For 2017, it pays to make sure you have the right goals communicated to your bank or department. One of the classic case studies in goals-gone-wrong come from the backwaters of the 2012 Olympics in London. It was the qualifying round of women’s doubles badminton and the World Champion Chinese team faced off against the top-ranked South Korean team. In front of 16,000 fans, a match played out that was one for the record books. The only problem was that it was not what anyone expected.
Tag: goal setting
Last week’s post on bank goals garnered strong feedback with a common refrain being that there is nothing wrong with banks that have many goals. It is this point that we want to clarify - while there is nothing wrong with banks prioritizing many goals, there is something wrong with banks working on many goals. That is to say that if your bank has a set of primary and secondary initiatives, or a list of more than 5 items, that is an indication that you could have problems with execution. The same could be said for having goals that are too abstract.
Every bank has a goal or a set of goals but unfortunately some of these goals are not known. Worst yet, some of these goals are stated but are not their true goals. Getting clarity in what your bank is trying to accomplish is the first step to achieving superior performance. A majority of banks have set a goal on profitability but is that really the most effective goal? What happens when you are one of those many banks that have a goal of profitability yet teach their employees how to lower profitability?