When we own something, or create something, we invest a part of ourselves into it; it becomes an extension of ourselves.

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.

  • 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.


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