Tag Archives: Measurement
Benchmarking is a systematic tool that allows a company to determine whether its performance of organisational processes and activities represent the best practices.
Benchmarking models are used to determine how well a business unit, division, organisation or corporation is performing compared with other similar organisations.
A benchmark is a point of reference for a measurement. The term 'benchmark' presumably originates from the practice of making dimensional height measurements of an object on a workbench using a gradual scale or similar
The term 'benchmark' presumably originates from the practice of making dimensional height measurements of an object on a workbench using a gradual scale or similar tool and using the surface of the workbench as the origin for the measurements.
Traditionally, performance measures are compared with previous measures from the same organisation at different times. Although this can be a good indication of the speed of improvement within the organisation, it could be that although the organisation is improving, the competition is improving faster...
FIVE TYPES OF BENCHMARKING
- Internal benchmarking (benchmark within a corporation, for example between business units)
- Competitive benchmarking (benchmark performance or processes with competitors)
- Functional benchmarking (benchmark similar processes within an industry)
- Generic benchmarking (comparing operations between unrelated industries)
- Collaborative benchmarking (carried out collaboratively by groups of companies (e.g. subsidiaries of a multinational in different countries or an industry organisation).
This report provides important insights from business leaders on both the various benefits of employee engagement and the ways to increase engagement.
It suggests that employee engagement is not just an optional extra, but should be a critical part of an organisation’s strategy.
The importance of employee engagement cannot be underestimated. Engaged employees are typically happy employees who feel an emotional connection to their employer and who feel motivated to perform at their best.
Engaged employees are more likely to remain with their employers for longer, deliver higher levels of customer satisfaction and, ultimately, boost an organisations’ bottom line.
In summary - employee engagement is crucial in helping businesses boost customer satisfaction, productivity and, consequently, their bottom line, which is why it should be ignored at leaders’ peril.
This report explores the complex concept of engagement and explains why it is essential that every business in pursuit of profitable growth needs to understand fully the fundamental drivers that help engage staff and help them to perform at their best.
To read the full report: Click Here
Whether you’re starting or growing your business, you need a business plan.
Your plan will provide the roadmap to achieve the success you want. The question shouldn’t be IF you write your plan, but how to write a business plan that will take your company where you want to go.
In its simplest terms, a business plan is essentially the answers to a comprehensive list of questions.
The first and most important question is this: where do you want your business to go? Stated differently, what do you want your business to look like in three, five or even 10 or more years? What level of revenues and profits do you want to have at that time? How many employees? How many locations? And so on.
Likewise, your business plan should answer these questions for a shorter time period, particularly one year. That is, what are your business’ goals for the current year, and what must you accomplish to make the year a success.
In answering these business planning questions, you naturally have to answer questions pertaining to each of the core business plan sections as follows:
Although there are countless organisational models, this paper describes one particular approach–the congruence model of organisational behaviour.
First developed by David A Nadler and M L Tushman in the early 1980s, it has been found to be particularly useful in helping leaders to understand and analyse their organisations’ performance. This approach has been developed and refined over nearly three decades of academic research and practical application in scores of major companies.
It doesn’t provide any pat answers or pre-packaged solutions to the perplexing issues of large-scale change. Instead, it is a useful tool that helps leaders understand the interplay of forces that shape the performance of each organisation, and starts them down the path of working with their own people to design and implement solutions to their organisation’s unique problems.
This paper, shared by Stanford University, describes the congruence model and suggests how it can provide a starting point for large-scale change.
Porter's Five Forces model, named after Michael E. Porter, identifies and analyses five competitive forces that shape every industry, and helps determine an industry's weaknesses and strengths.
These forces are:
1. Competition in the industry;
2. Potential of new entrants into the industry;
3. Power of suppliers;
4. Power of customers;
5. Threat of substitute products.
Frequently used to identify an industry's structure to determine corporate strategy, Porter's model can be applied to any segment of the economy to search for profitability and attractiveness.
To read more click on the following link: Five Forces Model
Too often we don’t spend enough time clarifying what we’re really aiming to do before we move to action. It’s all too easy to set objectives that are so general that we don’t know exactly what we’re trying to achieve, or whether we’ve achieved it.
A structured approach forces us to think more deeply and methodically about what we actually want. Perhaps the best known of these approaches is the SMART acronym. This is a practical, straightforward tool, which can be used for both professional and personal planning.
There’s quite a wide range of variations in the way SMART is defined, and in this quick guide, we outline one of the most popular.
Co-creating organisational culture can reinvigorate organisations by fully engaging employees, improving performance and increasing productivity. Healthy organisational culture often has clear guiding principles or values, which help employees thrive in today’s ever-changing world. However, employees often struggle with what they can believe and value at their workplace, especially when they face challenging situations such as budgets cuts, restructuring and increasing workload demands.
Learning leaders can help to co-create organisational culture by facilitating the following three-step approach, which was developed based on the “personal leadership credo.”
Step 1: Individual reflection: Co-creating organisational culture should start from each individual level. It helps each individual feel ownership. Every individual feels and interprets what organisational culture means differently. Therefore, a simple lifeline exercise could enable each individual to reflect on their life journey and better understand themselves.