Question

Explain implenting the almost impossible strectch goals, real world application of stretch goals and leadershape.

Answer 1

Ans: First of all we need to understand that what is stretch goal altogether? A stretch goal I would rather define as an ambitious goals attached to the normal goals, once the normal goals are achieved, company pushes to go for stretch goal. This definition of stretch can further be understood by below example.

Suppose a sales team has got the target of 1 million USD sales for the month, but the sales team has achieved this target with in 20 days, then the management might think of giving them or management would have already given them stretch goal of another 1 million USD sales after achieving the basic target goal. Hence the sales force after achieving the basic target of 1 million USD sales in 20 days will now focus to achieve another 1 million ISD sales in next 10 days, so that they can achieve stretch goal as well. In the event of stretch goal, it brings win-win situation to employees and management, management enjoys higher sales, employees enjoy higher sales commission.

But Corporate has to be very very careful while formulating stretch goals because some time it backfires, for an example, Wells Fargo set the stretch goal which was likely to impossible and in effort to achieve this ever beyond goals sales workforce of Wells Fargo indulged in many unethical activities to achieve the target. There were so many fraudulent accounts were opened.

Hence, it is important that the implementation of stretch goals should be taken very carefully.

The first and foremost important thing is setting up the stretch goal is to see that it should not be impossible. Management has to see that there should be enough resources available for achieving this stretch goals.

If there is enough resources available then the management has to work that there should not be any constraint which may resist in achieving the goals, either at employee level or management level.

And then there should be proper strategy laid out that how to achieve this stretch goal, a strategy of small wins is going to help here.