12 Oct 2020
I'm quite fresh to the workforce and I'm curious to know how these are typically set. Do correct me if I am wrong or my understanding is somehow skewed, but it similar to the process in the US where there is an in house Behavioral Insights/Analysts team that measures decides how they are set?
I understand it would also depend on the nature of the company but I am keen to understand the specifics of individual types. Thank you in advance!
It really depends on the nature of the job that you are doing for. Even within the same organization, different divisions has very different scope of work and thus very different ways to define KPIs.
But from a project management perspective and from my personal experience, KPI is a double edge sword. It is only as good as the manager who knows how to effectively uses the KPIs. There are many times when the each division employees are too focused on their own KPIs that they missed out the big picture. For example, it is difficult to get work done across multiple divisions when everyone starts drawing lines based on their KPIs and KPIs only.
In some extreme cases, KPIs introduced more polarisation and selfish attitudes. But of course, this happens with more traditional companies as compared to fintechs, or startups.
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Unless you are in sales, I would usually disregard the traditional KPI review system. Metrics are important but learning the skillsets for ensuring that you continue to deliver value to your employer while staying relevant to the times is way more important than "KPIs". This is especially true when you are early in your career, where you will likely provide general value than specialized work in your field. In business there are only two true ways to deliver value to your employer: you either become a super salesperson or you become a super cost/time saver for the business. You either bring in the money or increase the profit margin.
For Performance Review
There is really only one true metric that matters. How much are you paid after the year is over? Was it revised up? And if not, why? Cut through the niceties and look at what can be really counted. Be objective and ruthless in your own assessment. If objectively you have not done up to par, accept the grade. If you feel that you have done far and beyond, it might be time to look elsewhere to be fairly compensated. Sometimes, if its an industry problem, you will need to reassess and pivot ruthlessly if you want progression. Loyalty to employers is great, but it is important to be loyal to yourself as well.
Keep the A grade metrics in school, your negotiation skills count for more in real life when it comes to results.
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12 Oct 2020
Co-founder at Seedly
Oh I am a big believer in KPIs. (Key Performance Indicators) and OKRs (Objectives and Key Results)
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