Preparing and sharing value driven outcomes
Achieving the triple bottom line effectively necessitates thorough preparation. For managers and leaders, it is crucial to establish performance goals and objectives for each key aspect of the triple bottom line in order to drive success.
Preparation involves ensuring that employees have a shared understanding of the metrics that will be used to measure success. The GOALS© template, a valuable framework for this process, can assist in setting clear and measurable objectives. Involving employees in the goal-setting process allows managers and leaders to ensure a collective commitment to achieving the desired outcomes. This approach is delivered through performance management, rather than performance appraisal. The following illustrates the fundamental differences between the two:
Performance appraisals
- Assessment from top-down
- Annual appraisal meeting
- Utilisation of ratings
- Monolithic system
- Focus on quantified objectives
- Often linked to pay
- Bureaucratic with complex paperwork
- Owned by the HR department
Performance management
- Joint process through dialogue
- Continuous review
- Less common use of ratings
- Flexible process
- Focus on values, behaviours, and objectives
- Less likely to be directly linked to pay
- Minimal documentation
- Owned by line managers and individuals
This involves regular engagement that is thoughtful and intentional. It includes preparing for the ever-evolving business landscape and adapting accordingly. A significant part of the plan is to concentrate on developing employees' skills to meet the performance goals. Effective leadership plays a crucial role in keeping employees committed and motivated to achieve these goals, which can be accomplished through performance management.
By placing emphasis on preparation and goal-setting, managers and leaders can establish the groundwork for success.
- Take the time to thoroughly understand your organisation's triple bottom line goals and objectives, as well as the specific strategies and initiatives in place to achieve them.
- Set clear and measurable objectives for each aspect of the triple bottom line, ensuring alignment with the overall organisational goals.
- Foster a shared understanding among your team members by clearly communicating the importance and impact of the triple bottom line objectives, and encourage open dialogue to address any questions or concerns.
- Prioritise performance management over traditional performance appraisal methods by implementing regular check-ins and ongoing feedback sessions with your team members.
- Move away from top-down, ratings-focused appraisals and instead focus on fostering a collaborative and supportive environment where employees are encouraged to grow and develop their skills.
- Emphasise the importance of dialogue, flexibility, and values-based decision-making in your management approach, encouraging open communication and fostering a culture of trust and respect.
- Continuously work on your personal and professional development, seeking opportunities to learn and grow as a manager, and regularly assess your own skills and progress towards achieving your goals.
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