Do you know what your company goals are and how you’re progressing towards them? If you’re scratching your head, you’re not alone. Clear goals, such as “become the market leader,” provide direction and companies need them to grow. Not to mention, they build trust in leadership, help define strategic priorities, and keep employees engaged. But according to a recent Gallup study, only 22% of employees strongly agree that their organization’s leadership has a clear direction, and only 33% of employees are engaged. These bleak numbers have serious business implications: disengaged employees are less productive, which negatively impacts company growth. This loss in productivity costs the US up to $605B annually.
So if clear goals provide direction and help keep employees engaged, why isn’t there a better way to track them so you can actually achieve your company goals? To effectively track your company goals and objectives, follow these six steps so everyone on your team knows what to focus on and the impact of their work.
Step 1: Identify your high-level goals and objectives
Your company, business unit, or department likely has a mission that guides you. To further your work towards your mission, what level of growth do you need to achieve this year? It could be an increase in revenue, new users, people helped, or some other measure. And to reach this number, you might need to accelerate brand awareness in the marketplace, hit your hiring goals, or enter a completely new category.
The key here is to keep narrowing your focus until you zero in on the highest-level goals that will help you hit your growth target for the year.
"Make sure each objective is clear, actionable, and attainable."
Once you’ve identified these goals, “become the market leader” for example, break them down into objectives such as “increase revenue by 10% year-over-year.” You might have a few objectives per goal, but that’s okay. This isn’t the time for “the more, the merrier.” Instead, “quality over quantity,” should be your mantra. And make sure each objective is clear, actionable, and attainable.
Step 2: Track your goals in a visible place
Once your high-level goals and objectives are locked down at the beginning of the year, they’re typically shared in a meeting or via email. At first, everyone’s excited about them but as day-to-day demands take over, they start to fade into the background. When they’re “out of sight, out of mind,” people forget about them, can’t determine if they’re hitting goals effectively (or at all), and wonder what impact their work has. But there’s an easy way to fix this: track your goals in one place where everyone can find and access them.
Benefits of making your goals more visible:
They’re more likely to stay top of mind (i.e. people will remember what the goals are!)
Shows that leadership has clear direction (which builds trust).
Helps employees understand the importance and impact of their work (what they do matters!)