We find that using ranking can make anything perform better. Ranking have been used by the Roman Army to win wars and today businesses and people use it to compare performance and compete with one another.
Imagine how results from a search engine would be without using a ranking system?
The concept of sports entirely depends on ranking system to analyze performance and work on improving it.
Ranking is a simple yet very successful tool to use in measuring and categorizing things, especially when it comes to performance management.
Ranking as an Analytical Framework
Using ranking as an analytical framework has the ability to bring order to chaos. Imagine having dozens of ideas for a project, how do you find which is best. You can weigh its pros and cons, the resources at your hand, your talent and ability to execute it. All these steps can help you decide but as the complexity grows the system becomes inefficient. Introducing ranking as an analytical framework can improve performance and efficiency by many times.
For Example, let’s assume we want to narrow down on one potential business opportunity out of a few good ideas.
Using the ranking as an analytical framework,
- List the ideas
- List their comparing properties. Like profitability, investment, rate of success, etc…
- Rate each of the properties
- Add the total across properties for the ideas.
- Rank them according to their scores
Now, you have an idea worth pursuing. Tough not entirely scientific it will help you weed out the guess work and provide the opportunity to quantify the ambiguous ideas in your head.
Ranking as A Gamification Tool
Gamification is a process of adding games or game like elements to something to motivate participation, engagement and loyalty. Major brands worldwide use it to engage with their customers. Fortune 500 companies have also adopted gamification as a tool to motivate their employees to perform better and have a healthy completion among them.
Ranking as a gamification tool plays a vital role to better performance management, in the way company functions. Awards like Employee of the Month and other such awards are some of the strategies that make employees perform better.
Creating teams and making them compete against one another in a healthy environment to reach a goal has improved performance among many startups. Use your imagination and gamify tasks suiting company culture using ranking to better performance management.
Ranking to Order Your Priorities
We all know why we should prioritize and the good that comes off it.
But do we set a deadline or some order for it?
Priorities combined with ranking tend to perform better than functioning individually. We usually club priorities into groups of high and low. When they are ranked it becomes 10X more efficient in managing your performance.
A pairwise comparison technique allows you to rank your priorities as we already know how to choose between two things. In a pairwise comparison a whole list of items is ranked by comparing only items two at a time, and assigning a numerical rating to the comparison. Adding up the ratings produces a score for each item. Some items score higher than others; the numbers document the ranking.
The finite nature of resources mandates prioritizing and ranking their deployment. That means energies should concentrate on tasks most critical to the business and to better performance management.
Do you know how else to use ranking for better performance management? Share them on Trdinoo for others to learn and please share us with your friends and network.