Goal Setting

Goal SettingDr D N VenkateshDr VenkateshGoals that are difficult to achieve and specific tend to increase performance more than goals that are not. A goal can become more specific through quantification or enumeration (should be measurable), such as by demanding "increasing productivity by 50%"; or by defining certain tasks that need completingAbout GoalsDr VenkateshSetting goals affects outcomes in four ways:-Choice: goals narrow attention and direct efforts to goal-relevant activities, and away from perceived undesirable and goal-irrelevant actions.Effort: goals can lead to more effort; for example, if one typically produces 4 widgets an hour, and has the goal of producing 6, one may work more intensely than one would otherwise in order to reach the goal.Persistence: An individual becomes more prone to work through setbacks if pursuing a goal.Cognition: goals can lead an individual to develop cognitive strategies to change their behavior

Goal OutcomesDr VenkateshIn business, goal setting has the advantages of encouraging participants to put in substantial effort; and, because every member has defined expectations set upon him or her (high role perception), little room is left for inadequate effort going unnoticed.

Goal setting in businessDr VenkateshManagers cannot be constantly able to drive motivation and keep track of an employees work on a continuous basis. Goals are therefore an important tool for managers since goals have the ability to function as a self-regulatory mechanism that acquires an employee a certain amount of guidance Shalley, 1995[3] and Locke and Latham (2002)[4] have distilled four mechanisms through which goal setting is able to affect individual performanceGoal setting in businessDr VenkateshGoals focus attention towards goal-relevant activities and away from goal-irrelevant activities.Goals serve as an energizer; higher goals will induce greater effort while low goals induce lesser effort.Goals affect persistence; constraints with regard to resources will affect work pace.Goals activate cognitive knowledge and strategies which allows employees to cope with the situation at hand.

Goal setting in businessDr VenkateshLocke et al. (1981) examined the behavioral effects of goal-setting, concluding that 90% of laboratory and field studies involving specific and challenging goals led to higher performance than did easy or no goalsWhile some managers[who?] would believe it is sufficient to urge employees to do their best, Locke and Latham have a clear contradicting view on this. The authors state that people who are told to do their best will not do so. Doing your best has no external referent which implies that it is useless in eliciting specific behavior. To elicit some specific form of behavior from others, it is important that this person has a clear view of what is expected from him/her.Goalperformance relationshipDr VenkateshA goal is thereby of vital importance because it facilitates an individual in focusing their efforts in a specified direction. In other words; goals canalize behavior (Cummings & Worley p.368)[vagueHowever when goals are established at a management level and thereafter solely laid down, employee motivation with regard to achieving these goals is rather suppressed (Locke & Latham, 2002 p.705)[vague]Goalperformance relationshipDr VenkateshIn order to increase motivation the employees not only need to be allowed to participate in the goal setting process but the goals have to be challenging as well (Cummings & Worley p.369)[vagueGoalperformance relationshipDr VenkateshGoal commitment People will perform better when they are committed to achieve certain goals[citation needed]. Goal commitment is dependent of: The importance of the expected outcomes of goal attainment and;Self-efficacy one's belief that they are able to achieve the goals;Commitment to others promises or engagements to others can strongly improve commitmentModeratorsDr VenkateshFeedback Keep track of performance to allow employees to see how effective they have been in attaining the goals. Without proper feedback channels it is impossible to adapt or adjust to the required behavior.ModeratorsDr VenkateshTask complexity More difficult goals require more cognitive strategies and well developed skills. The more difficult the tasks ahead, a smaller group of people will possess the necessary skills and strategies. From an organizational perspective it is thereby more difficult to successfully attain more difficult goals since resources become more scarce.ModeratorsDr VenkateshEmployee motivation The more employees are motivated, the more they are stimulated and interested in accepting goals.These success factors are not to be seen independently. For example the expected outcomes of goals are positively influenced when employees are involved in the goal setting process. Not only does participation increase commitment in attaining the goals that are set, participation influences self-efficacy as well. In addition to this feedback is necessary to monitor one's progress. When this is left aside, an employee might think (s)he is not making enough progress. This can reduce self-efficacy and thereby harm the performance outcomes in the long run.[7]

ModeratorsDr Venkateshgoal-commitment, the most influential moderator[citation needed], becomes especially important when dealing with difficult or complex goals. If people lack commitment to goals, they will lack motivation to reach them. In order to become committed to a goal, one must believe in its importance or significance.attainability: individuals must also believe that they can attain or at least partially reach a defined goal. If they think no chance exists of reaching a goal, they may not even try.self-efficacy:[8] the higher someones self-efficacy regarding a certain task, the more likely they will set higher goals[citation needed], and the more persistence they will show in achieving them[citation

ModeratorsDr VenkateshIntrinsic Vs ExtrinsicSelf Control : Emotional Intelligence and Vroom Goal Expectancy Theory Three components of Expectancy theory: Expectancy, Instrumentality, and Valence1. Expectancy: Effort Performance (EP)(individual's instrumentality for outcomes are trust, control and policies )2. Instrumentality: Performance Outcome (PO)3. Valence- V(R)Motivational Force (MF) = Expectancy x Instrumentality x Valence

MotivationDr VenkateshImagine your life is just the way you want it, write out everything you have or have achieved in terms of health. (Fitness level, weight, strength, appearance, diet, sports performance, energy, etc)[Recommended time: 5 min]When you are done, rank those goals in level of importance as A an absolute must, B would love to do/have it, C its nice but I can live without it. [Recommended time: 2 min]Now, give each goal a time frame: 6 months, 1 year, 2 years, 3 years, 5 years, 10 years, [Recommended time: 2 min]

Goal Setting Activity Dr VenkateshNext, imagine your life is just the way you want it, write out everything you have or have achieved in terms of finances. (Money in the bank, yearly/monthly income, investments, businesses/career/job, residual/passive income, debt freedom, charity, retirement fund, kids college fund, etc) [Recommended time: 5 min]When you are done, rank those goals in level of importance as A an absolute must, B would love to do/have it, C its nice but I can live without it. [Recommended time: 2 min]Now, give each goal a timeframe: 6 months, 1 year, 2 years, 3 years, 5 years, 10 years, [Recommended time: 2 min]

Goal Setting ActivityDr VenkateshQ & ADr Venkatesh