Goals are at the core of success for any enterprise. Without them, employees, managers and leaders lack a clear vision for the future. Goals add meaning to daily work and help teams understand how what they do has a larger impact on the company’s success.
Our white paper, “Goal Sciences Best Practices,” also provides tangible data that suggests goals directly impact success. According to research conducted by Dr. Gail Matthews of Dominican University, individuals are 42 percent more likely to achieve their goals by writing them down, and there is a 78 percent increase in achievement when sharing weekly progress with a friend.
Of course, not all goals are created equal. At BetterWorks, we’re fans of teams, leaders and employees setting goals based on Objectives and Key Results that are: Connected, Supported, Adaptable, Progress Based and Aspirational. Here are five ways setting the right goals will help you be successful:
1. More Aligned Teams
Without good goals, it’s nearly impossible for teams to work together to execute your enterprise’s long-term mission. In many cases, silos and lack of communication result in employees not fully understanding their company’s business strategies and what’s expected of them to help achieve company goals. By setting clear goals for all employees and illustrating how those goals relate to company goals, teams will quickly become more aligned and effective.
2. Deeper Employee Engagement
According to Gallup, less than 31.5 percent of U.S. workers were engaged in their jobs in 2014. More specifically, 51 percent are disengaged and 17.5 percent are actively disengaged. This trend can be easily countered by changing the way your business manages performance. Employees who receive regular – rather than just annual – feedback based on goals that are directly tied to company goals are more likely to be engaged in the work they do.
3. Improved Talent Retention
Good goals are crucial to retaining top talent. According to OfficeVibe, companies that implement regular employee feedback see 14.9 percent lower turnover rates. Enterprises can use visually appealing goal setting software to engage employees with their goals and provide “just-in-time” rather than annual feedback. Couple that with a deepened understanding of how individual goals affect company goals, and you’re on the road to success.
4. Heightened Aspiration
The key difference between OKRs and S.M.A.R.T. goals is that OKRs allow goals to be “aspirational” rather than “attainable.” At BetterWorks, we think employees and managers that strive for greatness are the best equipped to help make companies successful.
5. More Efficiently Used Time
Good goals that are managed using innovative goal setting software and subjected to regular feedback save enterprises time and money. According to Marcus Buckingham and former Director and Chief Learning Officer of Leadership Development at Deloitte, Ashley Goodall from Deloitte, the annual review process – including meetings, filling out forms and creating ratings – wasted 2 million hours of their company’s time annually. Instead, goal setting software allows companies to easily share feedback and update goals throughout the year, saving time on lengthy review processes.
By setting excellent goals, enterprises are in a great position to succeed.