Performance management scorecards and dashboards can be very useful to a company as they work towards their strategic goals. The use of scorecards can help a company determine if they are working effectively, since they focus on measurable actions within the company. This technique is generally most effective when it is implemented from the top down, starting with the high level and long-range goals of the board of directors. Once these targets and measurements are set, it becomes much easier to determine what performance measurements should be set and worked towards throughout the rest of the organization.
Review and Feedback
The review and feedback process is an integral part of the performance management process. These review sessions can provide the perfect forum for discussing issues, brainstorming solutions, and adjusting goals and actions in order to better meet individual and corporate goals. This process can facilitate an environment of continuous improvement throughout the organization.
Measuring Different Kinds of Success
It is important to keep all forms of success in mind during the scoring process. Although financial measures are extremely important, a successful company will also focus on things such as customer satisfaction, efficiency, employee growth and development, and the overall efficiency of internal operations. The true measurement of performance success is generally a combination of all of these factors. It is important to understand all the factors that can affect a scorecard. These include environmental influences from outside the company, such as government regulations, as well as internal organization influences, such as policies and procedures. It is also important consider group and departmental work processes and individual factors such as skills, personality and management styles.
Determining Targets and Objectives
Setting appropriate targets and objects is an integral part of the performance management scorecard process. It is important to fully understand the relationship between the objectives and the measurements that can be used to gauge success. Goals should always be measurable, specific, and have a set time frame. These goals should also be realistic, achievable, and agreed upon in advance.