Global Advantage Consulting Group has studied the various methods and metrics used for measuring the performance of different types of organizations in Canada’s innovation ecosystem.
What is Performance Measurement?
Performance Measurement involves collecting and analyzing data on an organization’s progress in terms of achieving its objectives and plans and factors that can influence this progress.
How are the performances of private sector, public sector, higher education and non-profit organizations measured?
Different methods and metrics allow for the measurement of specific areas of an organization’s performance. Therefore, the performance of organizations in the private sector, government, higher education, and NPO’s will be measured differently.
Non-Profit Organizations aim to achieve a specific social mission while balancing between cost efficiency and program effectiveness to provide the best social gains. These organizations often rely on funding dollars and government grants to achieve their goals. Thus, for these types of organizations, the best way to evaluate their performance would be based on the following metrics:
- Strategic Review (plan, strategy map, cause-and-effect logic of the strategy and review and assessing)
- Fundraising
- Human Resources (Performance Goals, Employee Satisfaction…)
- Program Efficiency
Private sector is a major contributor to national income and the principal job creator and employer. The private sector provides around 90% of employment in the developing world (including formal and informal jobs), delivers critical goods and services and contributes to tax revenues and the efficient flow of capital. Therefore, performance metrics applicable here include:
- Economic Performance
- Business Efficiency
- Innovation
- Social Inclusion
- Environmental Policies
Higher education sector includes universities, colleges and other institutions providing formal tertiary education programmes whatever their source of finance or legal status. They often receive support from government agencies, private sector, private non-profit organizations, or foreign institutions. The following metrics could be used to track their performance:
- Research and Development (R&D)
- Costs
- Funding opportunities
- Innovation and Creativity
Public sector includes various institutions that are crucial to the social and economic well-being of Canadians. These institutions provide support, essential services to the citizens such as health, education, public order, safety, and economic affairs, but they also ensure income and wealth distribution. They each differ from each other and have different mandates. Following metrics can be used to evaluate the performance of such organizations:
- Innovation
- Culture and Talent
- Engagement of the public
- Relevance to deliver good quality services.
Global Advantage Consulting Group offers a variety of services customized to your organization’s needs. To see more about how our products can help shape your organization’s understanding of Canada’s research & development and innovation ecosystem, visit our portfolio of work here.
