Presentation with Balanced Scorecard

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Navigation: All Balanced Scorecard Articles > Presentation with Balanced Scorecard

In this article you will learn about the presentation with balanced scorecards and also get ideas and reviews of performance management. Check additional information about Presentation with Balanced Scorecard.

Balanced scorecard (BSC) is a framework for performance management that reviews performance from various perspectives. Once management decides to roll it out, it is essential to ensure that employees understand the approach and the need to implement it in the organization. Balanced scorecard is a simple and effective approach that helps translate intangible goals and objectives into stakeholder value by enabling managers to focus on (all) important aspects while assessing organizational performance. It is a popular performance management system based on commonsense principles that is being employed by organizations across the globe with immediate benefits. Balanced scorecard sets concrete objectives, measures (or indicators), targets and initiatives (actionable steps) for achieving organizational mission in four perspectives including; customer, financial internal business processes and employee learning and growth. This effective approach has various benefits including but not limited to increased profit margins, increased employee satisfaction, higher motivation levels, higher employee retention rate, improved and open communication, better alignment of activities with organizational strategy, increased focus on drivers of performance, prioritization of activities,/projects etc. It is imperative for organizations employing balanced scorecard to ensure that everyone in the organization has a basic understanding of the system since it is often used to gauge their performance. The most optimal tool to help employees understand this straightforward approach is balanced scorecard presentation. Someone playing a key role and having a thorough understanding of the organizational systems and (having studied this approach in depth) should be responsible for making the balanced scorecard presentation; ideally it should be the manager or a group of managers who plan and discuss the contents of the balanced scorecard presentation. It is important to ensure that five W's (i.e. what, why, where, who and when) are covered in the presentation. The first W, "what" will provide an overview of the balanced scorecard approach along with definitions of the key terms including but not limited to vision, mission, strategy, strategic objectives, performance measures, perspectives, strategic initiatives, targets, and strategy maps etc. The second W, "why," helps employees understand the need for implementing balanced scorecard in the organization. Benefits of balanced scorecard, some of which have been mentioned above, need to be clearly highlighted in this section to help employees understand how it will contribute to the bottom-line and improve their performance. The third W, "where" clearly outlines the areas/departments where the balanced scorecard will be rolled out as well as a concise explanation of the various aspects of this approach. The fourth W, "who" will identify everyone in the organization who will be monitored particularly the employees and will help them understand why it is imperative to inculcate balanced scorecard in the organization in general and in their department in particular. It is always a good idea to give employees tangible incentives to ensure their buy-in. The fifth and last W, "when" refers to time (and frequency) the balanced scorecard will be implemented in the organization. Managers should try to regularly update employees about results of balanced scorecard analysis to ensure consistently high motivation levels. Once information on the five W's has been gathered, the manager needs to focus on "how" to best convey the message to ensure the desired impact. Here the commitment of manager(s,) to make strategic performance management an on-going activity plays a vital role.

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