Let it be a SMART goal or a FAST goal, Goals are the strategic outcomes that all organizations implement or act accordingly to accomplish their desired results. These are action plans that all organizations strive to achieve. Goals are implemented for the employee to let them know what is the desired outcome and what should be expected of them in the specific quarter or annually. Goals are like metrics and it helps you to create greater success as a business. Goals for the organization are decided and implemented by the head or the managerial head of the company. Every organization has its vision and mission. The majority of the time goals are set according to the vision and mission. Therefore Goal-setting is an integral part of the company. It articulates what the business aims to do in the long run. Goals are divided into parts.
- SMART Goals
- FAST Goals
What is a SMART goal:
SMART goals are otherwise known as Specific, Measurable, Achievable, Relevant, and Time-bound goals. SMART goals are more of a traditional method of goal-setting framework that companies follow. SMART is an easy way to create goals, but it lacks the visibility to achieve business goals. SMART is a goal-setting tool that explains how to describe goals with associated timelines. You can have a better understanding of SMART as shown below
Five Significant SMART criteria:
- Specific: Questions such as What, When, Where, and How the goals must be achieved are answered. The goal should have a specific numerical target.
- Measurable: The goals must be measurable so that the managers can track the progress of each employee. Goals must be measurable in metrics so they can be easily understood.
- Attainable: Goals need to be realistic meaning attainable and should be catered suitably to the employees. Unattainable and unrealistic goals, if given to the employee usually causes unproductiveness and also can lead to a loss of motivation.
- Relevant: Goals that are created must be aligned with the objective, vision, and mission also. Goals that are not aligned and irrelevant goals won’t lead to the desired outcomes and the fulfillment of organizational objectives.
- Time-Bound: All goals must be time-bound meaning a period must be set to achieve the respective goal. Goals achieved before the period, won’t be useful for the organization and won’t create the same impact. the goals should have reasonable deadlines, and they should be achieved within that. Goals need to be time-bound to be effective.
What is a FAST Goal:
FAST goals otherwise known as Frequently discussed, Ambitious, Specific, and Transparent goals. FAST goals are more of a modern goal-setting framework than SMART goals FAST goals help organizations improve in multiple dimensions simultaneously. FAST goals are usually very transparent among the different departments which helps to collaborate among them to work toward a common objective. As seen below, we can comprehend FAST more.
Four Significant FAST criteria:
- Frequently discussed: Goals that are created by the FAST method are usually frequently discussed among the manager of different departments and furthermore employees must guarantee that the objectives are in line with the vision, mission, and purpose of the business. This also helps to clear any roadblocks or barriers that may form shortly. This also ensures clarity on the direction. This is very important to keep the organization agile and able to adapt to changing conditions.
- Ambitious: The goals must be the ambitious way that the employees are inspired and ready to push their performance to the next level. This created a healthy environment among the employee to see who can achieve the most. Performance is a parallel term, and employers are always compared to their colleagues. Ambitious goals promote healthy competition amongst themselves to see how far they can push performance and outperform others. Having the right ambitious goal can push the employee in the right direction.
- Specific: The goals must be specific to the nature of the company and they must be tangible and measurable. Specific, ambitious goals increase the performance of an average team or individual. Goals must be specific so that the employee can understand what must be done to achieve the objective. The more specific, the better.
- Transparent: The most important part of any goal is that it must be transparent to the different departments and the employee since everyone is working toward the same objectives. Transparent goals can be aligned easily and help focus on the bigger picture. Transparent goals can help managers understand where the team is lacking in teamwork and cohesiveness. This help pushes their performance to the next level.
Are FAST goals better than SMART Goals:
In today’s era of setting goals and objectives, it comes to our notice that FAST goals are better than SMART goals in many ways.
- Where the SMART goals lack are in the transparency level that the FAST goals provided. The transparency level not only helps the manager but also the employee and helps them align the goals easily.
- The next drawback of SMART goals is that the goals are pre-defined meaning that the goals are not ambitious. But in the case of FAST goals, these are very ambitious meaning the employee pushes their performance to achieve even higher.
- Another advantage when talking about FAST goals is that it is frequently discussed among the manager to ensure the goals are aligned with the vision, mission, and objective of the company. This clears any roadblocks that may occur.
OKR AND FAST GOALS:
Before diving into how OKR and FAST goals are related. We shall see what is OKR first.
An organizational goal-setting framework called OKR aids in measuring both organizational and people success. By using the OKRs goal-setting technique, you can determine if individuals are on track to meet their quarterly goals and whether the organization as a whole is moving in the correct direction quarterly or annually. OKRs offer a straightforward and effective method for establishing corporate goals, tracking development, and achieving higher goals and achievement.
How OKR and FAST Goals Relate: Both FAST Goals and OKR are proven goal-setting techniques that help employees and organizations achieve their goals. When combined with both tactics, they can yield amazing results in your company. By establishing precise, ambitious goals and regularly discussing and transparently assessing them, OKRs and FAST goals can improve an organization’s and its workforce’s capacity to consistently outperform expectations. With the help of perfectly aligned teams and individuals working together across the entire business, the organization may quickly accomplish its goals by establishing FAST goals utilizing OKR. This allows the organization to stay adaptable and make quick adjustments to changing circumstances.
Conclusion:
It is easily understandable how well FAST goals and OKRs go well together. By implementing both into an organization the goals and objectives will be aligned with your mission and vision and skyrocket in terms of performance. Talk to our coaches and experts to gain more insights or try Datalligence for “free”.
Frequently Asked Questions
What are Fast Goals?
Fast Goals are goals that are focused on achieving a specific outcome quickly and efficiently without necessarily considering the overall impact or long-term sustainability of the goal.
What are Smart Goals?
Smart Goals are goals that are Specific, Measurable, Achievable, Relevant, and Time-bound. They are designed to be well thought out, clearly defined, and structured to ensure they can be achieved with a high degree of success.
What is the difference between Fast Goals and Smart Goals?
Fast Goals are focused on achieving a specific outcome quickly and efficiently, whereas Smart Goals are focused on achieving a specific outcome that is well thought out, clearly defined, and structured to ensure it can be achieved with a high degree of success. Fast Goals may not consider the long-term impact or sustainability of the goal, while Smart Goals are designed to be achievable and relevant in the long term.
Which type of goal is better, Fast Goals or Smart Goals?
It depends on the context and the specific goal in question. Fast Goals may be appropriate in situations where a quick outcome is needed, such as in a crisis situation. However, Smart Goals are generally more effective in the long-term as they are designed to be well thought out and structured to ensure they can be achieved with a high degree of success.
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