...giving a conclusion, evaluation of the proposed solution will be presented. Definition and Importance of HR metrics HR metrics, according to Stone (2014), ‘involves a systematic analysis and evaluation of the efficiency and effectiveness of the HRM function and its contribution to the achievement of the organization’s strategic objective’. In a broader view, there are three types of HR metrics—efficiency, effectiveness and impacts—that companies could adopt to evaluate the impact of HR practices on business strategy and organizational performance (Boudreau and Ramstad, 2003). The efficiency metrics mainly aim at evaluating HR’s basic administrative tasks, including productivity and cost metrics such as time to fill approved positions, HR headcount ratios and administrative cost per employee (Lawler III al et, 2003). As for the effectiveness metrics, they focus on evaluating the intended effects the HR practices imposed on employees, including measures such as how...
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...Success of our organization depends on how well they balance quality and patient satisfaction with adequate financing and long-range goals. Health care organizations such as Plaza West Assisted Living must deal with government oversight, managed care, new technologies, and increasing pharmaceutical prices. To achieve these goals it is important that quality staff is in place at the organization. The way to make sure that you have quality staff is evaluating their performance on a regular basis using standards that can be measured and does not rely on personal feelings. Currently our organization has no way of evaluating the performance of employees that would reflect in an annual raise, bonus or promotion. This has caused issues in the workplace because employees feel that they should be rewarded for what they have accomplished. They do not like the idea that someone that is not performing well receives the same amount of raise that they do. This starts a mentality of why should I work so hard when this person doesn’t and gets the same raise I get. These internal organizational issues reflect in the care of the patient I believe by establishing a performance evaluations policy this would increase an individual’s focus on the task ahead, increase confidence as they beat personal bests, and increase unity in a work environment by engaging them more in their work (Flahery, 2010). This in turn will increase the quality of care for the patient and the reputation of the organization...
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...Balance Score Card (BSC) An active and engaged board is an essential part of shaping and executing a successful strategy. Followings are the primary responsibilities of corporate board of directors: 1. Approve and monitor the enterprise’s strategy, created and formulated by CEO and Executive Leadership Team 2. Approve major financial decisions 3. Select the chief executive officer, evaluate the CEO and senior executive team, ensure executive succession plans 4. Provide counsel and support to the CEO 5. Ensure compliance However, board of directors often fall short in carrying out their five responsibilities due to limited time they have available, and the inadequate information provided to them. The board members, burdened by limited time and limited information, can participate in a more effective and efficient governance process by implementing Balanced Scorecard program. The program starts with an Enterprise Scorecard enabling the board to become more informed about the enterprise’s strategy so that it can perform better its responsibilities. The board can also create a Board Scorecard, which defines its primary outcomes, board processes, and skills, information, and meeting dynamics for more effective governance. Finally, executive scorecards enable the Board to evaluate the performance of each senior executive and his or her succession plans. Enterprise Balanced Scorecard Enterprise Scorecard describes the strategy of the organization, including strategic...
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...Planning and Measuring Performance MGT 521 Rita Marlow January 19, 2013 Wal-Mart was the company I used in my Organizational Planning assignment and I feel that this organization is successful in reaching their goals because they have good leaders who are capable of putting processes in place and determining which standards would be best to use in evaluating their company goals. There are many different ways of evaluating these standards to make sure that the company goals can be reached and it is important for leaders to make sure they are effective in measuring the company’s performance by utilizing the proper tools. Improvements in merchandise can be accomplished by setting standards such as requesting better quality from your suppliers. If the quality of the merchandise you are receiving is poor, you can either work with your current supplier to try and get a better quality product from them or change suppliers. A good friend of mine is a Purchasing Coordinator and his main functions in his position are to continually work with his suppliers in regards to cost, lead times, and quality of product. He has developed a good relationship with our suppliers which increase the company’s chance of getting a better price and better quality product. A tool that would be most effective in regards to determining which supplier offers the best quality would be benchmarking. Benchmarking would be very effective because it would give you an overview of various suppliers...
