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Keeping It Simple (and Cheap): Effective Performance Assessments for the Financial Professional
Short Abstract
Performance management is a process which can be assessed quantitatively without a heavy investment in technology. The purpose of this study conducted in 2012 was to apply various performance measures to simple statistical models utilizing ubiquitous technology tools (Microsoft Outlook and Excel) with the objective of building a basic framework upon which individuals and firms could gauge performance without heavy investment in the latest technologies. Basic statistical models were run using the data gathered over a 12 month period from a Retirement Education Counselor, an individual tasked with educating individuals about retirement and encouraging enrollment into workplace retirement plans. Utilizing this easy and inexpensive statistical framework results in relevant performance data at a fraction of the cost of rolling out new technology and more significantly, is applicable in small business settings such as the standalone Certified Financial Planners who cannot afford to continually update new technology. The underlying theory for the study is the Expectancy Theory which posits that individuals act in such a way to maximize the desired outcome for themselves. If their actions coincide with organizational needs and desires, the employee will be quite successful in that role.