The Balanced Scorecard is a Good Tool for Optimizing Organizational Performance

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The Balanced Scorecard (BSC) can be a good metric to have in an organization. It is not really a new concept, as it has been in use for about a quarter of a century, when the Harvard Business Review published a paper on this topic from Robert S. Kaplan and David P. Norton. Initially developed by these two; the BSC was hailed for introducing the human element in conjunction with the financial aspects of the organization, calling for alignment between the two disciplines. This fusion was considered a pathbreaker at the time of its introduction.

By the mid-1990’s, its initial small flaws had been polished, with the result that from then on, the Balanced Scorecard has been adapted by many organizations around the world. Hailed as one of the most significant management ideas of the past 75 years; the Balanced Scorecard differs from other management principles and tools in a qualitative manner. As time passed, with the advent of newer technologies and more management techniques; the Balanced Scorecard evolved, too, and integrated more functions other than Finance, giving rise to variations such as the following among others:

  • Performance prism
  • Results-based management
  • Third-generation balanced scorecard

The core value a present-day Balanced Scorecard serves can be summarized in the ways in which it helps in the following:

  • Communicating what the organization is trying to accomplish
  • Aligning employees’ day-to-day work to the organizational strategy
  • Prioritizing and harmonizing the organization’s products and services and its projects
  • Quantifying and monitoring the path to strategic targets

Putting all factors into place

The Balanced Scorecard is a very powerful tool in coordinating and gelling together crucial parameters of the organization, such as mission and vision, aims and objectives, focus and strategy, goals and results, and initiatives and measures.

Given the comprehensives and the effectiveness of the approach the Balanced Scorecard tool takes; it is no surprise that according to a study by Gartner, around half of all American fortune 1000 companies and around two fifths of all European fortune 1000 are using the balanced scoresheet. Its prominence has been rising in parts of Asia and Africa.

Widespread scope for implementation

Yet, the problem is, at the global level, far too many organizations are yet to adapt the Balanced Scorecard. This means that the potential for the adaption of this tool is vast. The ways of how to do it for raising the organization’s rate of success will be explained at a highly entertaining webinar from TrainHR, a leading provider of professional trainings for the human resources industry.

At this session, the speaker is Grant Schneider, who is president and founder of Performance Development Strategies, which helps organizations achieve greater results by aligning people in the organization with the organization’s mission and strategy.

Want to explore the ways of adapting this powerful tool to boost the overall performance in your organization and derive the benefit of Grant’s experience and learning? Then, please register for this webinar by visiting TrainHR   Viewing this webinar, its entirety qualifies for a recertification credit hour that may be counted toward SHRM-CP and SHRM-SCP recertification from SHRM.
Credit is awarded based on the actual educational time spent in the program. This webinar has been approved for 1 HR (General) recertification credit hours toward aPHR, PHR, PHRca, SPHR, GPHR, PHRi and SPHRi recertification through HR Certification Institute (HRCI).

All that needs to go into creating a Balanced Scorecard

At this webinar session, Grant will help participants get an understanding of how to construct a Balanced Scorecard. He will show which inputs and variables need to be factored in and how to survey the key deliverables for success, how to measure them, how to set standards, and how to assign values to each, all of which constitute the heart of a Balanced Scorecard.

Apart from these, Grant will also explain how to use the balanced scorecard as a basis for a bonus system for managers and executives. To illustrate this, he will show an actual example from the restaurant/hospitality industry for creating a Balanced Scorecard.

Building a thoroughly designed Balanced Scorecard helps an organization achieve balanced results. It will prevent improper and incomplete utilization of human capital within the organization that happens when employees focus on one task or objective at the expense of another, often equally important or impactful one. For example, extreme focus on achieving sales should not come at the expense of customer satisfaction. Many such examples and instances can be avoided using the Balanced Scorecard.

During the course of this webinar, which HR professionals such as CEO, Senior Vice President, Vice President, Executive Director, Managing Director, Regional Vice- President, Area Supervisor and Managers will find highly useful; the speaker will cover the following areas:

  • 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.

