Employees, especially millennials, are seeking new ways of working – meaning companies must look beyond traditional forms of performance evaluation, recommends Ian Hughes.
The chief executive and co-founder of analytics company Consumer Intelligence explained said the company established a flexi-time approach, which allowed employees to work from home or the office whenever they wanted to increase productivity, as the initial 9am-5pm structure was not working efficiently.
While the change took some time to bed, with a few iterations along the way, employees and managers are now working more effectively and in the same direction. It’s also resulted in gross margins growth of eight per cent since implementation.
Consumer Intelligence leveraged “objective and key results”, a management methodology stemming from Intel and Google. It links the work of each employee with a company’s overall strategic plan. “We set an overall company objective for an upcoming quarter. Managers and staff together come up with individual objectives and key results,” Hughes explained.