A new business ideaA new business idea

About Me

A new business idea

I'm the kind of person who has a lot of good ideas for businesses but I don't have the time and money to get them all going. That's why I thought I'd start this blog. It's a place for people with great ideas to connect with other entrepreneurs and understand how they can take a great business idea from a business into reality. Getting advice from seasoned business owners can help you to be more successful and can make the journey a lot easier. I hope this blog will help other people looking to start up a new business from a great idea.


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Three Metrics That Should Be Part of Your Performance Development Plan

Your company will only develop when you invest in your employee talent. The best way to ensure that your employees improve their skills is to be part of the process, and there is no better way to make this happen than periodic evaluation and feedback to every employee. Unfortunately, many companies get so tied up in advertising and other aspects of business that they forget to analyse their HR data. Here are three measures that should be part of your employee performance development plan.

The Quality of Their Work

Work quality is one of the broadest and most subjective parameters that you can use to gauge the performance of your employees. However, it is still possible to use objective and accurate methods to establish employee performance. Some of the measures you can adopt into your plan include asking the employees to self-evaluate, management through objectives, use of graphic rating scales, and 360 degree-feedback. Graphic rating scales allow you to measure employee strengths on a scale of 1-10. On the other hand, management through objectives only rates the employee's competence through their success in meeting company goals and objectives. 360-degree feedback is anonymous and given by fellow employees as opposed to feedback by superiors only. A combination of these techniques gives a clear picture of employee work quality.

The Efficiency of the Employees

Efficiency is what drives profit while keeping expenditure within reasonable limits. The common measures used to establish employee efficiency include getting a baseline metric which you will measure everything against, defining and measuring tasks and not hours worked, carrying out client surveys, monitoring absenteeism, and recognising when employees are present. When the focus shifts away from the hours worked to the quality of the results achieved, employee efficiency improves significantly. 

Employee Individual Goals

 The individual goals of the employees will give you the best information about their contribution to your business growth and development. If an employee is not meeting their individual goals, it is possible that they are also not doing well with your organisational goals. Meeting employees regularly and in casual settings to discuss these individual goals will help you establish their commitment to your business.

It is not easy to get a business development plan which will comprehensively analyse employee performance and give you feedback which you can act on. However, with the right software, you can accurately measure your employee skills and know-how to make positive changes.