Employee Reward Programs

Employee KPI Measurement Tools from RewardCo

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Key Performance Indicators (KPIs), are the measurements used to analyze an organization’s performance. They exist to highlight how well a company is performing in meeting its goals. KPI tracking is essential to a business’ success. The success of a KPI program is based on how well you analyze business performance. Performance management initiatives require individual goal setting and company wide goal alignment to the overall development strategy .

Measuring Your KPI Program

A good KPI program requires a reliable and accurate tracking system; RewardCo can provide proper KPI measurement tools. Having KPIs set is only the beginning; you still need to have a system of analyzing the KPIs, hence the need for an analytics tool. KPI tracking tools capture data and present it in multiple formats making it easier for you interpret and understand the results. The tools provide an easy way to manage your organization as they provide real time tracking and a roll-up of performance, making it easier for you identify how productive your employees are. These automated tools measure the KPIs daily, which means that you can identify progress with both short and long term goals.

Combining KPI Tracking with Rewards

Measuring KPIs is not enough. It also helps to ensure that you have a reward/recognition program as part of your KPI program. If you are measuring your employees on certain tasks, it boosts morale to have a reward system that recognizes their efforts. If, for example, you are using KPI measurement tools to track the number of new clients brought in by marketers, you might consider rewarding the marketers for increasing the number of clients. You could align your program to reward employees based on their individual performance such as the number of new clients brought in by each employee.

Key Points to Remember When Implementing A KPI Program

Employee KPI tools are not meant to merely to monitor employees. In fact, if not well implemented, employees may begin to view them as micro-management tools and this could decrease morale and inhibit productivity. They should be linked to the overall vision of the organization. The success of the program should be heightened by great leadership and inspiration in form of rewards and incentives. Establishing a KPI program is essential for any organization that wants to measure and achieve their goals. The good news is that tracking KPIs is possible thanks to the various tracking tools available.

Paul Raymond

March 10, 2014

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