Employee Appreciation A New Balanced Scorecard Garrick Dean Author Note: This paper was created for Human Capital: Two Sided Accountability, Course MG545, Dr. Tammy Fitzpatrick in the MBA Program on August 13, 2015.
1. Employee Appreciation A New Balanced Scorecard Garrick Dean
Author Note: This paper was created for Human Capital: Two Sided
Accountability, Course MG545, Dr. Tammy Fitzpatrick in the MBA
Program on August 13, 2015.
2. Introducing: The Balanced Scorecard by Kaplan and Norton.
Why do we need a scorecard? What is a scorecard going to bring to
the organization? What can we expect from this scorecard?
Introduction: Scorecard Measuring Appreciation
3. The Balanced Scorecard The Balanced Scorecard was created by
Dr. Robert S. Kaplan and David P. Norton in 1996 The Balanced
Scorecard is a concept helping organizations translate strategy
into an action. The scorecard starts at the company vision and
strategies, from there critical success factors are defined.
Measures are constructed that aid target setting and performance
measurements in areas critical to the strategies. (Kaplan, &
Norton. 1996).
4. Principles ofThe Balanced Scorecard
5. Measurements Used inThe Scorecard 1. Financial Perspective
2. Customer Perspective 3. Internal Business Perspective 4.
Learning and Growth Perspective (The Balanced Scorecard Institute,
2015)
6. 4 Major Principles Financial Return of capital employed,
economic value added, sales growth and cash flow. Customer Customer
satisfaction, retention, acquisition, profitability and market
share. Internal Business Process Internal Value Chain Measurements:
1. Innovation identifying customers future needs. 2. Operations
quality, cycle time and costs. 3. Post Sales Service warranty,
repair, treatment of defects and returns. Learning and Growth 1.
People employee retention, training, skills and morale. 2. Systems
availability of critical real-time information need for front line
employees.
7. Benefits toThe Organization The balanced scorecard helps
organizations find measurements on how to improve financial
measures as well as ways to help innovate employees. Employee
happiness is linked with performance and overall attitude. Happy
Employees = Organizational Growth! We want to see our employees
happy and show appreciation for their hard work and dedication to
the company.
8. Why isThe Data Measurement Meaningful? Data collection helps
teams and management assess the health of their processes. Every
process can be improved. Data helps find areas of weakness and
strength. When collecting data it is important that we are
collecting the right data. We are not trying to focus on financial
measures or product measurements with this scorecard, but data
about employee appreciation, innovation, and overall satisfaction.
(Martin. n.d.)
9. What DoesThis Data Mean? Once data is collected a new
appreciation program will be developed to help recognize the great
work your employees do everyday. The data is intended to help
executive leadership and management see where there can be
improvement and how to make changes that help empower employees.
Data collected is meant for growth purposes and to see how we can
become stronger as an organization. (Pease, et.all. 2012)
10. Implementation of Scorecard Data Once data has been
collected we will begin a series of management trainings on how to
implement appreciation into their teams. One-on-One recognition
Peer recognition Leadership recognition Gifts and bonuses for hard
work to show appreciation How to recognize on a daily basis How to
empower employees to recognize each other
11. Conclusion The Balanced Scorecard is a powerful business
tool in gathering data and compiling key measurements to help with
business growth. In using the scorecard try to avoid pitfalls in
misinterpretation of data and not having the foresight to see that
the data can be used for long term use. Many organizations only use
the score card for financial needs and for short term fixes for
issues, the scorecard is much more robust and prosperous than those
two uses. Remember to use the scorecard data to see ways to grow
the employees as well as the company.
12. References Balanced Scorecard Institute. (2015). Balanced
Scorecard Basics. Balanced scorecard Institute.
Balancedscorecard.org/Resources/About-the- Balanced-Scorecard
Retrieved August 13, 2015. Kaplan, R. & Norton, D. (1996).
Translating Strategy into Action, The Balanced Scorecard. Harvard
Business Review Press; 1 edition Martin, J. (n.d.) Summary of the
Balanced Scorecard. Management and Accounting Web.
maaw.info/Bal/ScoreSum.htm Retrieved August 13, 2015. Pease, Gene,
Boyce Byerly, and Jac Fitz-enz. (2012). Human Capital Analytics:
How to Harness the Potential of Your Organization's Greatest Asset.
John Wiley & Sons P&T.