Mg545 final assignment appreciation
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Final Presentation for Human Capital Two Sided Accountability
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Mg545 final assignment appreciation
- 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.
Notes de l'éditeur
- This is the final assignment for MG545 Human Capital: Two Sided Accountability under Dr. Tammy Fitzpatrick.
- We are going to begin an implementation of a balanced scorecard to measure the level of appreciation in our employee workforce. Every organization should appreciate their employees, there is need for people to feel happy at work. Why do only a certain amount of people get to say “I love my job?” it seems a bit unfair that only certain employees feel valued by their employers, and therefore feel happy. This scorecard is needed to find measurements in job satisfaction. The data that the scorecard will provide will be target issues for the organization to improve upon, and we can expect change and empowerment with our employees. I will be introducing: The Balanced Scorecard by Kaplan and Norton.Why do we need a scorecard? What is a scorecard going to bring to the organization?and What can we expect from this scorecard?
- The Balanced Scorecard was created by Dr. Robert S. Kaplan and David P. Norton in 1996 The Balanced Scorecard is a concept to help organizations translate strategy into an action. The scorecard starts from the company vision and strategies, from here critical success factors are defined. Measures are constructed that aid target setting and performance measurements in areas critical to the strategies.
- Here is a diagram of how the balanced scorecard works. All four principles must be involved to effectively use the scorecard data. Those four principles are…
- The financial perspective which is looking at the traditional need for financial data. Timely and accurate data will always be a priority. The customer perspective which is looking at the organization through the customers eyes and seeing if we are meeting expectations and having happy customers The internal business perspective which is looking at how happy our people are and how the contributes to the organization and the employee themselves And the learning and growth perspective which the continuous learning and growth of our human capital.
- These are the detailed specifics of the 4 major principles.
- Imagine a world where people are happy and inspired to go to work, that those people feel trusted and valued during there day and they get to come home refreshed and feeling fulfilled. Finding out what makes our employees happy and how we can improve them is what the scorecard data is all about. Employees happiness is key to corporate growth, we wish to show appreciation for their hard work and dedication to the company.
- Collecting data helps teams and management assess the health of their processes. Every process can be improved. Data helps find areas of weakness and strength. It is very important to remember why we are collecting this data and that we are collecting the right data. We are not trying to focus on financial measures or product measurements with this scorecard, but data that will help us learn about employee appreciation and help with innovation and overall job satisfaction.
- When the idea of an appreciation program was in its infancy we understood that we would need data to show that the program would be beneficial and also that it would be sustainable. This scorecard data means that we have done research and taken measurements to ensure we are trying to move the company forward. This data we will collect is intended to help executive leadership and management see where there can be improvement and how to make changes that help empower employees. The data collected is meant for growth purposes only and to see how we can become stronger as an organization.
- Implementing the data to the workforce will be one of the most important aspects of the appreciation project. We want the workforce to know why we are making this change and how it will benefit them. 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
- In conclusion the balanced scorecard is a powerful business tool in gathering data to help a business grow. We wish to use this data to help build the new appreciation program and start to show how much we care and respect our employees. 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.