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...BALANCE SCORECARD 1. Explain what is balanced scorecard? The balanced scorecard is a strategic planning and management system that is used extensively in business and industry, government, and nonprofit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against strategic goals. The balanced scorecard is a performance measurement framework that added strategic non-financial performance measures to traditional financial metrics to give managers and executives a more 'balanced' view of organizational performance (Kaplan and Norton). The balanced scorecard has evolved from its early use as a simple performance measurement framework to a full strategic planning and management system. The “new” balanced scorecard transforms an organization’s strategic plan from an attractive but passive document into the "marching orders" for the organization on a daily basis. It provides a framework that not only provides performance measurements, but helps planners identify what should be done and measured. It enables executives to truly execute their strategies. Kaplan and Norton describe the innovation of the balanced scorecard as follows: "The balanced scorecard retains traditional financial measures. But financial measures tell the story of past events, an adequate story for industrial age companies for which investments in long-term capabilities and customer...
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...Balanced Scorecard Paper BSOP588 June 8, 2014 Professor Walter Mamak In this day and age of technology, strategically planning the performance of your organization, many companies have or will implement the new balance scorecard method as the new catalyst for implementing some kind of strategy improving or monitoring performance. “The balanced scorecard is a generic management term such as information technology “or” performance measurement.” It is not trademarked or copyrighted. (Norton, 1996) From the beginning there were simpler performance measurement frameworks which have evolved into full strategical planning and management systems. Although this performance management frame work was developed about 1990 by Drs. Robert Kaplan (Harvard Business School) and David Norton to incorporate customer, learning/growth, and business process metrics into traditional financial reporting measures, it is now being used worldwide for many governmental agencies, businesses, nonprofit, and industry organizations and the main goal for these entities is to see future performance that will help them all achieve a better balance, vision and strategy for each area or segment of their organization. Utilized in different ways and for different reasons, the balance score card may be used for something as a simple measurement of how well they perform in their jobs and duties daily and on the other hand for others it may be an extremely comprehensive planning and management system...
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...Laneta Washington Quality in Practice: Using the Balance Scorecard at USPS BSOP 588 Professor Walter Mamak April 3, 2014 There are many different companies that are always focusing on improving their quality management within their organizations. In order for companies to stay at the top of their industry, they must always look to improve and make sure that they are building and meeting all the needs and levels of the business. Many different companies use different techniques and tools to initiate quality management for the business as a whole and then internal and external customers. The ‘Balance Scorecard’ was one of the major tools that USPS used to measure, evaluate, and improve their quality management within the business, with the employees, and of course with their customers. ‘The balance scorecard is a strategic planning and management system that is used extensively in business and industry, government, and nonprofit organization worldwide to align business activities to the vision and strategy for the organization, improve internal and external communications, and monitor organization performance against strategic goals,’ ("Balanced scorecard basics," 2014). I believe that the balance scorecard is one of the best tools to use when trying to measure and evaluate different levels of the organization; which have a common goal. The voice of the ‘Employee’ is very important when supporting improved internal processes, ‘the Voice of the Business. This is true...
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...Ethical Audit Ethical Leadership C206 April 17th, 2015 Ethical Audit An ethical audit is important to establish the company’s current weaknesses and strengths concerning how it conducts itself in an ethical manner. An ethics audit will involve evaluating the company’s standard of ethic, it ethic climate, and how well the company’s employees follow ethical standards. One of the first things to evaluate in an ethics audit is if a company has a written code of ethics and how comprehensive it is. Moreover, the written code of ethics should apply to everyone in the company from the top down with a clear zero tolerance policy in place for ethics violations. Included in a comprehensive ethics code should be a method for evaluating and updating the code as on a consistent basis to include immediate updates when an issue is brought under attention due to an issue that has arisen. The review process might involve a committee that reviews the code of conduct along with corrective actions concerning any reported ethical violations. An audit may also look at how employees can report ethical violations such as a confidential phone line, or other confidential means an employee could use to voice concerns to bring them to the attention of the appropriate people within the company. An ethics audit might also review the company's ongoing efforts to encourage and maintain its stated ethics to all employees. Such effort might include posters in break rooms, ethics discussion in...
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...Toyota Motor Sales USA. Inc. (TMS) The paper takes a look at the company and its background. The paper will also evaluate TMS's system of measuring, evaluating, and rewarding performances of the regional and general managers and whether or not TMS implement the proposal for change. Case History TMS and its managers have been discussing a change in organization that will give more responsibility to the company’s regional managers. For those who wanted to pursue the change, they believe that the change would force the regional managers to decide on the success or failure of their region. They believe that the change would reduce the bureaucracy at TMS. For those who disapprove the change, they believe that the change would force regional managers to focus on short term profits and sacrifice long term commitment to clients. Regional managers have outmost importance to the firm since they are the ones responsible for dealer related activities; they are also responsible for supervising, training and evaluating their personnel; moreover the regional managers are responsible for achieving sales penetration, customer satisfaction and other activities on operating budget objectives. The implementation or refusal to undergo change would be vital to the operations and future of TMS and its local branches. 1. Measuring, evaluating, and rewarding performances Measuring Performance Developmental organizations embrace...
