Objective Setting: Relevant to Modern Day Organization
In every organisation, it is essential that before engaging into some activities that management must be able to have an objective. Objectives are commonly known as clear statements of what to be achieved. It can be said that through these statements (objectives), the organisation are being guided with their performance. Objective setting in an organizational sense is based on concepts of management planning and strategy. It includes: (1) assessing the environment; (2) creating a vision (defining the organization's purpose, philosophy, mission, and goals); (3) formulating strategy by setting measurable objectives, including the plans or tactics to attain those objectives; (4) executing the strategy; and (5) controlling and evaluating the entire process.
It has been said that conventional organisation has used their objectives to be successful and gain competitive advantage. In the modern day organisations, it is said that the management also adopts objective setting to ensure that the company is on the right path and adheres to a common goal. However, the modern day organisation nowadays are not focused on a simple objective, rather, these organisations are now trying to provide SMART objectives. SMART means that the objective must be Specific, measurable, achievable, realistic and timed.
These modern day organisations must note that the objectives set specific. Specific means that the organisation must have an objective that focuses on one goal; for instance, the organisation’s objective of being the number one choice of the customers in the product or service being offered. The specific objective set by the modern day organisation must be unique to organisation, and must enable the organisations to be distinguished from any other organisation. Measurable means that the objective must be easy to understand and comprehend. Part of the role of the organisation is to have an objective, which is achievable in a specific period.
Modern day organisations sets objective in order to enhance their performance and develop organizational cultures that foster innovation and flexibility. Constructing an organizational objective is the most important task in the entire strategic-management process. If the objective set is wrong, then all that follows is wrong. At best, resources will be misdirected; at worst, human resources will be wasted toward an unworthy cause. In order to be effective, every organization needs a clear sense of objective that people understand (1990). This objective becomes the yardstick against which products, services, and actions are measured.
Whether the objective of the contemporary or modern day organization is to make and sell goods, heal the sick, teach, or provide a service, the statement must convey the heart and soul of an organization. It is the organization's central theme; it must convey its essence and its lasting value. Modern day organisations use these objectives to govern the behavior of the entire organization and are the indispensable focus. The objective is the valued and enduring direction of the organization--it is the ultimate reason for being. The statement of objective is an emotionally based short statement that captures the core or the very heart of the institution. This means that the objective set cannot simply be a slogan or collection of phrases; it must be visible, tangible, and all embracing.
In organizations, there are innumerable interests competing for power and influence. The organization's long-term objective, its values, and its identity must be managed consciously and clearly, or they will be overwhelmed and disregarded in sectional infighting. The organization then becomes an inert victim of the faction that seeks to control it. A clear and precise objective provides a focus and rallying point. Organizations that lose sight of their objectives become deflected and self-centred. They make inappropriate decisions, commit resources into blind alleys, relax their quality standards, and make inferior copies of other organizations' products or services.
Both conventional and modern day organisations are trying to have their own unique objective to make sure that the organisations are being guided in every activity. The modern day organisations sees to it that they have a correct statement of objectives in order to establish a common focus that is understandable to different personnel and stakeholders within the and outside the organisations. The modern day organisations just like the traditional one uses objective as a basis for strategic decisions and allocating resources. In addition, objective setting justifies the acceptance of new tasks and points to future opportunities for the organisations. Objective setting also enables the modern day organisation in giving meaning to daily activities and fulfils the expectations of the organization. In very broad terms the objective settings determines the measure of success of that institution by knowing the answer for the questions “why certain organisation exists. Overall, it can be said that with the values of objective settings, such concept is still considerable and relevant for modern day organisation.
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