The Best Way to Link Workforce Metrics to Strategy
Develop Scorecards to Monitor
the Health of Your Strategic Initiatives
Monitor Key Performance Indicators
Establish Measurable Objectives & Assign Targets
Let’s say you want to know if you are hiring the best sales people possible. You want to create a list of sales objectives for each product or service that you can measure to ensure you are, indeed, building out a great sales team and investing your time, money, and other resources wisely.
What can you measure?
You might look at number of leads your sales people generate, the conversion rate on those leads, length of sales cycle per sales person, repeat business from current clients, etc.
Now give each objective a set target.
How many leads are ideal per month? What’s the ideal conversion rate? And so on.
As you move through this exercise, a scorecard will collect and monitor each measurable objective and compare and contrast the values against the demographics of your sale people. The progress of each measure as its tracking against its target can be reflected using stoplight indicators (i.e. red, yellow, green). In six months (or whatever your timeline is), you’ll know how effective each member of your sales team is – and therefore how strong your overall sales hiring strategy is.
This is the model we follow.
Yes, it’s really different from traditional workforce metrics dashboards – and it’s better. You get context around your strategy and metrics that are directly linked to the objectives in your strategy. As you work towards achieving your strategy, you know where you are every step of the way – and you can take steps to correct course if need be.