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Do you know the three elements you must measure and control when evaluating your executives' performance?

by , 10 July 2014
It's crucial for your company to have a performance management system in place for executives.

Just like ordinary employees, executives also need clarity on what their goals are and what they need to achieve. They are, after all, the navigators of your company and are responsible for driving company performance.

To ensure your executive team delivers what it's supposed to and in a way that'll help your company gain long-term profitability, measure these three elements with your performance management system.

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Three elements your executive performance management system must measure and control

Element #1: Achievement of results

You need to define and measure objectives as well as Key Performance indicators (KPIs), say the experts at the Practical Guide to Human Resources Management.

Objectives are the specific goals the executive needs to achieve. You must write them in a 'SMART' manner i.e. they must be Specific, Measurable, Achievable, Results-orientated and Time-specific.

Element #2: Demonstration of value-based behaviour

People in your company must see the executive team as the custodians of the company's values – living the values and, in so doing, setting an example of value-based behaviour.

If every executive behaves in a manner that visibly demonstrates your company's commitment to its values, the values are more likely to become entrenched in your company's culture.

We're not done. There's one more element you can't afford to leave out when it comes to your executive performance management system.

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One more element to measure and control in your executive performance management system

Element #3: Demonstration of competencies

While performance objectives identify what an executive must achieve, competencies highlight how the executive must achieve these objectives.

The good thing about competency-based performance management is that it can:

  • Transform behaviours;
  • Enhance skills; and
  • Develop company culture.

There you have it: The only way to ensure your executive team delivers on its mandate in a way that guarantees long-term profitability is by including or measuring all these elements in your executive performance management system.

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