Many startups, entrepreneurs, and established business owners today want to build a culture where strategy is as transparent as possible. To do this effectively, one must develop a strategy that follows a goal-oriented structure and does not establish goals that are set too far into the future. For people-focused goal-oriented development, it’s vital for you or your workforce to be able to connect to your strategy through their own personal, goal-oriented growth plans. Specifically, many professionals want to connect to their company’s development strategies that provide assistance with developing important skills and knowledge.
There are a variety of ways to do this, but some business leaders might struggle to see the real value in doing so. What’s the point of launching goal-oriented development strategies? What are the real benefits of focusing on your company’s people, or focusing specifically on your professional goals? Is it worth the effort to regular follow-up with your company’s people and gather feedback?
In this guide, we’ll break down everything you need to know about the benefits of goal-oriented development for your business. Let’s start by breaking down exactly what goal-oriented development actually is.
What is Goal-Oriented Development?
On an annual or semi-annual basis, most businesses will create strategic goals for the business overall. These goals will usually focus on key objectives that must be achieved over the next year. Such goals are connected to the business’s overall mission and vision, and are designed to help management teams and other staff understand what is really important and which direction their company is grading in. Annual goal-setting also helps employees understand where their specific position fits in the bigger picture of the company.
When companies develop goals for each of their individual employees along with these broader annual goals, the processes involved could be considered goal-oriented development. Goal-oriented development is the process of setting goals for the benefit of individual employees as well the company as a whole. Goal-oriented development is so crucial to organisation's success simply because it aligns business goals with employee goals. When these come together, you’re giving your employees a reason to believe in your company and be as productive as possible. For the purpose of performance management and talent development, goal-oriented development is absolutely vital.
The Benefits of Goal-Oriented Development for Business Growth
There are so many benefits to focusing on goals when developing strategies for your business’s growth.
It connects employees with their companies in a meaningful way.
Any business owner understands that getting employees to believe in the mission, product, service, etc. can often be difficult. However, it’s vital for one’s workforce to be dedicated to the company mission. It’s the difference between having a staff full of individuals who just need a job to get by, and individuals who are actively pushing themselves in terms of productivity to meet company goals because they care.
The proof is in the pudding. (A.k.a other companies have already established the value of professional development programs.)
In addition to setting people-focused goals in their development strategies, many businesses are also implement professional development programs to benefit their employees (and thus, their companies.)
There are quite a few different examples of companies who are absolutely killing it in the professional development game. One includes Shellman, an LLC that provides attestation and compliance services in Tampa, Florida. This public accounting firm understands the value that both their company and their employees can benefit from when it comes to securing a CPA credential. As part of their goal-oriented development plan, Shellman development a reimbursement program for individuals who paid to undergo CPA exams, as well as a bonus of up to $10,000 to help their teams pay for fees associated with studying for the exam. This programs also offers employees options for paying for materials, textbooks, training, etc.
Another top-notch company that has invested in their goal-oriented development is Goldman Sachs. One of the most well-known global investment banking firms in the world, Goldman Sachs implemented a program designed to help individuals close to graduation enter the finance industry immediately. This program targets high-perofrming students in their last study year (no matter their major) and allowed them to apply to their company’s new analyst program. This program provides students with no professional experience various resources, skill-building opportunities, and networking access.
Goal-oriented development invests in the quality of output from your employees.
Most professionals understand that professional development goals are a huge part of advancing one’s career. Such goals can include everything from becoming more productive during work hours or becoming the president of their own business. In general, such goals are relatively short-term and are not too focused on the far-away future. Regardless, the only way for a professional to reach their “big picture” goals is to set smaller, more actionable goals to face on a day-by-day basis.
Developing business goals that involve individual employee goals can help your workforce get a better vision of their future with their company. Depending on the specific strategy you implement, goal-oriented development can also help employees hone their existing skills for the better of themselves and their company. Overal, linking business goals with employee goals encourages employees to become better employees-- and that can only benefit your company.
Studies confirm that employees want to stay at their current company in the long-term, if only their companies would invest in them.
According to a survey conducted by LinkedIn, over 94% of employees surveyed said that they would be happy to stay with their current employer for a longer amount of time if the company would invest in helping them learn and grow professionally.
To put it simply: If your company isn’t developing goal-oriented strategies and aligning individual employee goals with business goals, they’ll start looking for other opportunities elsewhere. And as we noted earlier in this guide, many businesses are developing programs to give their employees professional boosts. Some of those companies could be your competitors.
You’ll improve employee engagement and retention.
It’s no secret that the biggest benefit to a goal-oriented business strategy is that it boosts employee engagement. Greater employee engagement results in a much stronger retention rate. Connecting your business goals with employee goals can not only boost morale, but also can improve your bottom line.
Employees want to know the true purpose of their role, how it will evolve, and how they can better execute that role. If an employee feels not so secure with their job placement, they will likely start searching for bigger and better opportunities with more options for growth. The process of regular onboarding isn’t enough-- your business needs to nurture the employees who have stuck with your company so that they don’t look for other opportunities.
It’s simple: Design your proposed business and individual role goals and communicate them clearly and effectively with your workforce. Your employees will be happy you’ve invested in them.
Goal-oriented development can help your business spotlight opportunities and avoid potential risks.
Launching and running a startup can be quite an energizing experience. However, as a business leader, you will absolutely stumble hard at some point-- that much is guaranteed.
If you choose to operate your business in a highly measured way, take the time to identify what actions align with your goals, and identify what can seriously threaten your goals, you can avoid making bad choices. If a business in your niche wants to work with your company, take the time to develop strategies that can help you identify if such an opportunity aligns with your goal. Just as well, make these strategies extremely transparent with your workforce. Your employees want to know what’s happening internally with your company, and keeping such information under lock and key can breed distrust and instability.
Goal-oriented development bridges the gap between business leaders and the workforce that makes the business so successful. Transparency is absolutely vital.
Talbit Can Help You Build a Goal-Oriented Development Strategy
Talbit is a People-CRM platform designed specifically for people development and leadership. Our goal is to provide agility, sustainability, and overall inclusiveness to your business’s employee development. When you need a way to offer your employees the ability to connect their growth to your company’s growth, Talbit is ere to help.
Get in touch with the team and Talbit today to learn more about how we can help you develop the best possible goal-oriented development strategy!