- Goal Management Process:
Success Factors goal management helps your organization ensure that all of your employees are aligned and working on the things that matter most so your company can bridge the strategy and execution gap and stay on the path to success.
Steps to create a goal plan:
- Create a goals template:
Admin tools > Goals Management > Manage template > Goal Plan > Add a new template
- Populate the goal template for individual employee
- Proxy now (employee name)
Select goal plan from drop down menu
- Populate the goal plan
- Align the goals of members within a team by cascading the goals
- When you launch forms you link your goal plan to the performance review form
Best Practices in SF:
You should have selected a route map and rating scale before doing any template editing
Best practice is to name a template for each year/cycle that you are running
Anytime in the editing process, you don’t understand anything – DON’T DELETE IT!!
Use one goal library across an organization for consistency. An organization may have its own specific categories or goals for end users to add to their own Goal Plans.
It’s a feature of the SF suite that allows us to spatially see the alignment of goals amongst members in a team, and the progress in the completion of the goal.
- Goal execution includes features such as execution map and status report – which enables a manager to understand the progress on a goal/task.
- Helps companies make sure that people are working on the right things at all times by bringing awareness, visibility and tracking of progress against company goals into the daily work of employees.
- The Goal Execution tool enables managers and their employees to stay on course in achieving their individual goals, while helping executives keep a pulse on the company’s overall performance.
- Goal Execution is tightly integrated with Goal Management and other modules in the SF Business Execution Software suite, ensuring individual goals are aligned with the corporate strategic priorities.
- Goal Execution powers everyday execution by:
- Reinforcing goals every day. Employees see and track their progress against overall goals daily, ensuring they are always focused on business results;
- Enabling executives to monitor progress on goals. Visibility drives accountability and enables organizations to spot problems and address them quickly;
- Providing an Execution Map highlights strategic goals across the organization.
- The Execution Map provides a powerful visualization of how strategic objectives are broken down, who is working on what and completion status. This fosters deeper understanding of strategy and collaboration across workers with common goals.
III. Performance Management
- Before you begin with manage templates you need to do Route map and Rating scale
- It is best practice to name the template for the current year when you are creating a new template.
- It is quicker and easier to create a route map from the library.
- It is better to provide current dates in your route map, that enables you to launch the forms.
Performance management steps in SF:
I) Create route Map
Company setting> Manage route maps.
2) Create new route map or take a existing route map and change route map name and save As.
3)There are 3 stages in route map
2) Signature stage
3) Complete stage
4)You can eve personalize in to 360 route map.
5) Make sure you create date in order to keep in track.
II) Creating Rating Scale.
Company setting> Rating Scale
1) You can create a new rating scale or if you want to make changes to the current rating scale and save with a new name.
2)There are four ways to build your own rating scale
1-7 or build own
The best practice is to keep it 1-5
3)It contains score, label, description you can customize each level with your own description.
4) Save it with appropriate nomenclature.
III) Manage Template
Admin tool > Performance management > Manage Template
1) Add a new template or make changes to the existing one.
2) In General Settings you can add the Rating scale and Route maps.
3) Under Objective section, you can add your current goal plan.
5) Then verify other fields like core values, job specific competencies, performance and signature.
6) Save the template.
IV) Launching Form
Admin tool > Performance Mgt> Launch forms
1) Select the Type and Form Template.
2) Select Launch Date
3) Select Review Period
4) Select a particular Employees or all or certain group of employees.
5) Then Launch your form.
Compensation in SF:
- The rules to guide compensation planning in the compensation module should be set broadly so it becomes easier to implement the system.
- The 1-5 rating scale is recommended
- Compensation ratio: An internal comparison that compares an individual employees pay with a market reference (mid-point pay range for similar position in the market)
- Bonus Pay: A variable portion of pay that is tied to an individual, team or organization achieving a certain goal
- Anniversary based process: A process by which an individual employees compensation planning occurs usually around the employee’s anniversary date.
- Adjustment: A modification made to the base pay of an employee most likely to increase an employee’s base pay – in recognition of either their qualification, loyalty, market factors and/or performance.
- Focal process: Refers to an internal process within a company that performs compensation planning for a group of employees at the same time.
- Market Index: A comparison of mid-point market salaries for positions similar to the positions within an organization.
- Merit Matrix: A matrix that acts as a guide to reward employees through pay raise based on their performance, seniority, etc.