For companies, goal setting is absolutely essential to motivating employees and creating an environment where they can win, and feel like winners.
The 10/90 rule in smart goal setting says that the first 10% of the time that you spend developing absolute clarity about what is to be done will save you 90% of the time once you begin. It can also save you 90% of the mistakes, the costs, and the time of other people involved.
In Fego Employee can set self goals for a cycle, than they send the goals to the manager. The manager can make changes when necessary, and send back to the employee. Manager approves the goal when find it good. The conversation continues till the manager and employee comes to make an anonymous decision on, which goals to achieve for that particular cycle.
You have heard of the SMART goal setting. Which is widely followed by companies in goal setting process.
Specific - It is perfectly clear to everyone who must be involved in its achievement. Everyone knows who should be involved to achieve the goal. The very basic reason why people not completing their goal is, lack of clarity about the goal they have set at the start.
Measurable - The goal weightage can be a number or financial one. It can be divided into steps, each of which can be measurable as well. When the person knows the exact measures to achieve the goal, the chances are high to achieve the goal.
Achievable – It can be accomplished within the limitation of time, money, the economy, the external environment, the skills and abilities of the team members and the other limitation contained both inside and outside the company.
Realistic/Relevant – The goals should be a realistic one. It can help people to develop a high level of confidence in achieving the goal. People often do the mistake of creating goals based on their aspiration. They are often not realistic. They are only wishes than goals.
Finally, a SMART goal is time-bounded. When you have particular target schedule for the attainment of each part of the goal, and the completion of each part of the task, it is much easier for people to achieve the goal on schedule.
Fego also follows SMART goals methodology in Goals & Appraisal Feature, which helps companies and their employees to effectively create, monitor and achieve the goals within the constraints.
Managers can monitor the progress of their employees and the company also able to monitor and take necessary steps to improve the performance of employees.