March 29, 2021

Financial target: will it motivate your employees?

While financial targets can motivate some people, it’s not the case for everyone.

Financial performance is crucial, of course, and as we move further to grow, it’s natural for leaders to emphasize the importance of hitting financial goals but, by making the numbers the center of the focus, many employees can lose their interest in the project which will lead to their poor performance.

You have to make sure to motivate employees with other goal-setting techniques.
But how to do it?

1. Involve them in the entire process

The purpose of goals is to help employees improve naturally. To do so, you will have to involve employees in the current position and systems of the company and show them the vision as well as the employee’s role in it.
Take time to listen to their suggestions and inputs as well. The mutual relationship encourages people to feel a part of the decision-making process.

2. Set SMART goals

SMART stands for Specific, Measurable, Achievable, Relevant, and Time-bound. Use this as a guide. Working through each of those five components to build a measurable goal that encompasses exactly what needs to be accomplished, when, and how you’ll know when you’re successful.

Here are some guidelines to write SMART goals:

  • Specific

Don’t be afraid to dig deeper to understand the purpose of the target.

Ask yourself questions as:

  • What things need to be accomplished?
  • Who is responsible for it?
  • What steps do we need to take?

  • Measurable

This approach makes it much easier to track the progress. Ask yourself by when something needs to be accomplished?

  • Achievable

It’s important to set realistic targets. So, take a reality check once in a while. Take any limitations into consideration as well.

  • Relevant

During this step, you evaluate why the goal matters to you and your organization and whether it is actually beneficial for your company.

Once you identify the key benefits, share a vision with people who are going to work on it.

  • Time-bound

If you don’t want to stretch the targets into infinity, set deadlines for each task.

When do you want your team to finish the task? Next week? Next month? Or by the end of the year?

3. Reward employees

Now when you know how to set SMART goals, it’s time to prepare some rewards to appreciate your team’s great work! We all like to be rewarded for a job we’ve done well. It can help foster a culture of positive competitiveness amongst team members.

If your budget is tight then you can simply create a certificate and encourage appreciation from other colleagues.

4. Setting Clear goals

The most important part of goal-setting is for goals to be clear. If the target is not trackable then it is not clear enough or needs to be broken down into smaller goals.

For example, if you have a team working on the mobile app, some goals can be:

  • To publish the app on all the app stores along with distinct outlets available
  • To grab information about customers with a deadline
  • To reach out the mobile commerce for obtaining the maximum amount of downloads or sales

A proper goal-setting method can improve commitments and help clarify an employee’s role - which is one of the biggest reasons for organizational growth.

Don’t forget to be a role model for your team!

By Maryam Z.

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