Introduction
Organizational goals are implemented to assist organizations in realizing its objectives. The organizations goals are organized into three distinct groups that is corporate, departmental and individuals. However, whatever the groupings, the eventual basis for setting organization goals is to assist in providing the right direction for an organization towards fulfilling its objectives. Organizations goals vary. Hence, can either last temporarily or trail for a longer term. Whatever the reasons, they all aim at; improving quality, reducing risks and in building strong relations in the organization besides strengthening customer satisfaction.
This essay is organized into two parts. Part one discusses the characteristics of setting successful goals. The second part explores organizations goals in close reference to Barclays Bank, UK.
Characteristics of well-written goals
setting organizations goal is not a simple task. This is because organizations might not understand clearly what they should cover or can accommodate additional goals with the purpose of casing all the bases. Moreover, goals can breed in an organization because of new ones being created, whereas keeping the old ones. Thus, successful goal setting demands stability to the number and category of goals; several goals are paralyzing and few are perplexing. Gerloff (1985) explains that an organization needs to have clear guidelines that augment its performance to achieve optimum productivity. Davis reinforces Gerloff sentiment by agreeing that good organizations goals should entails characteristics such as; they should specific, measurable or quantifiable and time- bound stipulated (1996).
Specificity
Goals have to be in tandem with the organization strategic and corporate needs. This ensures intertwining within departments and harmonization of individual goals to achieve preferred results. Similarly, specificity of goals ensures that every employee in their respective departments work together to meet targets as outlined by an organization, irrespective of whether they are temporal or long-term based. Gerloff notes the specificity of goals helps in aligning individual goals, and the strategies and goals of the entire organization (1985). This serves to provide legitimacy, motivate employees and provide a favorable public opinion about the organization. In organizations, these intents describe the precise steps to undertake to achieve its purpose. These often agree with contextual goals for all the different operating organs of the larger organization.
Time- Bound
Successful goals should include starting, ending and stable points. A goal encompassing these features commits an organization towards succeeding them. Similarly, commitment to active deadlines allows an organization to tailor their efforts towards accomplishing the goal before the stated deadline. Goals that are designed without definite time- frame or schedules for accomplishment, risks being surpassed by a crisis that might habitually rise in an organization.
Measurability or Quantifiable
Goals should have an objective of authentication to find out if the organization strategy has to be achieved. Similarly, measuring of goals ensures correct judgment is achieved by assessing the progress. Measuring goal progress should be quantitative hence; this ensures results are marked, and corrections actions taken when a need arises.
Organizational Goals
Organizations Overview and Goals
Barclays is one of the leading global banking institutions. It is involved in financial services such as; credit cards, retail banking, wealth management, corporate and investment banking among other financial services (Varley, 2011). It has an extensive presence in Asia, Africa, America and Europe. With more than 300 years’ experience in banking, Barclay’s expertise covers 50 nations with more than 145,000 employees (Varley, 2011). Besides, Barclays lends, protects invests and moves money for customers internationally. Barclays has a series of goals, which includes; Comparative total shareholder return, benefit and risk management and costs cuts.
Attaining the Goals
Relative total shareholder return
The critical role of Barclays is to achieve maximum quartile shareholder profit or return (TSR) ultimately in contrast to their competitors in the financial division. TSR means, the amount of the share price progression and dividends (Varley, 2011). To gain this, Barclays reviews its competitors strategy annually, for example, in 2001), Barclays reviewed Citi group, AMRO and the Royal Bank of Scotland (Varley, 2011).
Dividends and Risks Management
The Barclays bank aims at preserving a progressive dividend strategy, with a fitting degree of dividend cover. To achieve this goal, Barclays has devised strategies for; controlling risks, managing the business carefully, preserving reliable resource value and overseeing efficient use of investments (Varley, 2011).
Conclusion
Effective goal setting for any given organizations boosts its business strategy and performance. Familiar with characteristics of goals such as specificity, time-bound and measurability, goes further in helping an organization achieve its temporal and long-term goals. However, this needs commitment, organization support and involvement of key stakeholders such as the customers.
Barclays, being a comprehensive financial service provider has tailored its goals towards meeting its organization’s needs. Hence, its goals such as; relative total shareholder profit or returns, dividends and risks management has embraced the ethics encompassed in goal settings. These goals have enabled the bank to measure the strength and weaknesses of its competitors and devise strategies of success. Consequently, dividend and risk management has enabled the bank to plan for risk reduction strategies, which has provided short and long-term benefits for the organization.
Reference List
Davis, J. (1996) Managing and Achieving Organizational Goals. Chicago, American Management Association.
Gerloff, J. (1985). Organizational Theory and Design: A strategic approach for management. Michigan, University of Michigan.
Varley, J. (2011). Barclays Financial Performance, Group Finance Director. Web.