Yes, I know...
As the CEO, are you tracking data that’s relevant to you?
Why is impact important?
“If your Business Intelligence system doesn’t allow you to join the dots, all you have is data.”
So, let’s start with the end in mind:
What you need is more leading information, or better still, predictive insight.
Let me propose a different mental model for your metrics
Use the ‘Strategy to Bank’ model to challenge your current measures and help you identify new leading and even predictive ones
- Hopefully, you are using something like the Balanced Scorecard framework. In mining we often see Kaplan & Norton’s classic four perspectives (Financial, Customer, Internal Processes, Organisational Capacity) replaced with five more mining-specific pillars (Zero Harm, People & Organisation, Operations, Growth and Financial Outcomes). Your targets and measures need to include not only what it should look like when you get there but measuring progress against your strategic initiatives. Not breaking these down into tangible, time-bound milestones and tracking them is one of the most common issues we see in the field!
- To achieve your strategic impact, you need people whose values are aligned to it so you may need to modify your current values (if that doesn’t make sense, read how Uber’s values have had to change to suit its changing strategies and operating models).
- Have your company values been defined/updated and communicated in line with your strategy?
- Required Behavioural Competencies (for definition see graphic) must be informed by the strategic intent and updated – have your updated values been used to inform Key HR Metrics? Are you tracking them? How about Employee Engagement? Are you taking it seriously enough?
- Are you tracking overall capability scores and progress/compliance to personal and/or team development plans & performance appraisals?