Premium Essay

The Importance of Goal Setting in Management

In:

Submitted By mjoy8787
Words 816
Pages 4
The Importance of Goal Setting in Management

The Importance of Goal Setting in Management
It is a commonly known fact that goals are an important part of a productive and healthy life. We make personal goals: to do well in school, to make the varsity baseball team, to lose ten pounds, or to get a promotion at work—and we aim to accomplish them. These goals act as a means to an end. Goals are the pieces to our vision for our life. Just as goals are important for individuals, it is also a vital aspect of a successful business. Goals are the stepping-stones toward the vision of a business. Managers use goals as a way to accomplish what the vision is for their business or organization; they use goals as a tool for the growth and profitability of their company, to motivate employees toward higher performance, and as a way to measure productivity.
Goals for Business Growth
Having a vision and the right goals to get to there is an important part of an organization. The vision a leader wants should be a picture of where they want the business to be in the future (Clark, 2014). A good leader is concerned about the future of his company, and goals are a way in which he may keep his employees on track toward accomplishing company growth. The leader will set goals for his employees that will create a way for the business to accomplish this growth. Company growth may be an increase in size, profitability, or even the impact that the company has on others. Goals are an intrinsic part of accomplishing those things. Not only do goals help to drive a company toward growth, they also help to drive employees toward performance.
Goals for Motivation
Goal setting is a way in which a leader can motivate his or her employees toward personal growth and performance. Studies on goal setting have shown that specific and challenging goals are superior motivating forces

Similar Documents

Premium Essay

Managerial Approach

...between management and employees is fundamental to HP's open and honest culture. Keeping employees informed about HP’s business motivates them and illustrates how their work contributes to HP's success. HP strives to provide a work environment where everyone's voice is heard and where all issues raised are resolved promptly. HP encourages employees to discuss any concerns directly with managers, human resources (HR) staff or the Ethics and Compliance Office. HR staff work with employees and managers to address these issues. The employees will feel that management listens to them before making decisions, communicate decisions and encourages team work. i) Communication model used In 2007, HP Chairman and Chief Executive Officer Mark Hurd held 22 communication sessions at locations around the world. These included open dialogues about issues raised in the employee survey and answers to employee questions during live events. In total, 10,000 employees attended the communication sessions. Webcast replays, transcripts and written summaries of all major employee events are posted on HP’s Intranet for employees to access. Each meeting in 2007 reached an average of 4,500 managers and 15,000 employees. Senior managers also hold similar events across regions. Currently, every quarter, HP CEO holds an all-manager and all-employee meeting where she provides an update on company performance, recognize outstanding contributions and answer employee questions. ii) Setting Goals HP...

Words: 1160 - Pages: 5

Premium Essay

Approaches to Management

...Introduction The Everest simulation provided several situations where multiple management theories, discussed in the lectures, were applicable. Being divided into teams to complete the task helped align this simulation’s findings with a real life business setting. Contrasting roles and goals of each individual team member further enhanced the similarity to an everyday business. To conquer Everest, whether it is in reality or as part of this ‘simulation’, requires significant amounts of planning and well thought out management decisions which allow for continued success for the team as a whole. Upon review of the simulation two management concepts were more prevalent than others; ethical and social responsibility with specific focus on the utilitarianism approach and the concept of strategic planning and goal setting, within that scenario planning and crises management. The concepts applicability to both the individual and group components of the simulation will be the main focus of this report. Clarity gained from scholarly articles will also be discussed in detail. Concept 1 – Strategic Planning/Goal Setting and Scenario Planning and Crises Management Good planning is the foundation of any successful individual, team or company venture, conquering Everest is no different. The planning process is often divided into three levels. The first, strategic, focuses on long range goals and focuses on the goals of the organisation as a whole. (Steiner, 2010) Second is tactical planning...

Words: 2313 - Pages: 10

Premium Essay

Discuss the Relationship Between Strategic Planning and Strategic Management as Well as Indicate the Importance of the Latter in the Attainment of Organizational Goals.

