Some Tips on How to Build Metrics Home Business Articles | November 21 Adam Thielen Hoodie , 2008 There are many kinds of metrics but companies can benefit much from efficiency metrics. When you want to build metrics, be sure to include efficiency metrics.
Many companies build metrics along with other management measurement tools, such as balanced scorecards and KPIs Stefon Diggs Hoodie , to ensure that goals and objectives are achieved. Each of these measures has their own uses but metrics would be the first that managers look at when he needs quick information on how well the company is doing.
There are many kinds of metrics that it is quite possible to formulate a metric for each key performance area. A company involved in varied activities like production and sales will find a lot of benefits from having a productivity metrics, sales metrics, or customer satisfaction metrics. Metrics are not actually new; production metrics are more commonly known as cost per unit Dru Samia Hoodie , while sales metrics will mean return of any expenses dispensed to consummate a sale. Any accountant worth his salt and provided with the pertinent data can figure out in a few minutes the appropriate metrics for a given key performance area.
One type of metrics, however, that is perhaps more important that others is efficiency metrics Alexander Mattison Hoodie , although of course, all metrics are measures of efficiency. Efficiency metrics deal more with how things are done, actual time spent on work-related activities Irv Smith Jr. Hoodie , and the volume and quality of work done based on pre-determined targets. Any great variations between projected efficiency metrics against actual metrics can expose a variety of problems that need to be addressed ? staffing problems like understaffing and overstaffing, work attitudes and habits, people and job mismatching Garrett Bradbury Hoodie , attitudes towards work, inadequate skills, inadequate procedures or work flow Danielle Hunter Shirt , and a host of others. The assumption, of course, is that a manager will be dedicated enough to spend time trying to uncover possible causes of the poor metrics results.
Building metrics will not be easy because these must be based on accurate data. For example Eric Kendricks Shirt , how can one precisely determine the time needed by company maintenance personnel to repair a busted electrical connection? Is the procedure for requesting job orders clear? How much time is needed to have it approved? The tasks of determining exact timeframes for given jobs or how many people are required to perform tasks will require a bit of research. A survey will probably have to be done to establish clear and accurate standards of work. Some tasks and activities are interrelated, with at least a couple of separate departments or sections involved, efficiency metrics must be synchronized company-wide and this must also be considered in assigning numbers. This seems to be a lot of work but once implementation mechanisms are in place Trae Waynes Shirt , work efficiency should be improved considerably.
All the hard work of building metrics will end up useless when monitoring systems are not given the importance they deserve, which is a tragedy since monitoring is part and parcel of a good efficiency metrics. Routines for monitoring of metrics implementation must be developed. Submission of reports on efficiency of various key performance areas must be regular and consistent with prescribed forms. This will make monitoring easier.
For every type of product and service, thousands of companies compete for a profitable share of the market. Competition is intense. The only way to survive is to have a workforce that is dedicated to efficiency. The need to build metrics to ensure this kind of work force is a primary consideration of many companies.
Bonuses and "merit review bonuses". The first question in current economic times of 2010 2011 is that does anyone should receive these in light of our current tough economic times. Secondly outside of government agencies and departments who seem to be in place to reward themselves and grow regardless of efficiencies and effectiveness of service delivery and output? Are merit review bonuses warranted and a good idea of compensations and rewards structures in our current business model and pay scales and models?
The short answer is yes - merit reviews and raises do have a good role to play and yes they do have a good role to play. In today's climate it's a question of how to do more with less. Merit raises can be seen as a very good return on investment and expenditure for any and most businesses. It's as if you are paying back a worker a small percent interest or fee for making you money or even just sales.
Yet the question begs - how do you as management or supervisory staffs get the most out of merit raises and reviews?
First of all granting merit rises once a year to all qualifying employees in them destroys the tools motivating power as workers come to expect them. On the other side of the fence is the ludicrous idea of rating in reviews that the scale is limited. On the other side of the fence management should be held responsible when such misdeeds of using reward structures to be a nice guy or win a popularity contest are carried out. In some firms it went as far as management granting off the top 10 out of 10 merit review rankings. Either this was done as unknowing routine or just sloppiness or downright incompetence. Later when employers were terminated they could demand large severance packages pointing out via their lawyers that their performance was more than adequate and satisfactory being exemplary at 10 out of 10. To make it more like a Dilbert scenario management often rebounded and in later years
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