How should organizations address the identified 'gaps' in performance?

To effectively address identified performance gaps, organizations should develop and implement a Corrective Action Plan. This approach involves systematically analyzing the specific areas where performance is lacking and establishing a structured response to address these deficiencies. A Corrective Action Plan provides a framework that outlines the root causes of the gaps, the corrective measures to be taken, responsibilities, timelines, and methods for monitoring progress.

This process ensures that the organization is not just reacting to issues but is proactively working towards sustainable improvements. The implementation of a Corrective Action Plan allows for accountability and provides a clear path for follow-up and evaluation, ultimately leading to enhanced performance and efficiency.

In contrast, methods such as reducing operational costs or increasing workforce hours may not directly address the underlying issues causing the performance gaps. Altering the company structure could also lead to confusion and instability without necessarily resolving the specific performance issues at hand. Therefore, developing a Corrective Action Plan is the most strategic and effective way to bridge performance gaps.