#347: These statistics about goal setting may change your mind
As you get ready to set your New Years Resolutions, please know that it does make a difference. From Harvard to the World Economic Forum the stats prove how important goal setting can be.
It’s that time of year again when I start to talk about setting goals. Many of you are already thinking about losing the weight you will inevitably gain over the holidays. Is it worth the time to set goals? I have compiled a list of straightforward statistics showing its importance.
Below the stats is a simple review of the Top 10 methods of setting and achieving goals. The statistics will give you the motivation to set some goals, and the methods provide the process to achieve them.
Statistics
While specific, quantifiable statistics on the benefits of setting goals can vary, here are some key findings and numbers from various studies and surveys that highlight the impact of goal setting:
Dominican University of California Study (2015):
Participants who wrote down their goals accomplished significantly more than those who did not. Writing down goals was associated with a 42% increase in goal achievement.
Harvard MBA Program Study (1979):
The famous Harvard MBA Program study surveyed students about their goal-setting habits. The 3% of students who had written goals and plans earned ten times as much as the other 97% of the class combined ten years after graduation.
Harvard Business Review Survey (2019):
A survey conducted by Harvard Business Review found that 70% of respondents said their organizations' performance improved when employees set clear and measurable goals.
Northwestern Mutual Planning & Progress Study (2018):
The study revealed that individuals with written financial goals were ten times more likely to be confident about their financial futures than those without specific financial goals.
University of Scranton Study (2013):
According to research by the University of Scranton, only about 8% of people achieve their New Year's resolutions. However, those who explicitly make resolutions are ten times more likely to attain their goals than people who don't make resolutions.
Forbes Insights and the ASAE Foundation Survey (2013):
In a survey of over 400 association leaders, 85% of respondents said that their organizations could benefit from setting clearer goals. The study emphasized the importance of clear and measurable goals in organizational success.
Edwin A. Locke and Gary P. Latham's Goal-Setting Theory (1990):
Locke and Latham's extensive meta-analysis of goal-setting research concluded that specific, challenging goals led to higher performance 90% of the time across 10,000 participants.
World Economic Forum Report (2015):
The World Economic Forum highlighted the role of goal setting in fostering long-term success. The report emphasized that individuals who set long-term goals are more likely to achieve success over time.
The main theme that each of these studies has is that those who express their goals, especially in writing, are more likely to achieve them.
Methods and Systems of Goal Setting
While there isn't a one-size-fits-all formula for goal setting, various frameworks and methodologies can guide individuals in setting and achieving their objectives. Here are ten goal-setting formulas that incorporate different strategies:
SMART Goals:
Specific: Clearly define what you want to achieve.
Measurable: Establish concrete criteria for tracking progress.
Achievable: Ensure the goal is realistic and attainable.
Relevant: Align the goal with your broader vision and priorities.
Time-bound: Set a deadline for achieving the goal.
OKR Framework (Objectives and Key Results):
Objectives: Clearly state what you want to achieve.
Key Results: Define specific, measurable outcomes that indicate progress toward the objective.
Example: Objective - Increase customer satisfaction; Key Result - Achieve a 20% increase in positive customer feedback within three months.
WOOP Method (Wish, Outcome, Obstacle, Plan):
Wish: Identify a specific and meaningful goal.
Outcome: Envision the positive outcomes of achieving the goal.
Obstacle: Identify potential obstacles and challenges.
Plan: Develop a detailed plan to overcome obstacles and achieve the goal.
GROW Model:
Goal: Clearly define the goal you want to achieve.
Reality: Assess the current situation and factors influencing the goal.
Options: Explore potential strategies and options for achieving the goal.
Will: Develop a specific plan of action and commit to it.
Backward Goal Setting:
Start with the end goal in mind and work backward to identify the steps needed to reach it.
Example: If the goal is to run a marathon in six months, identify the milestones and training needed in the preceding months.
Covey's Time Management Matrix:
Quadrant I: Urgent and important tasks (Crises, deadlines).
Quadrant II: Not urgent but important tasks (Planning, goal setting).
Quadrant III: Urgent but unimportant tasks (Interruptions, some calls).
Quadrant IV: Not urgent and not important tasks (Time wasters).
Vivid Vision:
Create a detailed and inspiring vision of your desired future.
Clearly articulate what success looks like across different aspects of life.
Use this vision as a guide for setting specific goals.
Eisenhower Matrix:
Urgent and Important: Do immediately.
Important but Not Urgent: Schedule for later.
Urgent but Not Important: Delegate.
Not Urgent and Not Important: Eliminate or minimize.
Pareto Principle (80/20 Rule):
Identify the 20% of activities contributing to 80% of your desired outcomes.
Focus on high-impact tasks to maximize efficiency and results.
Life Wheel:
Divide life into different areas (e.g., career, health, relationships).
Rate satisfaction in each area and set goals to balance and improve overall life satisfaction.
I coach using the Ziglar method, a combination of #1 and #10. I know many people who use and train with the other methods. As I stated above, setting the goal is the most crucial part of the system. Sticking with a system will help you achieve it.
Are you looking to start a new system and need some assistance? Set up a 30-minute free consultation with the Kole Performance Group. It is hard work today, but I promise it will lead to you having a better tomorrow.