Targeting is a highly collaborative approach to goal setting that can lead to good organizational results. It is a very practical management approach, where each team is tasked with contributing to the overall purpose and managers from different departments sit down with all members of their team to discuss what individual goals they can set, how they will support this goal more comprehensive and how success will be measured.
In the framework of management by objectives, each person who is part of the organization is involved in their own goal setting She is equipped with the knowledge she needs and is also highly motivated to ensure that each of her individual contributions leads to business success.
What is management by objectives?
Management by objectives is not a new concept. Peter Drucker popularized it for the first time in his 1954 book, The Practice of Management. This approach involves defining global goals at the business level and then using them to set concrete goals for team members, who will support that broader goal with their decisions.
Although many leaders naturally apply similar strategies, In order to speak of management by objectives with property, it is necessary that some key criteria are met, like the following:
- Goals must be determined with employees.
- The objectives should be formulated at both a quantitative and qualitative level.
- Goals must be challenging and motivating.
- Employees should receive regular feedback on how they are progressing. Feedback is very important in targeting.
- Employees should be rewarded for achieving goals.
- Growth and development must take precedence over penalties.
The management by objectives It is used to improve the performance of the organization, but at the same time, it tends to reinforce the culture, fostering a more positive work environment, where communication, participation and transparency are solid pillars.
The objective management framework
The premise followed by companies applying objective management is simple, however, there is a five-step framework that leaders must follow. for this management strategy to work effectively for them and their teams. They are as follows:
- Establish and review the ultimate organizational goal. It all starts when leadership or management defines a specific goal that they would like the company to achieve. For best results, leaders should be as specific as possible in this step. Only then will all the necessary information and context be ready to pass on to employees. Have you thought about defining SMART goals?
- Translate those goals to employees. Many leaders make the mistake of assuming that they can define a global business objective and pass it on as-is to the workforce, hoping that it will be the employees who fill in the gaps and strive to discover how that plan relates to them and their tasks individually. But this is not so. Targeting is a highly collaborative approach, and leaders should discuss goals with employees.. At this point, employees can ask questions, make suggestions, and participate in an open discussion, then collaborate until they are able to determine individual goals that support the overall business goal.
- Monitor progress and performance. Leaders cannot limit themselves to setting individual goals and assuming that employees will take them and do what they need to do until they are achieved. They must be prepared to closely monitor progress and performance and offer guidance and assistance when necessary.
- Evaluate performance. At the end of the goal-setting time period, the leader and employee should meet to discuss performance and see whether or not the employee has met the stated goal.
- Reward achievement and involvement. Hard work should not go unnoticed. Employees who have met their goals should be rewarded with raises, promotions, recognition, benefits, or increased responsibility.
Did you know that involving employees in the goal-setting process significantly improves their level of engagement in their work? In addition to this advantage, management by objectives makes it possible for all members of the organization to check how their work is connected to the bigger goals.