Using the Balanced Scorecard to Create Better Performance
This session will go over how to construct a balanced scorecard. We will cover how to survey the key deliverables for success, how to measure them, how to set standards, and how to assign values to each. The balanced scorecard is not new. However, not enough companies are using it.We will discuss using the balanced scorecard as a basis for a manager and executive bonus system. We will use an actual example highlighting the restaurant/hospitality industry.Areas Covered The Purpose of the Balanced ScorecardBackground of the Balanced ScorecardSelecting the entity to use for the ScorecardReviewing and Summarizing the measurable thingsAssigning weights and valuesCreating the dashboardAn example used by the restaurant hospitality industryUsing the Balanced Scorecard to bonus and compensationWho Should Attend HR ProfessionalsCEOSenior Vice PresidentVice PresidentExecutive DirectorManaging DirectorRegional Vice PresidentArea SupervisorManagersWhy Should You Attend Organizations today have many performance requirements. It is just not as simple as focusing on delivering more sales or keeping the department staffed. Getting and maintaining top performance in multiple categories means that managers must have multiple focuses. The goals of the organization including the rewards systems must be aligned with these “BALANCED” results. If a balanced approach is not followed an employee may focus one thing at the expense of another. For example, a total focus on increased profits could result in a slide in customer service and customer loyalty. The balanced scorecard measures a composite of all of the necessary elements of responsibility for a person, department, and organization. Used properly it will drive success in the organization.
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This session will go over how to construct a balanced scorecard. We will cover how to survey the key deliverables for success, how to measure them, how to set standards, and how to assign values to each. The balanced scorecard is not new. However, not enough companies are using it.
We will discuss using the balanced scorecard as a basis for a manager and executive bonus system. We will use an actual example highlighting the restaurant/hospitality industry.
Areas Covered
- The Purpose of the Balanced Scorecard
- Background of the Balanced Scorecard
- Selecting the entity to use for the Scorecard
- Reviewing and Summarizing the measurable things
- Assigning weights and values
- Creating the dashboard
- An example used by the restaurant hospitality industry
- Using the Balanced Scorecard to bonus and compensation
Who Should Attend
- HR Professionals
- CEO
- Senior Vice President
- Vice President
- Executive Director
- Managing Director
- Regional Vice President
- Area Supervisor
- Managers
Why Should You Attend
Organizations today have many performance requirements. It is just not as simple as focusing on delivering more sales or keeping the department staffed. Getting and maintaining top performance in multiple categories means that managers must have multiple focuses.
The goals of the organization including the rewards systems must be aligned with these “BALANCED” results. If a balanced approach is not followed an employee may focus one thing at the expense of another. For example, a total focus on increased profits could result in a slide in customer service and customer loyalty. The balanced scorecard measures a composite of all of the necessary elements of responsibility for a person, department, and organization. Used properly it will drive success in the organization.