MANAGERIAL PRACTICES IN PERFORMANCE MONITORING AND DEVELOPMENT APPROACHES IN UKRAINIAN SMALL AND MEDIUM ENTERPRISES
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Date
2024
Authors
Povar, Mykola
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Abstract
This capstone project was dedicated to managerial practices in performance monitoring and development approaches in Ukrainian small and medium enterprises. It addressed the critical intersection of performance monitoring and managerial practices in the unique context of Ukrainian organizations, relying on diverse data sources, including reputable consulting firms, and surveys conducted by the World Bank. Drawing on the Goal Setting Theory and the Balanced Scorecard Framework, the project developed a tailored performance monitoring approach for Ukrainian organizations, considering business size nuances.
The main research methods applied were literature review and surveys. To support the conclusions, the specific data set was used, collected in the course of the World Bank Enterprise Survey (ES), conducted in 2013 and 2019. It has covered Ukrainian top managers and business owners, commenting on predefined questions.
The study resulted in tailored recommendations, emphasizing the importance of a customized solution, given the distinct cultural, legal, and economic backdrop of Ukraine, underscoring the pivotal role of team-centric performance management.
For SMEs, the research highlighted the need to define essential metrics composed in a balanced way. Collaboration, open communication, and collective responsibility emerged as key themes for enhancing team synergy and fostering a positive organizational culture. Blending traditional methods with technology-driven practices and urging SMEs to consider resource constraints, cultural shifts, and the evolving nature of performance monitoring were advised as game changers.
In conclusion, the research aspired to be a catalyst for positive change in the managerial practices of Ukrainian organizations. By providing context-specific recommendations, it aimed to elevate overall performance, foster transparency and accountability, and empower Ukrainian SMEs to navigate the evolving business environment successfully.
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Keywords
managerial practices, Ukrainian organizations