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Performance Management: comprehensive management of objectives and incentives

E-book "the importance of a better objectives & incentives management"

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These days, performance management is a cause of dissatisfaction at many companies, leading in most cases to have a negative effect on the organization’s efficiency.

The reasons behind this issue resides in the struggle that sales managers suffer to find the appropiate processes to help them identify top performers in the organization.

As a result, over half of employees think their supervisors don’t come with accurate performance reviews. Leading to demotivation, underperformance, lack of trust, among other important issues.

However, on the oppossite side some studies show that organizations that manage to create a motivational atmosphere at work become 21% more profitable thanks to a highly engaged workforce. Thus, every company’s goal is to create a positive work environment that helps improve employee performance and experience. Reducing the possibility of problems related to job dissatisfaction.

But, which is the key to start obtaining positive business outcomes from performance management?
In this guide we will review some of the key points that we have managed to identify in order to achieve our goal.

Firstly, and as a McKinsey report explains, the key to reap positive business outcomes from performance measurement is to create an infrastructure and a management system that is perceived as fair.

Thefore, you will have to ensure that your organization is perceived as fair. To achieve this, we propose you 3 main practices that managers should take into consideration:

 

  • Link individualsgoals with business objectives
  • Differentiate and make accurate compensations and incentives calculations
  • Ensure a transparent and a fluent communication between the managers and the employees

Nevertheless, to put this in practice can result in an extremely difficult excercise for the organization due to Managers’ lack of time.

Managers are very busy facing other responsabilities such as quarterly goals to spend the needed amount of time on creating a fairness work environment. Therefore, due to the lack of time, managers create even more cursory and drive-by reviews. Driving employees to see the reviews as unfair and unaccurate. Encouraging them to approach future reviews with a worse attitude.

The only way to exit this downward spiral that will keep promoting an underperformance’s culture is to equip your company with an appropiate support and management system.

Pharma 4.0: New Possibilities. New Opportunities

The Pharma 4.0 term refers to the ongoing digital growth and the intention to adapt new digital and tech tools such as BI, AI, or Data Analytics to the pharma industry, with the ultimate goal of shifting current business models towards a new ones where technolgy takes charge of more and more processes to gain productivity and efficiency.

With the help of data analytics, Big Data or Business Intelligence, many daily processes in companies and organizations can be optimized, which can result in a better use of resources and an increase in business. The Pharmaceutical industry is not excluded from these possibilities. And it is that this sector has a series of peculiarities that makes the knowledge of Insights and the analysis and management of data more necessary than ever.

Specifically, the implementation of this type of tools in an organization can improve and enhance decision-making processes. Some of the benefits that can be obtained are:

1. Organization's budgets management
More efficient management of the organization’s budgets

3. Forecasting with configurable parameters
Forecasting with configurable parameters that allow making more accurate decisions based on the analysis of historical data.

2. Increase in business volume
More precise definition and optimal monitoring of sales objectives. Contributing to an increase in business volume

4. Configuration and distribution of incentives
More efficient management of the configuration and distribution of incentives among the sales staff.

Thanks to these new possibilities, we are able to integrate a specific solution that help us manage employees’ objective and compensation plans. Simplifying and streamlining the efforts and resources that this type of activities generally entails.
But, What kind of features should our performance management system have?

Performance Management
Download now for free our E-book “the importance of a better objectives & incentives management” to find out which are the key features that a gret Performance Management System should have and much more.

E-book "the importance of a better objectives & incentives management"

FREE DOWNLOAD

Send download link to:

Subscribe to get exclusive content and recommendations every month. You can unsubscribe anytime.

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