As much as a lot of the economic progress in any business institution is dependent on luck to a certain extent, the greatest amount of the progress an organization can experience is dependent on the ruthlessness of their calculations. Every step must be conscious, deliberate and accurately calculated. This truth applies to all aspects and branches of any business organization.
Performance tracking is the method used in which a fragment of the production is returned to the source with the purpose of modifying the future products. Also, known as feedback, performance tracking basically functions to raise the awareness of the producer on the strengths and weaknesses of a process, technique, individual or decision. Using this knowledge, actions can then be taken to improve the productivity and enhance the performance of that route. The truth of the matter is that in most organizations right now, performance tracking is not done frequently enough and the routine which is (annually in some cases and quarter-yearly in rarer cases) not completely effective. However, it is done anyway, which covers the possible penalties of not doing it at all. With real-time performance tracking, the advantages of performance tracking become obvious. One of such advantages is that unlike the normal performance-tracking techniques, real-time performance tracking does not give room to the opinions of the manager on the performance of the worker. This eliminates the bias that women or people out of favor are sometimes subjected to. Another advantage is that the data obtained provides connection across management of large corporations and down the chain between managers and workers. Similarly, we view feedback from the following lenses:
Firstly, feedback is invaluable to learners, and those learners undeniably become important assets to the organizations. Learners value feedback especially when it is credible and comes from someone they respect for skill, experience or knowledge. If they do not get feedback, they might feel like they have no more to more learn and the undeniable value they can add to the business due to their growth will be as stunted as their growth. In short, performance tracking provides continuous goals and targets for improvements for the organs of a business organization.
In relation, feedback works to help assess if true improvements have been made, a further enlightenment as to why their roles in the setup exists i.e. what they are supposed to be achieving to best support the business and the way they impact others in the workplace.
Speaking specifically about real-time performance tracking, we realize that the modern business setting has shortened the useful life of certain skills. i.e. they sometimes require frequent updates or demand that workers learn new techniques. Whatever the case may be, managers need to be on top of things, observing the abilities of the worker as well as their learning capacity. In the same breath, the new generation of workers who are so used to a fast-track way of life, are thirsty for new opportunities for development and training. In this sense, real-time feedback aids the worker in quick growth while real-time performance tracking assists the manager in directing the growth.
The consequences of not performing feedback operations are grave, and although things might seem okay at the surface, we should keep at the back of our minds that some types of linear growths are actual declines when the business should be assuming exponential advancements. Sadly, feedback devices and channels are massively under-used. Workers like to be listened to and feel actively involved and identified with the organization. The feedbacks provide a sense of care that motivates and energizes the workers if properly carried out (which is better done by focusing on the strengths rather than the weaknesses of the worker). For this to be achieved, it becomes increasingly important to establish a route of frequent communication between the workers of the organization. As the self-esteem of the object of feedback grows, productivity also grows.
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