 

Overcoming the wasteful nature of meetings

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The national statistics council estimates that in the US corporate world, a whopping eleven million meetings are held in a year. Between a third and two fifths of the employees spend their time in meetings. Executives attend two meetings a day on average.

Does all this indicate that meetings are productive? Absolutely not. Quite the opposite is true. There is perhaps no exercise in a corporate setup that is as frequent and prevalent as meetings, and there is simply no exercise that is as wasteful as them. Most executives say that half their meetings served no purpose, meaning that at least one meeting an executive attends is a complete waste of time.

What about the meetings attended? Do they count for productive work? The answer is a no again, because most meetings are scheduled with people who do not need to attend them. Many meetings are held during peak productive workhours, meaning that they rob the organization of productive time.

Enormous costs, no ROI

Further, considering that meetings are held in a number of settings such as offices, homes, during travel, during videoconferencing or by phone, there is enormous cost attached to this wasteful exercise.

Should meetings be done away with? The answer is a no again, because the fault is not that of meetings per se, but the fact that they are held in improper ways. Meetings need to be focused and serious. Participants of the meeting need to know exactly what to talk about, should have the attendance of the right persons, and should not take up more time than allotted. If the meeting fails to meet these objectives, it means that the persons organizing the meeting are not efficient and don’t realize the value of meetings.

Learn the art of managing meetings

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It is to help professionals in understanding the art of meetings that TrainHR, a leading provider of professional trainings for the human resources industry, will be organizing a webinar. At this webinar, Marcia Zidle, CEO of Leaders At All Levels and a board certified executive coach based in Dallas Texas, who works with executives, management teams and high potential professionals to help them move up to the next level, will be the speaker.

Want to gain learning on how to conduct meetings that are going to be productive and fulfil the requirements they set out? Then, attending this webinar will be a great step forward. To enroll for this webinar, just visit TrainHR . Viewing this webinar, its entirety qualifies for a recertification credit hour that may be counted toward SHRM-CP and SHRM-SCP recertification from SHRM.
Credit is awarded based on the actual educational time spent in the program.

Making meetings purposeful and productive

Marcia will enlighten participants on the need for conducting effective meetings that are actually productive and meet their purpose. She will give an understanding of what needs to be done to make a meeting work. She will explain how to make meetings focused, productive, participative, and even fun. Participants of this webinar will be able to improve meeting productivity and enhance communication and to boost creativity and teamwork.

Professionals in a number of positions, such as CEO’s, COO’s, CFO’s, VP of Human Resources, Chief Learning Officer, Directors, Project Managers, Operation Managers, Supervisors, Team Leaders, and Human Resources Professionals, for whom meetings are a daily occurrence will benefit from this session.

Marcia will cover the following areas at this webinar:

  • Identify meeting management problems
  • Pinpoint the cost of ineffective meetings
  • Recognize the 3 stages of meeting management
  • Review three techniques to lead effective meetings
  • Encourage participation and different points of view
  • Know the six key questions to ask before calling a meeting
  • Use 4 simple tools to keep discussions and meetings on track
  • Manage problem behaviors-the Latecomer, the Talker, the Busybody, the Wanderer, and the Arguer.

Creating a productive work environment for the Millennials

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If estimates prove right, the Millennials will make up fifty percent of the American workforce by 2020-21. The arrival of the Millennials –those born in the 20-22 years starting 1982 –has coincided with the eruption of new technologies that are a first of their kind. The growth and widespread use of a myriad of personal devices and the social media have come about simultaneously with the coming of age at which the Millennials have joined the workforce. This being a generation with nearly no forerunners in the sense that they bring ready and profound and sometimes surplus knowledge of technology; the workforce of this generation brings its distinctiveness and uniqueness.

If organizations have to derive benefits from the productive and inventive capability of this generation, they need to get a proper and in-depth understanding of the unique characteristics and features that this bunch brings to the American workforce. In this aspect lies the key to making the kind of changes and adjustments that will help organizations accommodate the Millennials at the workplace. If organizations are casual in this important factor; they end up depriving themselves of what could be a potential beneficial partnership with the Millennials.

