Your organization is growing fast. If you’re going to keep up with the changes, you’ll need the right employee data and metrics to measure success.
Startups can use a variety of employee metrics to measure business growth. Metrics such as peer reviews and employee engagement levels provide valuable data to help identify current areas of growth and predict future changes.
It’s important to look at employee performance metrics as a whole for streamlined compensation and succession planning. Here are a few employee performance metrics vital to growing your organization:
Growing startups must prepare for new positions and employee growth. When it comes time to determine whether an employee is ready for a new position, create a list of competencies to rate employees on their ability to perform the job.
Let’s say you’re thinking about promoting one of your first employees to a leadership position. Identify key qualities that make a successful leader in your company. After identifying these traits, match an employee who’d fit these competencies.
Employees know more than managers because they work directly with one another. Peer reviews are a great way to identify quiet leaders and employees who would be recognized for their hard work.
Before implementing peer reviews, create a list of qualities high performers should have. This will give employees a better way to gauge their coworkers’ performance. Employees should also measure qualities such as collaboration, leadership, and communication.
Employee engagement plays an important role in startup growth. Unfortunately, only 13 percent of people are engaged at work worldwide, according to Gallup.
How is employee engagement a metric? Employee disengagement costs the U.S. an estimated $450 billion to $550 billion annually. Gallup also found disengaged employees are more likely to steal from their companies, negatively influence their coworkers, miss workdays, and drive customers away.
Use employee self-assessments and ratings to determine whether employees are engaged in their work. Ask employees to rate their work environment, how they get along with their coworkers, level of fulfillment, and the interactions they have with management. These factors contribute to the level of happiness and engagement employees experience in the workplace.
The extent of an employee's effort to achieving work goals is a core element of employee engagement. A Towers Watson study found a key driver of engagement is understanding how their job contributes to achieving goals.
Show employees how their goals contribute to the overall success of the company and reward employees upon accomplishing these goals. By creating goal fulfillment a priority, employees will visualize their success in the workplace.
Task Completion vs. Hours Worked
The reality is, many employees are task-orientated rather than time-oriented. This means employees are more likely to focus on deadlines rather than how many hours they spend in the office.
Instead of focusing on the length of time it takes for an employee to complete a project, focus on the amount of value they’re able to provide. This allows employees to take the time they need to perform at their best ability and produce stellar results.
The future of your startup is greatly influenced by how well you measure employee performance. By following these tips, you’ll predict the future of your company and know the adjustments you’ll have to make to boost success.
What employee metrics do you use to measure the success of your organization?