The MGMT672 execution of strategies requires several elements such as performance management systems. Furthermore, strategy execution is a process that involves implementing a strategic plan to reach the goals of an organization. It comprises daily structures, systems, and operational goals that set a team up for success. However, even the best strategic plans fail without proper execution. Moreover, most businesses fail to reach their strategic goals mainly because of the gap between strategic planning and execution. Additionally, strategy execution provides result-oriented insights into what it takes to effectively implement major change.
Read more on MGMT672 execution of strategies and performance management systems at;
THE PILLARS OF MGMT672 EXECUTION OF STRATEGIES
Primarily, the first pillar of MGMT672 execution of strategies is strategy creation. It requires clarity to prevent sudden surprises during execution which reduces the ability of managers to monitor uncertainties and respond accordingly. Another pillar is strategic planning. Moreover, it is important to first avoid confusion by clarifying the objectives and roles of each member in the execution. Additionally, the third pillar in strategy execution is performance management. It requires performance management systems to hold employees accountable for the key metric goals of an organization. The fourth pillar is communication. Furthermore, without cohesive communication, the level of motivation goes down and the resistance goes up. Consequently, this leads to a higher cost of execution.
THE BENEFITS OF PERFORMANCE MANAGEMENT SYSTEMS
Performance management systems play a crucial role in managing the performance of an organization. They ensure that employees understand the importance of their contributions to the objectives and goals of an organization. Also, they ensure that employees understand what the organization expects from them. Additionally, they are an important component of MGMT672 execution of strategies that ensures proper alignment of objectives and effective communication within an organization. Moreover, performance management systems facilitate a cordial and harmonious relationship between an employee and a manager.
Read more on the benefits of performance management systems at;
Additional attachments
