Let's Talk About Goal Setting

I was reviewing the 2007 goals for my team, when one of my friend, who is working in the banking sector called me. "Hi friend, How's life ? It's been quite awhile, since we went for a drink." I said to him. "I am fine, my friend. Yes, it's has been awhile, since we last catch up." He answered.

"How is your work? The last time you had called me, you were complaining and telling me that, your department did not manage to meet the year end goals". I asked him. "True, my friend. Now, I am stress with planning the new year goals, for my department. Any advise on goal setting, my friend?" He replied and asked me.

"Well, honestly speaking, I am not well versed in goal setting methods. But, I can share the method, which my company is currently using to set goals. I have used this method for the past 3 years, and my team have meet the goals every year. So, take out you pen and papers." I replied him.

Many people leader are not aware that having clearly defined goals, is one of the top drivers for performance. Goals setting clarifies expectations and defines contribution to help a company win. And high impact goals create the future for employees and inspire our people, by providing them with direction and accountability. The goal setting method, which my company use is called the SMART method. The definition of SMART is as follows,

• S = Specific - States the expected deliverables and outcomes as simply and concretely, as possible.
• M = Measurable - These are both quantifiable and verifiable, and can include quality, quantity, cost and timeliness.
• A = Aggressive yet attainable - Goals that challenges us to learn and go beyond our former achievements, make work more interesting and fulfilling.
• R = Relevant - The goal is relevant to our role and will help the company achieve business objectives.
• T = Time bound - A time-bound goal includes a realistic and appropriate time frame.

The economy where all of us work in is dynamic, therefore goals are not static and should be reviewed and revised, throughout the year. Some goals may be completed in a shorter time frame than others. So, new goals may be added during the year and completed at different times. Goals may need to be adjusted due to a change in business priorities. And goal setting is a dynamic, continuous process and not a one time event.

There are 4 situations when you should adjust a goal,

• Changes in business priorities
• A change in available resources (time and people resources may change, which may impact priority of time/effort/tasks, necessary to complete the goal)
• Customer expectations altered
• Goal completion - once a goal is completed and the employees has room for more goals

There are 3 situations when you shouldn't adjust a goal,

• To let someone off the hook, for not doing his/her job
• The employee did not calibrate time/resources accurately
• Just because other goals get added - always review all goals and re-prioritize

Goals setting is a dynamic and continuous process. As, our goals are affected by various external factors, which we have little control over. Our goals need to be review and revise overtime, to adjust to the changes happening around us.

So, to all friends out there, who will be using this method to set your goals. Please pass it on to others, if you achieved your goals using this method. As for my friend, he seem satisfied with the method and will be using it, to set the goals for his department. Good luck and all the best, my friends.