A learning session on handling Millennials at the workforce

TrainHR, a very well-known provider of professional trainings for the human resources industry, will be organizing a webinar, at which learning on all that it takes to understand the ways and peculiarities of the millennials at the workforce will be offered. Dr. B. Lynn Ware, CEO and President, Integral Talent Systems, Inc., and an Industrial/Organizational Psychologist and thought leader, will be the speaker.

The teaching that the participants of this webinar will learn is summarized in the following:

  • Understanding what it takes to hire Millennials at the workforce
  • Ways of creating a Millennials-friendly work environment
  • Building an employment image branding to accommodate the new workforce
  • Revamping strategies to include all that the Millennials at the workforce consider necessary for development.

Want to understand in what way your organization can harness the potential this new workforce brings? Then, just visit TrainHR

to see how you can leverage the abilities Millennials carry into your organization.

Viewing this webinar, its entirety qualifies for a recertification credit hour that may be counted toward SHRM-CP and SHRM-SCP recertification from SHRM.
Credit is awarded based on the actual educational time spent in the program.

This webinar has been approved for 1 HR (General) recertification credit hours toward aPHR, PHR, PHRca, SPHR, GPHR, PHRi and SPHRi recertification through HR Certification Institute (HRCI).

Five easy steps to hiring and retaining Millennials at the workforce

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Dr. Ware will explain the five easy steps for retaining Millennials at the workforce. This is the result of a comprehensive study she carried out to explore how millennials view the workplace and what motivates them to change jobs. Frequently quoted aphorisms in corporate circles, “employees leave managers, not companies” may not necessarily be true with the Millennials.

All these point to the fact that Millennials have to be approached and dealt with differently if their abilities have to be utilized by the managements. HR professionals and senior managers will derive enormous benefits from this webinar on Millennials at the workforce.

In the course of explaining the dynamics of Millennials at the workforce, Dr. Ware will cover the following areas:

  • The most important job factors for attracting and retaining early career talent
  • Employment branding strategy and messaging for Millennials
  • Career support strategies that work for Gen Y employees
  • Use of integrated talent management technology for Gen Y self-service career development
  • Use of gamification platforms for career development
  • Use of mobile toolkits for career development applications
  • How to teach Gen Ys to navigate their careers
  • End-to-end career development ecosystems
  • What to do about career development if there are no advancement opportunities
  • The trendsetters Case studies from tech companies in California; what they are doing to attract and retain early career employees.

 

Time management is a strong indicator of organizing skills

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For any worker from a member of the sub staff to the CEO; time is of critical importance. A CEO may have complex tasks to perform and take the kind of crucial decisions that take a difference to the organization’s destiny, and a sweeper or a cleaner may be required to perform tasks that are within his own realm of specialization. While the skillsets may vary greatly; one common factor between the workers at any levels is the amount of time and bandwidth at their disposal.

Every human being is given the same 24 hours in which to accomplish their duties. One skill that is as important as the core skills that each worker comes with is the ability to manage time efficiently. This is an extremely important function which can impede the efficiency and effectiveness of the most talented and intelligent workers. When people are hard-pressed for time, their tasks get extended. As a result, pressure builds up. When pressure builds up, it leads to stress, which could considerably bring down efficiency and productivity. It is necessary for people at all levels to work hard, but is even more important for them to learn the art of working smart.

Managing tasks more efficiently in the given time

All these make it imperative for workers and professionals at all levels to understand how to manage time effectively. The trick lies in enjoying the task, but at the same time, keeping a tab on the time spent for each task or activity. This aspect has to be taken care of if workers have to control time, rather than let it control them.

This essence of time management is going to be the content of a highly educative and entertaining webinar from TrainHR, a leading provider of professional trainings for the human resources industry.  Chris DeVany, who is the founder and president of Pinnacle Performance Improvement Worldwide, a firm which focuses on management and organization development, will be the speaker at this webinar.

