Introduction
For a company, one of the most essential things is development, which will ensure its competitiveness in the market. This requires an analysis and revision of existing goals and the introduction of new objectives. This step should be implemented through processes such as compensation and evaluations of the company’s new objectives and innovation strategy. These processes should work together to help achieve desired goals and get productive results. Therefore, Braintrust Toys is faced with the task of determining how compensation and evaluations can affect the achievement of new firm objectives.
Aligning Compensation and Evaluations with Braintrust’s Innovation Strategy
First of all, it is necessary to pay attention to the ways in which an organization under research can achieve new goals. It is important to understand that Braintrust Toys can use several approaches to link its compensation and evaluations to its new objectives and innovation strategy. One of the methods may be the introduction of new, more modern, and creative approaches. In other words, it is necessary to focus on processes such as assessing employees’ contributions as one of the most critical components of the company. With this step, the company can gain a more complete insight into the internal activities of the organization. Another way in which it can take action is to include such an aspect as customer satisfaction metrics in the evaluation process. This will not only provide an understanding of customer preferences but also increase profits.
Compensation and evaluations are important factors in the development of the company and the process of achieving new objectives and innovation strategy. First of all, this argument is confirmed by the fact that they contribute to the implementation of new innovation objectives by obtaining a more complete understanding of the approaches to their implementation. Therefore, such procedures as idea generation and problem-solving are being improved. Cai et al. (2023) indicated that it is necessary to “create conditions that may allow innovations to arise spontaneously” (para. 4).
In addition, compensation and evaluations have a positive impact on the formation of a customer-focused approach that takes into account the needs and desires of customers and forms an appropriate action policy based on them. On the part of employees, this aspect may relate to the introduction of monetary and non-monetary incentives for positive feedback from customers.
The Role of Performance Evaluations in Achieving Strategic Objectives
To achieve the most tremendous success in the transition from old objects to new ones, Braintrust Toys needs to use such a method of performance evaluation as key performance indicators. Research stated that it “is a measurable value that demonstrates the effectiveness with which a company is achieving its main business objectives” (Contini & Peruzzini, 2022, p. 1). Thus, when implementing a strategy to implement new goals, it is necessary to identify key performance indicators that will relate to areas such as innovation, employees, performance, and revenue.
Braintrust Toys needs to use the proposed method of performance evaluation because it allows the organization to identify measurable objects. In this way, the company will gain a more complete understanding of the actions that had and did not have effectiveness and make it clear what is expected from employees. Another justification for using this method is a high degree of clarity and transparency. This is especially important for the staff, who will gain awareness about the areas that should be given more attention.
Conclusion
In conclusion, compliance with these recommendations will contribute to the improvement of activities and the achievement of the objectives of Braintrust Toys.
References
Cai, W., Gallani, S., & Shin, J. (2023). Pay-for-performance and innovative thinking. Strategic Finance. Web.
Contini, G., & Peruzzini, M. (2022). Sustainability and industry 4.0: Definition of a set of key performance indicators for manufacturing companies. Sustainability, 14(17). Web.