Awards Indicators: The KPIs and the KRIs

Access your KPIs online;
Measure your success;

Navigation: All Balanced Scorecard Articles > BSC for HR

Giving recognitions and benefits can be motivating for your employees but this can also be risky for your business. Learn about the two types of awards indicators which are the KPIs and the KRIs. Check additional information about Awards indicators.

Employees should always be motivated. If successfully and rightfully done so, it is possible that goals will be reached quickly and more efficiently. This is because they are inspired to perform their jobs and are willing to show how well they can do their assignments. This is why you have to make sure that your company utilizes awards indicators. These are indicators that will enable you to monitor the progress of the employees so that you can provide them with awards or recognitions. However, there is also another form of such and these are called the awards KRIs. They are employed in order to measure the risks. These indicators will be utilized as well to control those risks and hopefully avoid them in the future.

The regards KPIs together with the KRIs are truly beneficial in the sense that you can completely gauge both the benefits and the disadvantages that might happen when you provide awards to your employees. Let us first take on the KPIs. The awards indicators here will aid you in assessing the performance of your employees. Those that meet the standards or the required levels will be able to receive awards or recognition. One of the main goals of the workers is to be noticed by the employers particularly their efforts. This is why they perform their job well especially those who are new in the company.

At times, it can be hard to measure the performance of the employees particularly if there are a lot of them. This is why it is advised that you take them as a group. This is much easier especially for those that are running large firms. The awards indicators in this type may include the performance based indicators. These are meant to monitor the productivity of the department. Another is the quality of the services or the products that they produce. This is connected to the attitude that they display with regards to the work that they are assigned to do. If the quality of their job is fine and yet they are grumpy at work or at their teammates, most business owners do not offer rewards to them.

On the other hand, the KRIs are the key risk indicators. These are the type of awards indicators that allow the professionals to measure a specific area and when the needed information is obtained, they will use it to be able to manage the risks that might arise. Typically, there are five common KRIs that are used in the awards dashboard. They are the performance based KRI, the percentage in the increase of individual output, the devotion to the schedule of work, the percentage of tasks that have been fulfilled and the time that has been saved for all projects. Other KRIs include the number of complaints regarding the quality of the services or the products provided by the company, the number of delays in the operations of the organization, the percentage of employee attendance, the responsibility or the accountability shown by the employees and the team conflicts resolved by the team leader or by the worker himself.

If you are interested in Awards indicators, check this link to find out more about rewards KPIs. Also, you can check other articles in BSC for HR category.

Balanced Scorecard Toolkit includes step-by-step manuals, documents, presentations, check lists designed to help business professionals with successful development and implementation of Balanced Scorecard. Learn more about BSC Toolkit.