Balanced Personal Scorecard

7/30/2019 Balanced Personal Scorecard

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BALANCED BUSINESS

SCORECARD

to

BALANCED PERSONALSCORECARD


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About us

Date of incorporation : Since Birth

Business : To live life beautifully

(money, fame, family, lifestyle,

safety and ?)

Licensed Area : The Earth and beyond

Customers : Self, Family and Ecological

society

Capacity : EnormousAnnual Turnover : Only money is usually

wrongly considered


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Employee

att i tude

and

behaviour

Customer

satisfact ion

and

retent ion

Shareholder

satisfact ion

&

investment

Inf luence

Employee

Satisfactio

nBonus

& stock

Inf luenceMotivates

This approach

assumes that for a

business to succeed inthe long run the

expectation of three

stakeholders

employees, customers

and shareholders must

be satisfied. All these

three stakeholders are

interrelated

BALANCED BUSINESS

SCORECARD


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4

Society

satisfact ion

andretent ion

Self att i tude

and

behaviour

Employer /

associate

satisfact ion

Inf luenc

e

Self &

Family

Satisfactio

n

Bonus

&

stock

Inf luenceMotivates

This approach also

assumes that for a

person to succeed inthe long run the

expectation of three

stakeholders family,

society and

employer/business

associate must be

satisfied. All these

three stakeholders are

interrelated

BALANCED PERSONAL

SCORECARD


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Implementation Roadmap

A detailed write-up is to be prepared setting outthe concept & salient features of BPS and itsbuild-up methodology

The above write-up along with a mock scorecard

is to be circulated among all personalstakeholders: set individual Key Performance Indicator (KPI) keeping

in view the mission and vision of the stakeholder and

the person set Target for each KPI in line with the achievable

performance

set Floor level on the basis of existing performance


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The person need to have threadbarediscussion with the personal stakeholders

and chalk out their: KPIs and its quantitative measures

Target levels

Floor levels

At the end of the discussion, finalize thedraft Scorecard setting out:

Full score for each KPIs

Realistic targets and floors



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The draft Scorecard may be discussed with animpartial person or expert or performer, whomay suggest revisiting some of the KPIs and

target & floor levels Rewrite KPIs and levels

Weightage of each KPI finally set

Frame internal systems to generate data on aregular basis for collating the final BPS

Make Scorecard the integral part of decisionmaking



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A Mock Score Card

Young engineer Om had toyed with theidea of changing job as apparently his

mates are better placedAfter several interviews he secured a job

at a distance place

He uses BPSC for taking decision

He sets his personal Key performanceIndicators for the purpose


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Change Job

Salient features of the new job compared

to the existing one:

A lot more salary

Perks include company maintained car

Furnished accommodation (vis--vis HRA)

Medical insurance (vis--vis companys own)

Better designation

What should be done?


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Perspective KPI Measures Full

Score

Customersatisfaction Wife and children In % 15Dependent parents &

siblings of self & wife In % 10

Other family

members, friends,

neighbours and

associates In % 5

Total 30


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Score

Internalprocess

Job Stability In % redundancy 5

Business Stability in % rate of

turnover increase 5

Academicqualification and

skill related job set

in % persons atthe same level

with same qual. &

skill10

Attrition rate In % at level 2

Occupational

Health & safety

Average life

expectancy 3

Total 25


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Score

Learningand GrowthDefined contentand value of work

In % oftransparency 5

Scope of further

education andtraining

Training

receivable inhours pa 5

Pay for

performance &innovation

Peer level

upgrade in % 5

15Total


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Score

Financial Pay packet Deviation frombest in Class in

the domain (%) 13

All otherbenefits Equated incurrency 3

Net savings

net of taxes In currency 12

Pay packet

consistency

among peers

Deviation from

peer average 2

30Total


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Keep it in mind

Target Is your realistic requirement, not the dream

Should be difficult to achieve but achievable

Floor Is your minimum expectation

Should not be more than existing position

Actual

Is your existing position

For this particular purpose actual of existing should

be compared with actual (as weighed) of future job


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Scoring

Total full score of all KPIs = 100

Full Score -

If target is achieved or surpassed

0 or, no score -

If actual performance is at or below floor level

Score loss for below target levelperformance for each KPI

Full Score=

(Target Floor)X (Target Actual)


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Customer

How do I look

at my

customers?


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17

CustomersPosition Existing New

Wife Part time teacher Housewife

Children Local board, good

school, spl.Coaching

National board,

std. school, nocoaching

Dependent

parents

Close to other ward

Associations

Others

Associates


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Satisfaction level

Indicates the satisfaction level and expectationof the stakeholders relating to the job

Change Job Full

Score

Target Floor Actual* Score

Wife & children 15

Dependent

parents & sibling

10

Others 5

Score =


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Internal Processes

What personal

processes are

the drivers?


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Job Stability &Attrition rate

Indicates

Score


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21

Business Stability


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22

Academic qualification and skill

related job set


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23

Occupational Health & safety


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Innovation & Personal

Resources

Am I able to sustaininnovation, change

and improve?


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25

Defined content and value of work


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Scope of further education and

training


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Pay for performance & innovation


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Finance

How am Ilooking at my

stakeholders?


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29

Pay packet & All other benefits


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30

Net savings net of taxes


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Pay packet consistency among peers


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Overall Score comparison

KPI Full Score Now New

Finance

Customer

Learning

Process

Total

R d h d


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Road ahead Inclusion of new KPIs

Customer ?

Processes

?

Learning

?

Finance

?


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Explore achievements made thru BPS by other

persons achievement and goals

Arrange further dialogue for integrating BPS inthe self-management system by:

Providing Key lessons in measurement

Building commitment to BPS thru whole network

Overcoming the barriers to BPS implementation

Review the KPIs, measurement system and

implementation methodology

Road ahead


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A lot of companies will gettheir strategy and build a

scorecard. But all youve done is

create a picture of the future;

unless its tied into managementsystem nothing will happen.

- Dr. David Norton

Goal

Similarly, preparing a BPS shall not serve apurpose unless implementation, feedback

and further control is not initiated


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Thank you

Date post:	14-Apr-2018
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Balanced Personal Scorecard

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