In a BLR webinar titled "Compensation 101: Essential Secrets and Strategies for HR Professionals," Paul R. Dorf outlined the key issues to effective goal setting.
Goal-setting is critical to any incentive program. There are five key issues:
- Be consistent with business plan and marketing objectives
- Be within the employee’s power to influence results
- Relate to overall organization goals
- Be significant and worth paying for
- Have a limited number of critical factors
Another good piece of advice is to apply the "SMART" model to goals. Each goal should be specific, measurable, attainable, results-oriented, and timely (SMART).
Paul Dorf is the Managing Director of Compensation Resources, Inc. (CRI). CRI (www.compensationresources.com) specializes in providing comprehensive Compensation and Human Resource consulting services. Dorf is responsible for directing consulting services in all areas of executive compensation, short and long term incentives, sales compensation, performance management programs, and salary admin programs.