Annual Business Cycle - Managers
INTRODUCTION
The annual business cycle sets the delivery agenda for the year ahead. The business plan and GBU goals provide clear direction for the priorities that should feature in setting team and individual goals.
It's also an opportunity for leaders to connect to the purpose so employees are reminded of the what and the why.
Why this Moment Matters
Providing visibility and translation of business priorities helps teams to perform at their best in order to visibly achieve better business results. It also helps individuals connect an individual’s day-to-day reality with the Group’s purpose. Leverage the team’s energy to bond in order to reach goals collaboratively and build a high performing team.
What is my role in helping my team and individuals set their priorities?
Leaders are the team and individual’s connection to the broader Group ambitions. It is your responsibility to:
- Make sure everyone on your team is aware of priority business information and Group objectives;
- Encourage your employees to find meaning in the ways that their work contributes to the business priorities;
- Facilitate a discussion with the team on how the team can contribute to success against these priorities. Think about how you can empower them by steering on results and not on ‘the how’;
- Determine the team’s goals and focus, based on the team discussion and adjusted to the evolving context;
- Trust that to a certain level, openly challenging ideas and priorities will bring the team to a stronger performance and capacity to innovate;
- Agree on clear results to achieve but let the employee choose how to get there. Align on what it takes to achieve the target and what could significantly create more value.
- Follow up during the individual goal-setting exercise. How can individual goals reflect one’s own passions and purpose?
What are “Areas of Focus”?
An Area of Focus establishes short-term activities on which an individual or team will want to spend time on in order to have the biggest impact toward their goals.
While it is entirely optional to set areas of focus, breaking long-term goals down into incremental steps can help an individual establish the path to be taken in order to contribute to larger business priorities.
How often should managers cascade business priorities to their teams?
While Managers should reconnect with their teams at least once per quarter in order to adjust individual goals, they should take care to cascade business information and priorities to their team any time there is a significant evolution of the situation.
ANNUAL BUSINESS CYCLE PROCESS
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