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The 11th HR Metrics Summit took place at the Embassy Suites Orlando Downtown between the 24th and 26th of February 2014, assembling experts and executives from cross-industry HR departments who analysed methods of validating the HR’s role within an organization and the development of strategies for resolving company and industry wide challenges.
As data based decision making is at the core of better management practices today, tools such as scorecards and dashboards can assist with providing critical business data for decision making. Dashboards are operational tools used to illustrate the company’s performance in its most relevant areas. In their recent study on changing practices of financial departments and management audit in businesses (2011), Bearing Point and the Association Nationale des Directeurs Financiers et de Contrôle de Gestion (DFCG) identified several trends in using dashboards across organizations.
For the report Performance Management in 2013, The KPI Institute conducted 20 semi-structured interviews with practitioners, academics and consultants from 18 countries, who offered a detailed image on the state of Performance Management as a discipline.
One of the main editorial rules followed in the development of the content is that a discipline can only evolve through the combined efforts of practitioners, academics and consultants. Gary Cokins, Founder and CEO, at Analytics-Based Performance Management LLC, USA was one of the consultants that The KPI Institute interviewed.
Selecting KPIs is the main challenge in establishing a performance management framework based on Key Performance Indicators.
What techniques can be used to facilitate the KPI selection phase of the project?
A target reflects the desired level of a Key Performance Indicator (KPI). Targets make the results derived from measurement meaningful and provide organizations with feedback regarding performance. Targets are a mandatory prerequisite for each KPI measured, they should be quantifiable and clearly expressed.
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