Weekly FinTech Tip: Aligning Your Goals With Your Corporate Strategy and Tailoring Your Rewards to Achievement of this Goal Incentivizes Completion of Your Most Important Tasks
How do you address your goals? How do you communicate which projects are aligned with your corporate strategies?
Achievement is the completion of a task or goal, whereas alignment is completion of that same task or goal in service of a greater good or a strategy. We all have many tasks that we need to do through the day, but what tasks we choose to do decide what our outcomes are and our overall strategy in life. The same is true of an organization. So, how are you incentivizing the completion of your projects?
I find that many financial organizations incentivize completion based on quantity. Unfortunately, this leads to results that are not necessarily favorable because it is human nature to go after the smaller projects that you can actually achieve. However, the smaller projects are not always aligned with the organization’s strategic goals, so if we award any achievement regardless of whether or not it aligns with the organization’s corporate strategy, then we’re missing the boat.
If the goal system is not aligned with your organization’s corporate strategy, employees will naturally gravitate to projects that are easy to accomplish, that improve their monetary status, that improve their career status, or improve their position in the company, as opposed to strategic initiatives.
This has been a FinTech minute. I hope you enjoyed it. If you are interested in this series and want to learn more, you can buy my book, Breaking Digital Gridlock, on Amazon or anywhere books are sold. To learn more about my company, Best Innovations Group, you can go to www.big-fintech.com.
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Premiered on Apr 25, 2019