Defining Performance Goals Do you have a desire to work for a big corporation? Or, maybe you want to manage people or even own your own business? Have you ever wanted a transfer to a new department, get promoted, or get a pay raise? If the answer is yes to any of these questions, you may need to read this lesson.

These things are usually only possible when employees set and meet basic performance goals dealing in areas such as motivation, productivity, accountability and job satisfaction. Performance goals are short-term objectives set for specific duties or tasks in your current job position. These goals are usually related to the overall company goals or specific department goals where you work. They help you know what is expected of you in your position. To be effective, it is important that they are clearly defined and easy to measure.

How Are Performance Goals Created Where do these goals come from? A best practice is that a manager and employee work together to create goals that are specific both to the job and to the aspirations of the employee. This will help ensure that the employee is engaged and buys in to the company's goals. Goals can also come from the highest parts of the company. For example, if an employee wants to attain a project manager role, it would be important for the manager to include a goal or two that involves the assignment of a few special projects.

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The manager might define timelines, types of projects, and ways to measure the project's success. The employee's future ability to get additional projects would most likely be driven by their ability to successfully achieve their current performance goals. Why Are Performance Goals Important? Why set goals?

At a very basic level, most people like to know how they are performing. They also prefer to have a road map that helps keep them focused and prioritized on the right things. Performance goals help do this. They can also be vital in getting a promotion or pay raise because they are often used to gauge employee performance.

At a higher level in the organization, executives like to create performance goals to make sure the overall company goals and those of the specific departments and employees are aligned. For example, if the main focus of the company is to reduce operating expenses by 20%, but many of the departments are hiring more sales employees, investing in new expensive software, and buying new equipment to help drive sales, the likelihood of reaching the expense goal of the company is very slim.

SMART Goals Setting SMART goals is an important part of performance goal setting and a mainstream technique used in corporate America. Using SMART methods require goals that are: • Specific • Measurable • Attainable • Relevant • Time-sensitive. Using SMART goals is an extremely effective way to establish employee performance goals and create a path to reaching those goals. When goals are set that do not contain these elements, they often lead to confusion and difficulty in holding managers and employees accountable. Examples Performance goals can be created around training, growth and sales initiatives, special projects, and other essential parts of a job. Here are a few examples of goals for an employee and manager in different types of industries or departments.

Training goal for IT department: • Employee - Take three classes this year that improve your skills and knowledge in Microsoft office programs. Adobe Acrobat Reader 8 Free Download For Windows Xp. • Manager - Create and lead two department-wide training classes before July 1st that help employees learn the new company software. Achieve at least 90% attendance from employees. Sales or Growth goal for Sales department: • Employee - Achieve three new clients a week through company phone calling, local marketing, and referral program. • Manager - Increase clients served by 15% through new company sales techniques. Performance specific goal for Retail Department: • Employee - Close out the cash drawer on all scheduled days.

Achieve 95% accuracy in completing all nightly close out procedures. • Manager - Ensure 95% of all nightly cash deposits are received by the bank within 48 hours of closing. Achieve 100% timely deposit in 72 hours. Lesson Summary Performance goals are short-term objectives set for specific duties or tasks in your current job position. These goals help employees know what is expected of them in their position and help ensure management that employees are focused on the right things. Setting and achieving performance goals is a vital part of being promoted or getting that pay raise you desire.

Managers and employees should work together to create SMART goals, which are an extremely effective way to establish employee performance goals and create a path to reaching those goals. The goals should be: • Specific • Measurable • Attainable • Relevant • Time-sensitive.

Chapter Quiz -- The Output Multiplier Chapter Eleven: Chapter Quiz -- The Output Multiplier To complete the quiz, click on the most correct radio button for each question. When you are finished, hit the 'Check Answers' button at the bottom of the page. Your answers will be graded and you will be given the percentage of correct answers as well as a list of right and wrong answers. Are also provided. • Given an MPC of 0.75, the value of the simple output multiplier is 0 1 2 4 5 • The intutive reason that the multiplier works is that government is the only force with power large enough to change equilibrium output. Elegance Jc 5489 Manual Lymphatic Drainage more. An initial change in autonomous Aggregate Demand leads to more output, which gives consumers more income, a portion of which they spend, thus increasing output and income even more.

An initial change in Aggregate Demand leads to an equal and offsetting change in Aggregate Supply. An initial change in Aggregate Demand leads to higher levels of income, which are then saved. • The value of the output multiplier with an MPC of 0.75 and proportinal taxes of 0.20 (20%) is 1 2.5 3.33 5 None of the Above • The value of the output multiplier with an MPC of 0.75 and an MPI of 0.05 is 1 2.5 3.33 5 None of the Above • The value of the output multiplier with an MPC of 0.8, assuming there is a vertical AS curve is 0 1 2.5 5 • Suppose that the MPC is 0.8 and there are no proportional taxes. If you want to decrease equilibrium output by $500, then you must change autonomous Aggregate Demand by +100 -100 +250 -250 -500 • Which of the following projects is likely to lead to the largest permanent increase in equilibrium output? A summer-project to repair roads government aid to help flood victims a new Community College is built with government funds the government gives a one-month increase in welfare payments • Multiplier effects dampen out over time because people forget about the initial impact of a project completed long ago. People save more and more income as time goes on. Only a portion of increased disposable income is injected back into the economy.

The MPC is greater than one. • The value of the output multiplier shrinks as proportional taxes rise.

True False • A one-time increase in autonomous Aggregate Demand will not lead to any change in equilibrium output once all the multiplier effects have worked through. But a permanent increase in Aggregate Demand permanently increases the equilibrium level of output. True False Copyright © 1995-2003 - All Rights Reserved.