4. Performance Monitoring Systems
We don’t believe it is ever acceptable for months to “slip by” with goals not met. In a turnaround, even days lost may be critical if not, indeed, fatal. In the “trust but verify” spirit, every department, and maybe even every person, needs to have detailed daily and weekly goals and to understand why meeting those goals is vital. If there is a “Corporate Dashboard” solution in place and that can be modified to do the tracking then that is a good thing. However, if there is not, then a spreadsheet with manual data entry will work just fine. For all employees there needs to be an incentive structure of rewards – and punishments – based on performance. Extraordinary effort will be asked of everyone in these difficult times; saying that “if the turnaround is successful, you will get to keep your job” is not adequately motivating. Of course, it will be necessary to structure most of the rewards in non-cash form.