To understand the techniques for leveraging your time and achieve optimal results at work, just register for this webinar by visiting http://www.trainhr.com/control/w_product/~product_id=701709?wordpress-seo

A number of tools for controlling time

This webinar will explain various tools and techniques for time management. Chris will describe how planning can be a very major step towards time management and for clarifying objectives. Delegation is an important method of time management, too. Chris will explain how effective delegation will help in time management. Delegation needs to be done properly, or else it could have the inverse effect. When a task is delegated to the right person, the results can be spectacular, but when done wrongly, can be disastrous, leading to just that the delegator wanted to avoid.

Chris will also take up other important tools and techniques that will go a long way in helping in time management: Setting up group goals and priorities, eliminating the time wasters, handling interruptions and distractions, refusing to take up unreasonable demands, focusing and redirecting efforts towards attending only the most important, most productive and most useful tasks, ensuring that the professional has enough “me time”, and implementing the strategies for improving one’s concentration, which is a sure means to increasing efficiency.

Given the importance and relevance of this topic, professionals in all major positions in which time is absolutely important, such as CEO’s, Senior Vice Presidents, Vice Presidents, Executive Directors, Managing Directors, Regional Vice Presidents, Area Supervisors and Managers, will find this session highly useful and valuable.

Chris will cover the following areas at this webinar:

  • Self-Evaluation: How Do You Manage Your Time
  • Concentration and Focus
  • Planning to Succeed
  • Decision Making and Prioritizing
  • Getting Organized
  • Establishing Boundaries to Create Balance
  • Setting SMART Goals.

Ownership as a means of employee engagement

Employee engagement is a term that has been doing the rounds for a while now. Although christened as such only recently; it must have been around from much earlier. These management concepts took shape only of late, but as a concept, it is likely many businesses must have implemented from many years before this.

Employee engagement can happen in a number of ways. It can be implemented by making the employee more participative in the work. It can be done by taking them into confidence on important matters. Employee engagement can also be done by making them develop their extra interests and talents. Employees are engaged about the growth of the organization when they are made to feel part of the family during outings. And yes, employee engagement can be also when employees are made to participate in corporate social responsibility programs.

Ownership beats all other kinds of employee engagements hands down!

But surely, there has to be one element of employee engagement that far outpaces the rest when it comes to effectiveness. It is ownership. What is ownership? Ownership is when the complete responsibility for carrying out a work is handed over the employee with the feeling that they are the owners of that task.

Ownership is a miracle tool

When the ownership for an important task is given to the employee, the premise on which it is built is the sense of pride and belonging to the work. This can bring out the best in an employee like no other. This is confirmed by many studies. The Industrial Revolution era, when people were not treated any differently from machines, is long behind us. Today, employees are not the people who are in a job merely because they want to earn a livelihood, but because they want to use their talents and make sure that the organization helps them grow to higher levels.

Ownership is all about the feeling of belonging

Yes, monetary reward is an important aspect of work, but more rewarding is the feeling of belonging to an organization. Nothing creates and reinforces this better than a sense of ownership. When people are given ownership, they start treating the work as their own. Its success is theirs, and conversely, its failure is theirs too. When does a person reach this state of mind? It is when what he is doing is his own. It is only when this feeling comes about that ownership can be meaningfully brought about. This is what ownership is all about. Ownership starts with transformation of the individual to the group. When people have a high sense of ownership, they seldom think of “I”. It is always, “We”. This is the driving force behind ownership.

What are the benefits of ownership?

First and foremost, when employees are given ownership of what they are doing; they are made to feel important. It is an idea that works at the root of our existence –recognition. The sense of dignity and respect that they earn when they are consulted and in fact, handed over a piece of work to accomplish with the use of resources at their disposal is something very special. It is something that no other reward or incentive can bring about.

When employees move away from being considered just employees to major decision makers, the feeling of pride and happiness is complete. This is a great motivation for them to work towards accomplishment of their goal in the organization. The feeling of being a valued and wanted employee is a great reason for employees to push themselves that extra bit to give in his best. Nothing fosters teamwork like ownership.

Factors to consider when handing over ownership

Given the tremendous benefits ownership brings; there are a few factors that organizations have to consider when handing over ownership of a particular work to employees. We have looked at the positive side of ownership, but what will happen to the organization which hands over ownership and makes a mess of it?

