Metrics are simply, things that can be tracked or measured.
Some common metrics that are valued by various people or industries include:
Profit - there's gross profit and net profit, and in-kind profit
ROI - Return on Investment
Zero Waste - Turning every resource into value rather than "waste".
There are methods that measure and track key metrics such as Six Sigma and Energy Management and Google Analytics.
But what are the key metrics for YOUR industry? And for YOUR career?
A publishing industry metric might be eyeballs or it might be members. One matters a lot, the other not so much.
An energy company metric might be abundance of feedstock, or infrastructure for distribution.
Your career metrics might be interesting projects, or number of new jobs being created, or level of education required.
Identifying the metrics that matter most can be very valuable in your career development. If you focus on satisfaction, you might miss opportunities for challenge. If you focus on local jobs, you might miss the opportunity for advancement in a nearby state. What you focus on matters. Focus = metrics.
Metrics that matter are another thing.
In the building industry, estimated at $4.5 trillion dollars and some
estimates identify the waste in the industry at over 50%. Waste is
defined as non-value added effort.
You can track and measure hundreds of metrics, such as how long it takes you to get to work, or how many people you work with, or how many people understand what you do. But most of those don't matter much. What matters is the level of satisfaction you get from your work. Whether people WANT what you deliver. How many people or companies want your services or products. etc. etc. etc.
Knowing your goal comes first. Then reverse engineer how to reach that goal. What will get you there best? And best can be defined with a variety of metrics.... fastest, cheapest, with most expertise, with quality, with good teammates...
But knowing what matters is like knowing what ingredients go into a specific recipe. The outcome depends on the ingredients, the process, and the quality of the ingredients. So do your career metrics.
Satisfaction
A survey on Salary.com in January, 2009 showed that Career Development was
responded to (by over 1300 participants) as being more important (over
95% of all respondents) than pay linked to performance, to their
"engagement" or job satisfaction.
Here's one resource to help you identify your career metrics:
HR Toolbox70% of Leaders are Underperforming:
Where Should HR Invest?
To
date only 29% of leaders have exceeded 2009 performance expectations.
While most HR organizations are trying to identify key competencies for
improving individual performance, the best companies are focusing on
the organizational barriers preventing already capable leaders from
being successful. Download the research report
Your career metrics will benefit from understanding some research...but you also have your experience, your contacts, and your collective direction to draw upon for top values that get results. Not just any results. The results you want to see in your career.
Reverse engineering a career ladder, as it's called today, is much like planning a trip. You know the destination, and you then find a map that is relatively reliable, and you plot the pathways, the turns, the fuel stops, etc. that you will need to take. But don't forget to pay attention to your base assumptions such as which vehicle you will be taking...who will be going with you...and the costs.
Those same principles can be applied to identifying the top metrics in your career plan.
The pathway could be education, on the job training, mentoring, and the industry you choose to work in.
The vehicle could be your skills at negotiating or design or money management, etc.
The people you travel with could be people you studied with during your degree or certification program, the people you work with, and key custoers.
And don't forget the traffic laws you will have to observe -- those are compliance regulations and tax laws and trade association guidelines, as well as corporate ethics rules, and your spouse's mandates! :-)
Metrics matter. But not all metrics are of equal weight in your results! Weigh them and compare them for impact. Not just short term impact, but for the life and scope of your career...and beyond.
Metrics matter in quality. In longevity. In family and community sustainability. And in your feeling of accomplishment and satisfaction.