...UNIVERSITY OF BOTSWANA DEPARTMENT OF POLITICAL & ADMINISTRATIVE STUDIES MPA 713 – STRATEGIC PLANNING & MANAGEMENT IN THE PUBLIC SECTOR TERM PAPER Discuss the relationship between strategic planning and strategic management as well as indicate the importance of the latter in the attainment of organizational goals. KEALEBOGA R. MOOKETSI 200301911 Introduction This paper intends to discuss the relationship between strategic planning and strategic management as well to indicate the importance of the latter in the attainment of organizational goals. . In order to lay a proper foundation for the essay, it is important to start by looking at the concept of strategy and linking it to planning and management. Defining Strategy A strategy is a plan of action designed to achieve a specific goal. Strategy is all about gaining (or being prepared to gain) an advantage over adversaries or best exploiting emerging possibilities. According to Jeffrey Pfeffer (1997:4), a strategy is a method or plan chosen to bring about a desired future, such as achievement of a goal or solution to a problem. It can also be defined as the art and science of planning and marshaling resources for their most efficient and effective use. Kvint, Vladimir (2009, pg. 67), defines strategy as “a pattern in a stream of decisions" to contrast with a view of strategy as planning’’ while Max McKeown (2011, pg. 342) argues that "strategy is about shaping the future" and is the human attempt to get to "desirable...

Words: 2200 - Pages: 9

Premium Essay

Organization and Time Management

...Organization and Time Management The observation and analysis of my preceptor experiences and situations have most certainly illustrated the fact that organization and time management skills are critical for all health care providers, but particularly important when caring for patients. Time management is a vital part of overall organization. Patients’ lives are in the hands of the attending nurse. A good example of the necessity of good organization and effective time management involves appropriate instructions at the receiving end of shift report. It is of major importance for the nurse to prioritize which patient she/he will care for first. By prioritizing the patients, the nurse is able to organize thoughts and manage time while caring for the patients and will hopefully prevent avoidable mistakes. Effective time management is extremely important in order to ensure appropriate time is set aside to accomplish high priority tasks. Good time management and good organization depends on many critical steps to include meticulous review, goal setting, and Prioritization. Hospitals and intensive care units should consist of meticulous nursing staff. These nurses allow themselves to get very familiar with every part of the patient regarding not only the disease or infection that the patient has but they also get to know the patients’ family. Meticulous nurses want to know every part of the patient to ensure that the nurse is not missing any details while caring for the...

Words: 803 - Pages: 4

Premium Essay

Learning Team Role Identification

...Description, Responsibilities’ and Identified Roles Learning Team C Team Management Consulting Group’s (TCMCG) primary objective is to foster success and ensure non-complacency. Analysts are encouraged to adjust their roles, and the roles of others, within the organization. TMCMG feels this development process will better serve the customer and ensures roles match with the abilities of the analyst. Equally important, this process will serve as a valuable feedback process to assess if analyst enjoys serving in the role selected. To ensure efficiency, each analyst has developed their professional knowledge and general manager’s skills through completion of courses with the University of Phoenix. Professional Development and Management courses consist of: Theory, Practice, and Application; Cultural Diversity; Ethics in Management; Critical Thinking: Strategies in Decision-Making; Human Motivation; and Team Dynamics for Managers. Let’s Meet the Analyst Team Analyst Jane Budde Title: Diversity Appreciation Coach Specialty: Decision Analysis and Resolution Description and Purpose: Ms. Budde identifies the role of diversity within organizations. She strengthens relationships, team work, and unity within the organization by increasing awareness of uniqueness, strengths, and individuality of each member of the organization to fully understand and analyze decisions necessary to establish equitable resolution. Additionally, she dispels myths about diversity, by leading organization...

Words: 819 - Pages: 4

Free Essay

Test

...The Motivational Benefits of Goal-Setting Author(s): Gary P. Latham Source: The Academy of Management Executive (1993-2005), Vol. 18, No. 4, Decision-Making and Firm Success (Nov., 2004), pp. 126-129 Published by: Academy of Management Stable URL: http://www.jstor.org/stable/4166132 . Accessed: 19/08/2011 19:39 Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at . http://www.jstor.org/page/info/about/policies/terms.jsp JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@jstor.org. Academy of Management is collaborating with JSTOR to digitize, preserve and extend access to The Academy of Management Executive (1993-2005). http://www.jstor.org 1' Academy of Management Executive, 2004, Vol. 18, No. 4 The benefits motivational goal-setting Gary P. Latham of One beauty of valid theories in the behavioral sciences is that they facilitate predicting, understanding, and influencing one's own actions as well as the actions of others. An excellent example is goal-setting theory. Its underlying premise is goals affect what one that one's conscious achieves.' This is because a goal is the object or aim of an action-for example, to attain a specific...

