the goals and on the final outcomes achieved. Honing goal setting using temporal motivation theory Locke and Latham (2004) note that goal-setting theory lacks "the issue of time perspective." Taking this into consideration, Steel and Konig (2006) utilize their temporal motivation theory (TMT) to account for goal setting's effects, and suggest new hypotheses regarding a pair of its moderators: goal difficulty and proximity. The effectiveness of goal setting can be explained by two aspects of TMT: the principle of diminishing returns and temporal discounting. Similar to the expression "the sum of the parts can be greater than the whole", a division of a project into several, immediate, subgoals appears to take advantage of these two elements. Employee motivation The more employees are motivated, the more they are stimulated and interested in accepting goals. These success factors are interdependent. For example, the expected outcomes of goals are positively influenced when employees are involved in the goal setting process. Not only does participation increase commitment in attaining the goals that are set, participation influences self-efficacy as well. Additionally, feedback is necessary to monitor one's progress. When feedback is not presented, an employee might think they are not making enough progress. This can reduce self-efficacy and thereby harm the performance outcomes in the long run. In business In business, goal setting remains a popular evidence based approach to align efforts across organizations, communicate objectives, and improve motivation as well as task performance for individuals and groups. Goal setting encourages participants to put in substantial effort over and above a "do your best condition". Also, because every member has defined expectations for their role, little room is left for inadequate, marginal effort to go unnoticed. Impact on individual performance Managers cannot constantly drive motivation, or keep track of an employee's work on a continuous basis. Goals are therefore an important tool for managers, since goals have the ability to function as a self-regulatory mechanism that helps employees prioritize tasks. Four mechanisms through which goal setting can affect individual performance are: Goals focus attention toward goal-relevant activities and away from goal-irrelevant activities. Goals serve as an energizer: Higher goals induce greater effort, while low goals induce lesser effort. Goals affect persistence; constraints with regard to resources affect work pace. Goals activate cognitive knowledge and strategies that help employees cope with the situation at hand. Work life balance Goal setting is also used by some companies