This phenomenon is called the "endowment effect". In a nutshell, the endowment effect occurs when we take ownership of an idea; in becoming "ours" it becomes integrated with our sense of identity.
What We Cover
- Recognize the importance of goal-setting as part of the performance management process
- Recognize what a SMART goal looks like and Clarify the characteristics of an effective goal
- Recognizing some of the mistakes we make when setting goals, for ourselves or others
- Practice the skills involved in goal-setting discussions with employees
- Recognize how you can build stretch into employee goals and still make them feel like the goals are theirs.
A critical part of performance management is helping employees feel like they create or own their own goals, so they feel like they have reasonable targets to aim for.