We’re all probably tired of hearing it, but there’s no denying it: So far, this year has had a profound impact on businesses, possibly more than we are even aware of right now. One of those areas of impact is on our goals–business, personal, and those we set with our employees. We have had questions around measuring success when so much has changed, especially with such extreme circumstances causing stress to be high.
As a leader, how should you measure success in light of all that’s happening?
In this week’s bite-size we’re addressing the question of how leaders are evaluating goals with thoughts from Sam Yoder, Emplify’s first Employee Engagement Coach.
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[00:00:04] Insights, listeners. Nicole here and thanks for joining me for this week's bite sized insights. Empowering people, leaders with best in class information. In 10 minutes or less. This week, we're answering one of the most critical questions that leaders should be asking how should I measure success?
[00:00:21] In light of what's happening since March, the goalposts have been consistently moving target. So how can we set and hold teams accountable to realistic and achievable goals? To help answer this question, Sam Yoder amplifies first employee engagement coach is joining us to share her perspective on how leaders are reevaluating goals.
[00:00:46] Companies are going to have to take a really good look at a couple of things you're going to have to look at. One, can you afford merit based increases this year? Maybe not. And maybe we need to be honest with people. And that's really frustrating. And it's not going to be an easy conversation, but forego merit based increases and nobody loses their job. Those are some of the decisions that some people are having to make. And if you can be open and transparent about that, then I would. And as early as possible, I was meeting with a client and they were telling me that from the front, everybody was saying, hey, all is good. All is well. But then they did have to take away their base increases. And so that was confusing. And so we have to be realistic. And I think if you have to change goals, then subsequently other things have to also change. I think there's also tracks back to how much financial literacy is in your own company. So are you talking to team members and your organization about how you're doing as a company? Have you taught them what finance is looking at? Are you keeping that really behind closed doors? If be careful of that, obviously. But I usually find if you can teach that financial literacy and then people understand how the business is doing, then you're going to have more trust in with your employees built and say, hey, I get it. I'm not happy about it. My livelihood. And some people might have take that mature of you, but we can't control those people. But if you build up trust, things tend to go better. But it's not going to be fun. The only other thing I'd add may be financial goals aren't the best right now. Are there other performance based goals? We have to get cash, right? Cash has to come in the door. But if that's impossible because of the nature of your business and cash is just going to be at 50 percent or 75 percent of what it was prior or less than that. Who knows? Depending on your industry, then maybe we need to work with the employees and managers, middle managers. They know what goals people are heading, what they're not. So utilize that resource, maybe goals, maybe merit based increases can't be on the financial incentives this time. Not saying forever, but this time.
[00:02:54] Thank you so much for joining this week's Bite Size Insights. If you have any questions or topics that you'd like to see us cover, please shoot them our way at amplify dot com slash questions.