When it Comes to Your KPIs, is Your Team in the Dark?
Every type of business may measure success in different ways. It may be in the number of customers, repeat customers, total utilization figures for staff, profits, or something else. Whatever the important measures of your business are, you are undoubtedly tracking these Key Performance Indicators (KPIs).
Too many business leaders, though, don’t talk to their employees about these critical KPIs. The mindset may be that employees don’t need to concern themselves with those factors. Still, the reality is that keeping employees in the dark about KPIs means you’re missing out on improving company performance.
Factors in Determining Whether Your Team Should be Kept Up to Date on KPIs
Why Share KPIs?
For one, if you include employees in on the KPIs and how the company is performing, you’re signaling how much of a critical part they play in successful operations. Educating an employee about company successes and how it’s measured will likely give them an incentive to be a part of that success. You may even find that they have novel ideas to improve KPIs further that you would never have considered.
The ability to share and track critical KPIs can have a great positive impact on employee morale and, thus, productivity. Company-wide KPIs make everyone feel more on the same team, working towards the same goal, and feeling a sense of personal accomplishment when those goals are reached. If KPIs aren’t expressed, each employee will be focused only on their personal job’s responsibilities and not necessarily how that translates to the success of the team and the company.
How to Track and Share KPIs?
Once you decide to share KPIs with your employees, you need to find the best approach. Technology and software solutions regarding many KPIs are now abundantly available, such as through a customer relationship management (CRM) tool that keeps metrics of clients, sales, interactions with customers, and more. These figures can then be shared widely and regularly. And that’s just one form of a KPI tracking software; it will all depend on the specific business type and KPI you are tracking.
Once the technology solutions are implemented, the work doesn’t end there. Be sure to hold regular meetings to discuss the health of your KPIs. Keep these on top of employees’ minds and allow them to ask questions and offer ideas. When your company experiences particular success with a KPI, share that with the employees and reward them. It doesn’t have to be significant, but an office party, a token reward or bonus, or other perks will help keep employees thinking about ways they can improve success regarding the KPIs.
In the end, you want to make sure your employees know that the company’s success is their success, and vice versa. KPIs can make that happen in a very real way.
If you are looking to implement and track new KPIs for your business, get in touch with the experts at Tobin & Collins. We’re here to make business easier for you.