This video covers the most common errors companies make in measuring themselves, their business functions, and their partners through the use of metrics. It shows when metrics are used to tell a specific story, rather than help us understand the truth.
- Why do companies measure?…They want good resource utilization,…they want to improve over time,…companies want to find their best employees…and learn from them,…they want to find struggling employees and help them.…Lots of good intentions,…but so often measuring performance…can take companies in the opposite direction.…Why?…Well, let's look at some…of the most common errors companies make.…Some companies try and program their employees.…
Since humans tend to want to hit their numbers…there is a tendency for people to become…fixated on the number.…In these cases employees are now effectively robots.…These are now just people that do exactly as their told.…That may be good for maintaining quality,…it's not good for innovation.…The best companies want motivated people…that don't just follow directions,…they are looking for opportunities to make things better.…Are your metrics programming your employees?…Or do your metrics point your employees…in the right direction?…Do they motivate your employees to get better?…Companies don't realize that there is a price…
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- Explain why metrics are necessary in business settings.
- Define KPIs.
- Identify the issue of attempting to reach 100% in a given metric.
- Summarize the limitations of metrics.
- Recall the three steps for making a metric understandable for employees.
- Describe the characteristics of an effective metric.
- Compare and contrast the costs and benefits of measuring too many versus too few metrics.