Performance Management: comprehensive management of objectives and incentives
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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?
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 individuals‘ goals with business objectives
- Differentiate and make accurate compensations and incentives calculations
- Ensure a transparent and a fluent communication between the managers and the employees
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
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
3. Forecasting with configurable parameters
2. Increase in business volume
4. Configuration and distribution of incentives
E-book "the importance of a better objectives & incentives management"
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