CY2017 Objective Setting Feb 2017 1
CY2017 Objective Setting 1 6 Feb Finalize CY17 BU/Regional/Functional Objectives 6 10 Feb HR communication sessions 6 28 Feb Employee can start to create their objectives while the Manager cascade down the objectives Employee and Manager review objectives and discuss to finalize objective plan in OneConnect (OC system) Manager must approve the plan to complete the process 2
Biosensors PMP Philosophy Our Performance Management philosophy is to foster a high performance culture to deliver business results through: Alignment Ensuring understanding of the company s & department s strategy, priorities and values as well as how each persons individual and team efforts help to achieve results Transparency Providing clear expectations of each role and the objective criteria on how performance is evaluated Differentiation Recognizing and rewarding performance of employees based on individual and company achievement of business results Communication Promoting two-way communication between managers and employees to clarify expectations and provide ongoing feedback & coaching to improve employee performance 3
Balance Scorecard KPI Category Financial & Operational Excellence Description Consists of both top-line and bottom-line metrics Measure continuous improvement in efficiency, cost and quality of departmental operations Common aligned standards of Governance & Controls across the Group Department Goals & Objectives People & Organization Metrics to capture delivery of a strong product pipeline in order to diversify the product portfolio and ensure continued renewal of products Develop strategic partnerships and M&A opportunities for the Group Build people and organizational capabilities to drive continued success in order to create 'platform company' and to support the future M&A ambition Also including smooth transition to new organisation (structure, people)
Objective Setting Guidelines 5
Objective Setting Guidelines Total number of objectives should be between 5 to 8 Larger objectives can be broken down into sub-tasks using tasks & milestones on OneConnect Each objective should be assigned a weight (minimum of 5% and maximum of 40%) Total weight of objectives/entire plan should not exceed 100% Majority of objectives are aligned with BU key objectives Additional objectives can be created as necessary After finalizing own plan, cascade objectives to direct and dotted line reports All objectives should follow SMART approach pecific easurable ction Orientated ealistic ime bound
Creating S.M.A.R.T. Goals Specific A specific goal has a much greater chance of being accomplished than a general goal. EXAMPLE: A general goal would be, Get in shape. But a specific goal would say, Join a health club and workout 3 days a week. Measureable Establish concrete criteria for measuring progress toward the attainment of each goal you set When you measure your progress, you stay on track, reach your target dates, and experience the exhilaration of achievement that spurs you on to continued effort required to reach your goal. Attainable When you identify goals that are most important to you, you begin to figure out ways you can make them come true. You develop the attitudes, abilities, skills, and financial capacity to reach them. You begin seeing previously overlooked opportunities to bring yourself closer to the achievement of your goals Realistic To be realistic, a goal must represent an objective toward which you are both willing and able to work. A goal can be both high and realistic; you are the only one who can decide just how high your goal should be. But be sure that every goal represents substantial progress. Time Bound A goal should be grounded within a time frame. With no time frame tied to it there s no sense of urgency. 7
SMART Method for setting individual goals Specific What will be accomplished? What actions will you take? Measureable What data will measure the goal? (How much? How many? How well?) Attainable Is the goal doable? Do you have the necessary skills and resources? Realistic How does the goal align with BU goals? Why is the result important? Time Bound What is the time frame for accomplishing the goal? 8
Create 5 8 Goals Having too many goals can be an indicator that your goals are scoped at too low a level and are focused more on tasks than on end results. Tasks are most appropriate in the action plans supporting each goal, not in the goal itself. If it seems that your goals are becoming too numerous and taskoriented, it may be helpful to consider combining several goal statements into a broader outcome area, with specific tasks listed in the task/milestone. If there are still too many goals, it could be that some need to be removed or postponed. Remember, goals are intended to focus attention and resources on what is most important so that you can be successful in achieving your priorities. Having too many goals can have the same effect as not having any goals at all. 9
SMART Goals include both Performance Goals and Development Goals Performance Goals Examples Provide high quality customer service resulting in a 90% customer satisfaction rating from external customers on accuracy, timeliness and courtesy measures on an ongoing basis. On an ongoing basis, reconcile the department financial reports by the 15th of every month with no increase in reconciliation errors. Resolve 90% of complaints through a collaborative process without need for formal mediation on an ongoing basis. Manage the department budget to stay within appropriations and accomplish 85% of service results by the end of the fiscal year. Coach and support my direct reports resulting in attainment of 85% of all performance plan goals and feedback from direct reports that I provided them with clear expectations, meaningful feedback and fair performance evaluations by the end of the fiscal year. By 1Nov 1, 2016 update the employee handbook and company policies Reduce overtime in the department from 150 hours per month to 50 hours per month by the end of the calendar year with no increase in incident reports. Development Goals Examples By Oct 30, 2016, develop and apply upgraded computer skills that enable me to produce budget reconciliation reports each month in a timely and accurate fashion. Develop and practice my coaching skills so that my direct reports report that they feel more satisfied with their work and able to perform at a higher level and such that I achieve a 30/70 split between coaching and doing by Oct 30, 2016 By Oct 30, 2016, complete certain course to enhance my skills as an effective leader as measured by feedback from my supervisor and the accomplishment of my performance plan goals. 10