I need your help and suggestions on a crucial matter. I am working in an IT company that consists of Developers, Testers, and Business Analysts. We want to install a system where employees will be evaluated periodically, possibly monthly, based on the Key Performance Indicators (KPIs) set.
Implementation of a Balanced Scorecard
I would like to know:
1. How to implement and set up the same - Balanced Scorecard?
2. How do we track the progress?
3. How to create dashboards based on the evaluations?
I would appreciate your prompt reply.
Thanks in advance.
Best regards
From India, Pune
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7Implementation of a Balanced Scorecard
I would like to know:
1. How to implement and set up the same - Balanced Scorecard?
2. How do we track the progress?
3. How to create dashboards based on the evaluations?
I would appreciate your prompt reply.
Thanks in advance.
Best regards
From India, Pune
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By this time, you have probably read more documents and PDFs than anyone else. What is the strength of your firm? Here's another discussion you might want to join in. We are discussing the implementation over here Job description to BSC.
If you don't have the budget to hire a Management Firm for this, you may hire an expert, BSCMP. You have identified the mission and vision; quantifying it will require the measures that can be best defined by the expert.
The roles that you have shared so far are for the Profit Centre. You will need similar measures for the Cost Centres. Attaching a financial measure might not be new to your firm. Yet, you need a standardized set of calculations for them. Each KPI will be connected to the Cash Flow to identify the ROI.
Here's a paper on implementing the Balanced Scorecard in several Indian firms. Research Paper-XIMB.
This will give you a view of a few areas for challenges and opportunities in your firm. Looking forward to hearing from you on this.
Regards
From India, Mumbai
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If you don't have the budget to hire a Management Firm for this, you may hire an expert, BSCMP. You have identified the mission and vision; quantifying it will require the measures that can be best defined by the expert.
The roles that you have shared so far are for the Profit Centre. You will need similar measures for the Cost Centres. Attaching a financial measure might not be new to your firm. Yet, you need a standardized set of calculations for them. Each KPI will be connected to the Cash Flow to identify the ROI.
Here's a paper on implementing the Balanced Scorecard in several Indian firms. Research Paper-XIMB.
This will give you a view of a few areas for challenges and opportunities in your firm. Looking forward to hearing from you on this.
Regards
From India, Mumbai
Acknowledge(0)Amend(0)
I would like to add a query related to the subject. While we are all striving to make our appraisal process transparent and to evaluate performance based on KPIs, how do we convert this to the balanced scorecard?
Of course, there are certain software solutions available in the market that would simplify this task for us, but for small and medium-sized businesses (SMBs), the cost of such software or applications is not always feasible.
Let me provide my own example. My firm has only 34-36 employees, and I am the sole HR personnel here. Most of the time, I find myself free except when there are recruitment activities to be carried out. If I were to purchase such an application, what should I do during the remaining time?
Moreover, my employer might question why they hired a qualified HR professional like myself and still need to invest in such applications when they could have trained someone else to handle it.
Setting cost aside, for the sake of knowledge, I believe it is crucial to understand how to convert KPIs/KRAs into metrics so that we can propose it to the management.
When it comes to tracking or evaluating the work of departments with target-oriented roles such as marketing, it is relatively simpler than measuring the performance of individuals engaged in quality-focused roles like editors, HR personnel, engineers, IT developers, and so on.
How can we effectively monitor the tasks performed by individuals engaged in quality work, where quantification is challenging?
Thank you.
From India, Mumbai
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Of course, there are certain software solutions available in the market that would simplify this task for us, but for small and medium-sized businesses (SMBs), the cost of such software or applications is not always feasible.
Let me provide my own example. My firm has only 34-36 employees, and I am the sole HR personnel here. Most of the time, I find myself free except when there are recruitment activities to be carried out. If I were to purchase such an application, what should I do during the remaining time?
Moreover, my employer might question why they hired a qualified HR professional like myself and still need to invest in such applications when they could have trained someone else to handle it.
Setting cost aside, for the sake of knowledge, I believe it is crucial to understand how to convert KPIs/KRAs into metrics so that we can propose it to the management.
When it comes to tracking or evaluating the work of departments with target-oriented roles such as marketing, it is relatively simpler than measuring the performance of individuals engaged in quality-focused roles like editors, HR personnel, engineers, IT developers, and so on.
How can we effectively monitor the tasks performed by individuals engaged in quality work, where quantification is challenging?
Thank you.
From India, Mumbai
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Balanced Scorecard.zip
PERFORMANCE EVALUATION FORM.doc
Performance Evaluation Guidelines.ppt