WHITE PAPERS & GUIDES BISIONA
Performance Management: Management of objectives & incentives
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 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
Annual Report on the European Tender Market 2024
WHITE PAPERS & GUIDES BISIONA The Pharmaceutical and Healthcare Tender Market in Europe: Key Insights and Trends for 2024The pharmaceutical and healthcare tender sector in Europe is undergoing a period of transformation, driven by regulatory changes, technological...
Optimizing Territory Management: Best Practices for Pharmaceutical Sales Teams
BLOG BISIONA Introduction: The Challenge of Managing Sales Territories in the Pharmaceutical SectorIn the competitive landscape of the Pharmaceutical Industry, effective territory management is essential for maximizing market coverage and driving sales performance....
Managing Pharmaceutical Tenders: Strategies for Winning in a Competitive Market
BLOG BISIONAIntroduction: The High Stakes of Pharmaceutical TendersIn the pharmaceutical industry, winning tenders is a critical component of securing contracts and expanding market presence, especially in government and institutional markets. The tendering process,...
Annual Report on the European Tender Market 2024
WHITE PAPERS & GUIDES BISIONA The Pharmaceutical and Healthcare Tender Market in Europe: Key Insights and Trends for 2024The pharmaceutical and healthcare tender sector in Europe is undergoing a period of transformation, driven by regulatory changes, technological...
Optimizing Territory Management: Best Practices for Pharmaceutical Sales Teams
BLOG BISIONA Introduction: The Challenge of Managing Sales Territories in the Pharmaceutical SectorIn the competitive landscape of the Pharmaceutical Industry, effective territory management is essential for maximizing market coverage and driving sales performance....