Words: 3238 - Pages: 13

Premium Essay

Time Management

...dimension is made up of seconds and it is used as a measurement unit. It is astonishing what people can achieve in their daily lives just by having used their time effectively. The ability and the knowledge of using time are referred to as time management. Now a day’s time management is essential and required while undergoing a task and the person who is working on a task should have acquired the skills of time management to eliminate defects and time wastage. An inspiring quote which emphasizes on the importance of time management is: “Time stays long enough for those who use it” and from this quote we can sense the deep meaning of time management skills. Reflection is defined as deliberately examining and considering the advantages and disadvantages of a personal experience. Reflecting on your personal work will help in learning from past experience; also it allows for personal and professional growth. A reflective essay is a way of writing in which the writer illustrate and describe his or her personal experience. Reflective writing is done by describing the facts which made up the experience and by evaluating the whole experience after it have been done by looking on what when well and what did not. This essay is going to reflect the time management skills used by me which allowed me to overcome my graduation project and presentation. (Quotations Book. 2013) The experience & evaluation: In my final year study at the university I was asked to carry out a research on fiber lasers...

Words: 2162 - Pages: 9

Premium Essay

Strategics and Planning Paper

... MGT/521 University of Phoenix Kathryn Lea Introduction Goals are defined as an objective to do something within a measurable period of time (Davis, 2006). Goal setting is the most basic and fundamental element that is both at the organizational and individual levels. Goals setting should show clear directions and destination as to where people of the organization need to be moving towards. These goals can be long-term and short-term. Whether long-term or short-term, the end objective is always the same. In order to achieve the best results, there is an importance of service delivery improvement and the increase of the profit margins. The importance of this is that it enables the team to know what is supposed to be done and how it is to be done, results are also monitored and where possible adjustments can be made easily. Three types of goals When goal setting, there are three types that an organization can set by any given organization. These goals are ranged from a hierarchy, from top to bottom. Achieving the low-level goals that become a means of achieving the higher-level goals; strategic, tactical and operational goals (Davis, 1996). Goals set by upper management or top management that are mainly concerned with the main objectives of an organization is known as strategic goals. These goals are mainly meant for the top leaders of the organization who are also concerned with the main objectives of the organization...

Words: 1387 - Pages: 6

Premium Essay

Cafs Task 1 Analysis

...These academic commitments form the foundation of your education and should be given utmost importance. However, striking a balance between academic pursuits and personal well-being is essential for overall success. In addition to academic responsibilities, it is important to allocate time for social interactions and leisure activities. These moments of relaxation serve as valuable opportunities to recharge your mind and maintain a healthy work-life balance. By integrating social and leisure activities into your schedule, you can enhance your overall well-being and prevent academic stress from becoming...

Words: 2509 - Pages: 11

Premium Essay

Business

...The success of Management by Objectives (MBO)I.  The appraisal system is one of the most important tools an employer has. At my job the best method to use is management by objectives. Management by objectives is best suited to my position because it helps guide employees by setting goals, allowing for objectives to be clearly established.II. My position is manager of the Department of Integral development for the Colombian Embassy. The key responsibilities for a manager in this department are to follow-up and participate in the political dialogue discussion. Additionally, one must negotiate important resolutions for the Colombian government in the area of integral development. Also important is coordinating and verifying the progress of different employees and their negotiations. One must also help the ambassador prepare for political dialogues with other embassies related to development. Having clear knowledge and understanding of all government interest and guidelines regarding Integral Development is crucial to success. III. The main purpose for a performance appraisal is setting goals to establish objectives for the organization as a whole, for each department, for each manager within each department, and for each employee. It is used as a measure of employee’s contribution to the success of the organization (Cascio 347). The appraisal system developed at the embassy is one that grades the success of goals established for each individual in the department. One requirement...

Words: 1592 - Pages: 7

Premium Essay

Goal Setting Work Sheet

...of Phoenix Material Goal Setting Worksheet Review this week’s resources (for example SMART criteria, and the Career Plan Building Activities). Respond to the following in 50 to 100 words each: Describe one academic goal that you have created using the SMART criteria. How do SMART criteria contribute to your academic goals? The goals that I have created using SMART criteria is completing my assignments, making sure that all of my posts, and DQs are done by Sundays of each week. SMART contributes to my academic goals by helping me not to stress from college and personal life settings. It helps to keep my assignments in an organized manner. * * * * Describe one professional/career goal you have created using the SMART criteria and Career Plan Building Activities results. How did the results of the Career Interest Profiler and Career Plan Building Activity on Competencies contribute to your professional goal development? * One professional goal that I have created using SMART criteria is not letting the job stress me as much. It contributes to my professional goals because I can make sure everything is done instead of letting the other staffs completing it. I’m willing to learn how to complete all the paper work that is need on my job. I like to make sure that my surrounding are organized and everything is completed by the end of my shift. * * * * * Describe the stress and time-management strategies you have learned...

