Any successful CFO has a dashboard with carefully selected key performance indicators (KPIs).
These KPIs are sometimes religiously checked to help track and analyse your success and what’s driving that success. As a whole, these metrics are critical to the success of your business, but are they driving engagement within your organization? They could be.
Regardless of the specific KPIs that currently sit on your dashboard, you need to be sure that they’re connected to the duties of everyone within the organization. Sharing KPIs and company performance can help align all team members around business goals. Boosting employee engagement is a major challenge for many organizations’ leaders, but bringing people into the KPI process can help combat that.
Start by simplifying them. By keeping KPIs simple and attaching them to your organization’s mission, its customer experience, and/or its financial performance, you can maximize employee engagement by building a greater understanding of how each person contributes, thereby stimulating drive and creativity.
Once you’ve established, simplified, and presented these KPIs, give your employees a reason to strive to meet and exceed them. Develop incentive programs that motivate your team members and reinforce the behaviours that make reaching KPIs achievable.
Many of the tools to your success are already in place. Here are some further things to think about:
- Use your existing technology coupled with business intelligence tools to help present your financial results in a meaningful way.
- Make sure that your information is up to date and relevant, not delivered two weeks after month end.
- Consider whether information is more useful if presented through a more visual medium versus printed reports and adopt a system that uses the more effective medium or a combination of the two.
As far as employee engagement, KPIs are a valuable, albeit highly under utilized, tool. By using your current KPIs to do more than just track numbers you can bring everybody in the company into alignment so that they are aware of what you are working towards and how you are doing. The results may just shock you.
At SHEA Global we can help you create dashboards with KPIs that drive engagement. Find out more by calling 1 866 239 1113 or visiting SHEAGlobal.com today.