Whether you’re a project manager or a CEO of a company, you’re most likely want to know how your team’s doing. As a leader of the team, you’re responsible for setting direction and expressing expectations, so, naturally, you want to know if your employees are meeting them.
Granted, you can always assess team performance based on some milestones or outcomes. For example, if we’re talking about a project team, you could argue that their effectiveness can be measured based on whether the project was successful. Unfortunately, such an evaluation has some significant flaws. First of all, it could be misleading. Projects fail for multiple reasons, so you can’t tell much based on the outcome itself: you need to dig deeper. On top of that, when you evaluate your team only after a particular project is complete, you miss out on a chance to optimize and improve their work. This is why, in this blog post, we’ll show you how to monitor team performance regularly and identify improvement opportunities.
What is Teamdeck?
All of the reports shown in this article can be easily configured in Teamdeck. It’s a resource management solution used by dozens of agencies, consultancies, or software companies. This app allows you to assign your employees to different projects, track their time, and manage their availability. A robust reporting suite is one of the strongest features of Teamdeck: it empowers team leaders to gain a better understanding of how their teams work and how effective they are. Based on these reports, PMs and managers can make better decisions supported by data.
How to Evaluate Team Performance with Teamdeck?
You can use Teamdeck’s reports to evaluate different aspects of your team’s effectiveness. Read on to get a step by step instruction on how to create each of team performance reports presented below. You can also schedule a call with one of our resource management experts: together, we’ll build a perfect reporting dashboard for you to measure your team’s effectiveness.
Calculate Employee Productivity Rate
Employee Productivity is a great metric to measure how much money your employees bring to the company. Monitoring this will also be useful if one of your business objectives is to calculate the most profitable projects/clients, which is a common need for agencies or consultancies. Let’s open a report that already has Employee Productivity metrics set up.
Teamdeck comes up with a couple of report templates. One of them, called KPIs, is especially useful for creating team performance reports. Log in to your account, head to reports, and create a new one using this template.
You’ll see a table called Sales KPI. Here, you can track a couple of key performance metrics:
- Productivity – how much money was made by your employees (calculated based on your client rates)
- Employee Productivity Rate – money made per one employee
- Employee cost – the cost of your employees (calculated based on their rates)
- ROI (Return on Investment) – the profit made by your employees.
The formulas for these metrics have already been predefined in Teamdeck, but you can edit them by clicking on Metrics and selecting the formula you want to change.
When you generate this report for the first time, you’ll see that it is empty. This is because you need to populate the Internal Rate and External Rate columns first. These work like Excel cells: simply type in the correct value. The internal rate is how much money your employee earns per hour of work. The external rate is how much you charge your clients for an hour of work.
You can define one rate for the whole team or expand the table and assign their own rates to everyone in your company. As you fill out the cells, you’ll see that the rest of the table updates automatically. Knowing your team’s rates, Teamdeck can calculate the rest based on people’s timesheets.