Words: 433 - Pages: 2

Premium Essay

Theoritical

...REWARDS Goal Setting and Motivation Goal Setting is a very useful method of enhancing employee performance. From a motivational perspective, a goal is meaningful objective. Goals are used for two purposes in most organization. ▪ They provide a useful framework for managing motivation. ▪ Goals are effective control device (control meaning the monitoring by management of how well the organization is performing. Goal Setting-Theory Edwin Locke’s goal setting theory of motivation assumes that behavior is a result of conscious goals and intentions. In the original version of goal setting theory has two specific characteristic that were expected to share performance. ▪ Goal Difficulty – is the extent to which goal is challenging and requires effort. ▪ Goal Specificity – is the clarity and precision of the goal. Locke’s attracted much widespread interest and research support from both researchers and managers; so Locked together with Gary Latham, eventually proposed an expanded model of goal-setting process. The expanded model, attempts to capture more fully the complexities of goal setting in organization. • Goal Acceptance is the extent to which a person acts a goal as his or her own. • Goal Commitment is the extent to which a person is personally interested in reaching a goal. Figure: The Goal-Setting Theory of Motivation Broader Perspectives on Goal Setting Some organizations undertake goal setting...

Words: 543 - Pages: 3

Premium Essay

Managerial Planning and Goal Setting

...Three to Five Year/Future Perspective of the Topic Managerial planning and goal setting is an important concept used by organizations of all types. Governments, unions, corporations, citizens, organizations, and small businesses all use some form of managerial planning in order to set goals for the future. Although planning and goal setting is developed during the present period, it is intended to be used for the future benefit of the organization. Managers incorporate a variety of plans in order to accomplish tasks and prepare for the future of their organization. Simply, future plans and goals may be created for projects, the organization as a whole, or to plan for upcoming events. While many plans are used for the present time, without a good future perspective, the organization will not be successful. The U.S. government has set up a council to map out the future of the world. Chapter seven of the text, Management by Richard L. Daft, pointed out the website of the National Intelligence Council (224). Looking as far ahead as 2020, the NIC provides several possible scenarios of how the world may look and evolve throughout the years. They provide policymakers with promising opportunities, as well as negative areas in the world’s development. This agency consults experts from all around the world in order to get an accurate global perspective. The NIC has already published several reports; two of the most recent were named “Global Trends 2010” and “Global Trends 2015...

Words: 1352 - Pages: 6

Premium Essay

Communication in the Workplace

...mu GRADUATE SCHOOL OF MANAGEMENT UNIVERSITY PUTRA MALAYSIA ORGANIZATIONAL BEHAVIOR GSM 5101 FIRST TRIMESTER 2011/2012 NAME OF LECTURER: DATO’ DR. ZULKIFLI IDRIS “MOTIVATION IN THE WORKPLACE” NAME OF STUDENT: MOHD HAFIZI BIN ABDUL FATAH MATRIC NO: GM04509 Introduction In today business world, many business managers are not aware of the effects that motivation can have on their business. Therefore, it is very important for the graduating students of University of Putra Malaysia to learn and understand the factors that determine positive motivation in the workplace. Regardless whether the business is MNC (multinational company), or SME (small medium enterprise), every single employee needs some of form of motivation to motivate them as a strategy to attain organizational goals. Later in the following content, we will see the importance and effects of motivation by identifying key factors that determine the rate of motivation in employees of any organization and how these factors are linked directly to their individual needs, behaviour and attitudes. According to the book written by McShane (2010), he said “motivation is the driving force by which humans achieve their goals.” Importance of motivation In the organization, motivation is very important elements in the whole management process. Motivation is use for encouraging employees to make positive contribution for achieving organizational objectives. Motivation is necessary as incentive in order...

Words: 1693 - Pages: 7

Premium Essay

Why Time Management Is Important

...Why Time management is important???? “REMEMBER THAT TIME IS MONEY” (BEN FRANKLIN) To work effectively you really have to manage your time. "Time is money". That statement alone probably convinced 50 percent of the population as to why time management is important! For the rest, the benefits are multiple and the relation with time management might not be as obvious for people whom haven't yet experienced it themselves. Time management is important because it is an irreplaceable resource. Each second that becomes part of your past will never be part of your present or future ever again. Using each second, minute and hour of the day wisely is important. In a business time is money and every hour you spend at work costs your employer a lot of money it is not just the salary that the employer needs to pay out, there is also heating lighting telephone costs training etc for the employees to be at work at that time. For the individuals, good time management skills usually mean that the employee feels more in control of their workload Poor Time Management is usually shown by: • Getting less done than you expected. • An inability to meet deadlines set by your line manager • Not knowing what to do or how to start • Meetings going no longer than expected • Talking on too much work in the first place because you feel you have to say yes and help others • Putting off start...

Words: 1603 - Pages: 7