Learning from our mistakes is a key takeaway we all should reflect on throughout our career.
Chuck Csizmar highlights the 9 big mistakes that managers can make in a business circumstance:
- Offering employees a generic raise, rather than rewarding them based on performance
- Fair and equitable rewards across all levels (including management)
- Using subjective assessment criteria vs quantifiable information
- Avoid overtime by treating non-exempt employees as if they were exempt
- Using a title and generic write-up for matching jobs against “the market”
- Assigning employee performance assessments in a manner set to follow a bell-shaped graph
- Hiring candidates without consideration of how other like-qualified employees are paid
- Title inflation – a meaningless “bone” you throw employees you can’t otherwise reward
- Absent Safety Valve – a good compensation program should cover 85% to 90% of contingencies
In my own experience, failing to sync up your short and long term goals can be detrimental to business success.
Putting too much emphasis on short-term goals is not the best way to account for long-term success. I learned this the hard way at the start of my professional career. It is not the best practice, or even often times a good practice, to embrace the mentality of “reaching your short-term goals at all costs.”
An individual could be making the costly mistake of giving up long-term revenue, burning a relationship, or missing an opportunity.
Now, this is not to discount the importance of short term goals and deadlines. Short-term goals and deadlines are crucial for success and a lot of effort should go in setting and meeting these goals. Consider this approach: your short term goals should be used to create a strong foundation and guidance on how to reach long term goals, as well as successfully completing time sensitive objectives. One of the key factors that is often overlooked in reaching short term goals is efficiency. By getting a complete understanding of the most efficient approach to reach the short term goal, the long term goals will seem that much more attainable.
But how can you effectively set short and long term goals and set yourself up for success?
You can get started by creating SMART goals for the year – specific, measurable, achievable, realistic and timely. The most effective goals are ones that are written down.
- Write down a list of your goals for 3, 6, 12 and 18 months (or schedule of your choosing). These are long-range, broad and abstract directions.
- Define the tangible objectives that you need to get there. They are specific, measurable, narrow and concrete. The sum of your objectives should equal your goal!
- Review the actions necessary to achieve your objectives. These will be detailed tactics.
- Identify where the milestones are in your progress – and celebrate them along the way.
- Evaluate your performance along the way, complimenting the schedule of your choosing in step 1.