It is important to note that the aspirations should not only be strictly financial. Goals in market growth, productivity, quality, customer service, safety and environment, and organisational empowerment should also be considered. Companies can then cascade each of these high level imperatives through the organisation finding the most appropriate translation for them at every level down to the shop floor. By making these aspirations tangible at all levels, the company can then make the most significant connection; the link between performance and fiscal results. Simply put, if the performance improvements are not showing up on the company’s income statement, then they are not really improvements.
The management of corporate performance involves having senior managers derive and execute strategic plans, communicate them throughout the organisation and transform them into reality. Based on a study conducted by the Economist Intelligence Unit which studied and analysed performance management in 170 European and US companies. It found that there were four specific requirements to deliver world class performance management. They are:
We assist our clients using our structure approach comprising:
Define Stage – here we work with the client to translate the organisations strategic imperatives into high level KPI’s and then cascade these down through the organisation by the definition of directly meaningful performance measures (and targets) for each level.
Design Stage – in this stage we design the performance management process, the reporting formats, reporting frequencies and required infrastructure
|-||Implement Stage – finally we work with the client to implement the necessary mechanisms to ensure that the measures result in tangible actions to improve the performance of the business|
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