Photo by Jessica Lewis on Unsplash.
Management By Objectives – MBO programs can be easily automated and adjusted through smart contracts to provide a greater range of options to both the HR admin and the employees they are created for.
It’s common knowledge that higher engagement and better morale amongst your employees leads to better productivity and results. But how do you ensure that employees stay motivated and engaged? One way is to learn how to handle MBOs through smart contracts.
MBOs offer a great way to motivate employees to reach their maximum potential. Here is everything you need to know to implement them in your sales organization.
What is an MBO Program?
An MBO Program (Management by Objectives) is a method of establishing clearly defined goals between management and employees, with the aim of enhancing organizational performance. The goals set for each person stem directly from higher-level organizational goals, ensuring that companies reward the right employee behaviours that improve the bottom line.
Ultimately, while it may be overlooked, maintaining engagement is one of the most crucial and fundamental pains for any business, and ignoring it only sets you up for disaster later. With an MBO program, you can boost morale in the workplace, avoid the hassle, inspire performance, achieve growth, and keep everyone engaged and happy in the process.
To start, you need to understand the definition of a disengaged employee, and then fully consider what exactly causes employees to disengage from their work. Most people have a bandwidth of effort they can and are willing to expend on anything, and work is no exception.
MBOs can incentivize employees to perform better and invest more time and energy in their work, especially if they’re tailor-made. All you have to do is embed them in their smart contracts!
How to handle MBOs through smart contracts?
Managing employees through objectives software, specifically, allows for far more engagement than a manual, spreadsheet-based option with zero flexibility or error-checking capabilities. An automated system like Trakti’s that relies on smart contracts is all about providing employees with an intuitive approach hosted in the cloud for maximum transparency.
All parties can then clearly see how the work contract and performance monitoring is linked to incentives, which facilitates company growth by virtue of employee effort, and empowers employees to meet these objectives. All of this results in high-performing teams and enhanced company culture.
A simple automated MBO system gives managers the ability to input goals and values on the fly, which employees can subscribe and track weekly, monthly, quarterly, or yearly. Additionally, having a strong, automated incentives compensation plan is a must for keeping employees engaged across all sectors. Without it, you run the risk of employee aims not being in line with company goals, and you miss out on the power of transparency to motivate and inspire performance.
MBO programs can be easily automated and adjusted through smart contracts to provide a greater range of options to both the HR admin and the employees they are created for.
Trakti smart contract can allocate tokens and prices objectively, following activities that can be monitor via dashboards or tools and calculating the right incentive to assign based also on performance evaluation from managers.
HR and management need to work together to foster this kind of engaging environment because the difference in productivity and dedication between companies with an engaging culture vs. companies without is staggering.
With an automated and cloud-based solution like Trakti’s, you can raise efficiency on all fronts and create engagement through clarity. The visibility and ease of access provided by an MBO program mean that any time an employee wants to check their progress towards their goals and attached MBO bonuses, they can do so effortlessly.
Contact us and activate a free trial to start enjoying Trakti’s benefits for your MBO plan.