How to get higher ROI by setting goals? Goal Setting Process with HRMS Software

Employee Productivity | 2021 | Goal Setting Process

ROI (Return on Investment) is more than how it is understood. A business setup needs to understand ‘What is Return’? Returns can include improved employee performance, increased revenue, accelerating team, reduced bad debts, improved process etc. There are boundless tips in the online market today to improve ROI (Return on Investment).

The first step is analyzing the current situation from core and trying to not fix at the moment. Yes! We tend to fix everything at once which is definitely not the right way to achieve what it required. Before expecting any results from running business, there’s a need to understand the potential of your business or returns you actually might get from your investment. This investment includes hiring employees, infrastructure, product/service management mechanism every bit of money invested by you.

It comes out as a struggle to go this deep in an established organization. Mentioning about the possible areas where ROI can be increased to a great extend is increasing employee productivity. Many successful organizations have improved their revenue by starting with setting goals and calculating employee performance which directly affects company’s performance at the end.

Why is ‘Goal Setting process’ important?

Have you ever thought why projects gets delayed? Why employees have no personal interest in their work? This is because workplace does not have a clear goal setting process.

Many organizations fail to present goal setting process as an ‘employee benefit’ activity in a business. Goal Setting is very important for employee daily motivation. Some organizations organize mentor sessions to motivate their employees timely but forget to motivate them on daily basis. It’s a high time to understand that very less employees will work for organization’s welfare, rather they work hard for their own goals in life which are mostly monetary.

In a famous ted talk, Dan Pink has mentioned the importance of autonomy when it comes to goal-based motivation. With companies such as Google and Microsoft adapting to an approach of giving workers more control over their schedules, assignments and responsibilities, it seems goals themselves works as a mentor.

Here\’s how goals improve the ROI:

• They help employees define a vision of where they want to be, and imagine a path of how to get there.
• They encourage employees to think about the meaning of their work and how it ties into the bigger picture.
• They build accountability i.e., do people meet their goals? What are the reasons for meeting them (or not)? How did they get there?
• They encourage employees to measure their work and think beyond \”simple\” execution.
  (as per Dan Pink-source)

Goal Setting Process helps in Prioritizing Work

Having a clear goal while working helps in prioritizing the work. This allows urgent tasks to be completed on time and projects deadline is never affected. Companies are have now started moving to task management tools rather than traditional manual way of assigning tasks.

Cloud-based task management solutions brings automation and independency in work culture. The managers can create and assign task from mobile applications also and employee can update with the work done, time taken and who is responsible further. Each information is documented systematically and transparent to every responsible person in a project. Here are a few advantages of cloud-based task management system which really helps in getting higher ROI;

• Low at cost
• Easy to use
• Easy to access
• Flexible with existing tools
• Helps in setting KPIs
• Mobile applications available so that employees can update from anywhere, anytime
• Reduces dependency for approvals
• Time-saving solution
• Improves productivity
• Document Management System (DMS)

Task Management tools are designed to elevate efficiency in project planning, budgeting, scheduling, execution, and reporting. They are one of the most trusted systems in the market for SMEs today.