2019 - Using the Balanced Scorecard to Create Better Performance

OVERVIEW
The balanced scorecard is not new. However, not enough companies understand the importance of balanced scorecard.
This session will go cover how to create 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.
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 on one thing at the expense of another. For example, a total focus on increased profits could result in a slide of 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.
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 balanced scorecard performance measurement system
• Assigning weights and values
• Creating the dashboard
• Advantages of balanced scorecard
• An example used by the hospitality industry
• Using the balanced scorecard for bonus and compensation
LEARNING OBJECTIVES
We will discuss the importance of balanced scorecard and how to use balanced scorecard as a basis for a manager and executive bonus system.
We will use an actual example highlighting the restaurant/hospitality industry.
WHO WILL BENEFIT
• HR Professionals
• CEO
• Senior Vice President
• Vice President
• Executive Director
• Managing Director
• Regional Vice President
• Area Supervisor
• Managers
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