Whom to give ownership to

Handing over ownership in itself can never bring about problems to the organization; the problem can arise when the wrong people are chosen for ownership. Any employee, whose commitment levels are never beyond doubt, should never be given ownership. This is the most important aspect to keep in mind when it comes to handing over ownership. It is only when an employee work for the team and lives as part of it that he feels a sense of happiness and pride in taking up ownership. An employee whose loyalty wavers is never a good pick for ownership.

What to give it for?

From this follows the next important aspect: what to give ownership for. It depends on the people chosen, because that is what will decide whether it is for small or big or important or unimportant or critical tasks that ownership is given. Management can always use its discretion and do this in a graded manner. It can start with smaller tasks or projects and based on the results, move on to larger ones. This will also help it determine the capability of the employees in taking up ownership.

Implemented right; ownership is a great tool for bringing out the best in employees. It leads to enhanced relationship between employees and the employers, and leads to a happy workforce –the most important asset for an organization.

References:

http://tribehr.com/blog/task-ownership-boosts-employee-engagement/

http://www.thankgoditsmonday.com/pdf/seven_secrets_to_employee_engagement_1500.pdf

http://www.instituteofcustomerservice.com/1711-8790/Employee-ownership-A-panacea-for-employee-engagement.html

http://esoppartners.com/blog/bid/89124/Employee-Engagement-and-Employee-Ownership

 

Contact Details
TrainHR
webinars@trainhr.com
http://www.trainhr.com
Phone:800-385-1627
Fax: 302-288-6884
43337 Livermore Common | Fremont| CA | USA | 94539

Boost productivity with increased employee engagement

Employee engagement is a process in which the employee is made to feel at home with the senior management. Management experts have shown time and again that engaged workers feel more comfortable and thus contribute better to the company’s bottom line. Increased employee engagement is one of the strongest aspects of employee motivation.

Employee engagement and employee empowerment

A few people confuse employee engagement with employee empowerment. Although the two are similar in the sense that they both bring about closer employee involvement in the organization; there is an important difference.  Employee engagement is more about how close the employee feels to the organization, its management and culture. This may not involve any decision-making on the employee’s part, while employee empowerment actually empowers an employee to take defined decisions.

Engaged employees are motivated employees

When employees are more engaged with the organization, they are known to be more involved in enhancing their career goals. Since they have the feeling that management is with them all the way; they are seen to take steps that improve their career aspirations. For instance, an organization that enables employee engagement could encourage its employees to take up continuous professional education in their chosen areas of specialization.

Such employees show greater zeal in learning new things from the organization. These may not exactly be in the form of certifications, but could be about handling customers better. Or it could be about getting a permit done from the local authorities. This way, they are more engaged in the organization’s day to day work.

Engaged employees also stretch themselves at work and are seldom content with the 9 to 5 schedule. They could go on beyond the working hours, or they could take up additional tasks out of their own volition, without being asked to. They don’t fear censure, as they are always ahead in taking the lead.

What the management can do…

When an organization sets the stage for employee engagement; it can take up a few symbolic activities that could go a long way in making employees feel that they are part of the organization and that their work is being valued.

It could set one day once a month for team lunch. This may seem like an expensive idea, but it is not. The cost of the lunch is nothing compared to the benefits such a gesture will bring from the employees. Organizations can make this exercise cheap too, by working out an offer at a restaurant for regular visitors.

Management and staff eating together is one of the strongest bonding actions in an organization in which there is employee engagement. This sends out a strong message to the employees that the management is one among them and has no airs.

Having a get-together of families, even as rarely as once or twice a year; is another way of fostering employee engagement. At such meetings, the top brass can even bring up particular issues that an employee may have faced. Such occasions can also be used to announce rewards for a job well done.

Reference:

http://www.industryweek.com/articles/5_timeless_management_tips_for_boosting_employee_engagement_27562.aspx

 

Contact Details

TrainHR
webinars@trainhr.com
http://www.trainhr.com
Phone:800-385-1627
Fax: 302-288-6884
43337 Livermore Common | Fremont| CA | USA | 94539