Monthly review meetings, held on the first Saturday of every month, have been a mandatory feature with HERD Foundation and HERD Group of Companies. These monthly review meetings allow everyone involved in varied businesses, in their diverse capacities, to join together while taking a step back from routine everyday responsibilities, to assist management in reviewing performances, achievements and setbacks.
These regular assessments help all in remaining focused on the intentions and targets of their units. Management evaluates and ensures that key personnel are focused in the direction of their business and also assesses their continuing suitability, adequacy and effectiveness. Such review meetings help in rethinking about changes that may have occurred in the context of company’s businesses. Review meetings are an opportunity to take cognizance of risky areas of businesses and how best to go forward.
HERD Group of Companies follows the management review process to the tee in order to be on top of situations. The idea is to see the actual results relating to the performance of the business and its systems. Staff members are expected to fill in requisite data about their business performance prior to stepping in for the meeting, with quality objectives and key performance outputs clearly defined therein.
Our management review meetings teach us what we need to do if something is amiss. Senior management looks at problems encountered and suggest ways to improve or eliminate issues that affect productivity. So from month to month, management review provides the team with opportunities to look on business growth from different angles and to evaluate each period so as to improve approaches while planning for the follow-up period.
Headed by Dr Amol Deshmukh and Dr Suchika Gupta, Managing Directors, these management review meetings are facilitated by Chief of Operations, Finance and HR Head who ensure performances are in alignment with the organization’s strategy. As business leaders of the group they demonstrate that they are committed to stringent management systems for effective outcomes and compliance with company policies.
For in the final count the review is as much about individual performance as it is about the company’s financial performance and result. Naturally employee performance directly affects business outcomes and review meetings are aimed at firmly keeping a grip on effective systems to reign in financial accountability. Herein we have to contend with issues – elimination of any waste, optimize operational efficiency, reduce complaints and improve customer satisfaction levels.
Subsequent improvements in these areas will decidedly impact positively on the financial performance. Staff is prepped up to plan and prepare well for these monthly review meetings. With the agenda in place all unit heads present actual results of their key areas of performance on a pre-decided format. With the availability of actual data along with facts and figures in place, management review meetings end up collecting and collating its core processes of performance.
Once the core process performance is evaluated we understand how our products/services/processes have been delivered. Were these implemented as per plan or did we lapse and fail in some areas. What were the costs of such failures and it is here that the top management audits its findings. Thus every month we come to know precisely what have been our levels of achievements vis-à-vis our objectives and strategies. Most importantly, did we fulfill them all? If not, then what are to be the next steps?
The purpose of our monthly review meetings is to undertake a factual approach by presentation, discussions, questioning and decision-making to arrive at facts that help in planning the subsequent strategies. Management expects such meetings to help key staff in gaining confidence to understand their organization and to take ownership of their units. Monthly review meetings have over a period of time evolved and contributed in doing this. Armed with actual data, staff presentations are not subjective, sketchy accounts but hard data that helps in confidently planning the road ahead. For HERD Group of Companies the purpose of Management Review Meetings is now a well-entrenched practice.