no more valuable resource for any organisation than its people, and having a workforce that is effectively motivated and engaged.
Of course, there are many ideas and suggestions for things that organisations can do to overcome this problem, implementing reward strategies and flexible benefits for example, as well as finding the right tools to inspire, energise and motivate employees.
Sadly, and quite often though, employees can become disengaged and feel disconnected, not only in their role, but with the organisation they work for too – and before you know it, they’re off searching for another job.
One really effective way of making sure this doesn’t happen, is for an organisation to implement SMART objectives as part of their performance management strategy.
All employees need to know what is expected of them and know how they are performing, not only in direct relation to their role, but also in relation to the organisation as a whole. No one can expect to do their best without clear direction and ongoing, constructive feedback on their work performance. All employees should know why their work matters and be told when they’re doing a good job. Similarly, no one can reach their full potential without knowing what it is they need to improve on. To develop and excel at work, everyone needs guidance, support and encouragement.
Ensuring there is a SMART objective in place for each employee is the first step in setting clear objectives, whether it’s trying to change attitudes, increase productivity, boost sales, or very importantly, increasing employee engagement and motivation and improving employee retention.
So what is it exactly?
SMART is an acronym – Specific, Measurable, Achievable, Relevant, Time-bound
Specific – make sure the objectives are well defined and clear to anyone that has a basic knowledge of the project.
Measurable – ensure that you know if the objective is obtainable and how far away its completion is and know when it has been achieved.
Achievable – there should be an agreement with everyone involved what the objectives should be and that they can in fact be achieved.
Relevant – within the availability of resources, knowledge and time, the objectives should be relevant AND realistic.
Time-bound – everyone should be clear and understand the time schedule to achieve the objective – not having enough time can affect project performance.
For an employee, this type of plan ensures that they are kept informed, feel more involved, helps them monitor their own progress and become happier and more engaged in their work.
For organisations, again, progress can be monitored closely, employee engagement, motivation and productivity will increase, but just as importantly, they will stand a much better chance of hanging onto their employees, driving up employee retention levels.
If you would like to know more about how your organisation can improve employee engagement and employee retention, then contact us on +44 (0) 1255 850051.