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...1. Performance Measurement Performance measurement is a way of evaluating employees and organisations progress, by collecting information of a specific time period and measure them, tell us how the business has been profitable. Performance Measure Tells us how the different performance on all levels of an organisation has been, such as financial and nonfinancial measures. By knowing them we can make changes to the organization so it becomes more profitable. 2. Basic types of Performance Measures The basic performance measures that we all are custom to on a daily basis are net income, earnings per share and ROA (return on assets). These are the most common to know specially when you are trading stock options, net income tells one how much the company have made, earnings per share tells the shareholder how much he can expect in return of his shares and finally ROA lets one know how much the return is on the companies assets. 3. Categories of Performance Measures There are three main categories of performance measurement: market measures, accounting-based measures and a combination of measures. These two first categories are also referred to be the summery categories. Market measures are (456) measures that shows the changes in the companies value and the dividend to the shareholders. In other word the value created in a time period. Examples of measures used in market measures are market value, shareholders return and growth. The second category 459...
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...separate which one of these two chemicals is causing the most damage to the environment. Tables have proven that there is an excessive use of the Dyetype material. Both chemicals have been calculated using the life-cycle assessment to show unit cost per kilogram price for each product. The findings from the report immediately draw attention to the Dyetype chemical having the most environmental impact out of the two chemicals. The company also discovers that there are additional toxins being released which require $2,700,000 to cover the total costs. The Balance Scorecard is considered for the effects of toxin releases. If there is an fifth perspective to the balance scorecard Eco efficiency must be contributed adding environmental perspective to the Mudjimba Chemical Ltd plant. Table of Contents Executive Summary i 1. Introduction 1 1.1 Purpose 1 1.2 Scope 1 1.3 Limitations 1 2. Environmental Cost Categories 2 3. Environmental Activity Costs 3 3.1 Inventory Analyse 3 3.2 Impact Analyse 4 3.3 Improvement Analyse 4 4. The Environmental Damage 5 5. Toxin Release Costs 6 6. The Additional Environmental Perspective 7 7. List of References 11 1. Introduction 1.1 Purpose The purpose of this report is to calculate the environmental cost for two products being produced by a manufacturing company. The report then will use this information to identify which of the products appears to cause the most degradation to the environment. Justification is provided...
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...Management Tool - Balanced Scorecard The idea of using Balance Scorecard like a tool for management effective development, firstly was introduced by Robert Kaplan and David Norton. They called their operation Balance Scorecard, for stressing balance of this system, which should be measured by system called Scorecard. The meaning of this concept – embodies managers’ view in reality and link strategy with operative activity, and cost factors. Main purpose of BSC – this system connected with business actions, which directed on customer satisfaction and all employees involved in it. BSC have differences from traditional management, which concentrated only on financial data, because this system orienting managers on adequate strategic development. BSC have some usage scenarios • Creating and using strategic plans in aim of strategic management • Using aims for evaluating departments and officials activities • Using aim for evaluating processes and functions of company We can assume that the aims of any company could be increasing profit and capitalization. It is clearly seen this is contradictory. For maintaining optimal balance between this aims, experts should find solution about as far as is necessary to increase profitability and capitalization, and fix this decision in two values. For reaching first aim of company decide to sell more and spend less. For second aim – invest money in new equipment debugging new production, it means...
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...6/4/2011 Building A Balanced Scorecard The "voice of the employee" focuses on providing a safe and secure workplace in response to instances of violence and poor employee relations. The "voice of the business" focuses on the Breakthrough Productivity Initiative, and the "voice of the customer" improves internal processes by providing a timely and reliable delivery. Postal Operations could use other measures to assure their goals are being met. The United Postal service should focus their efforts on achieving specific, measurable results in many different areas. The USPS could put into place a process that measured revenue according to each department as opposed to just total revenue. Customer Focus could be measured by having customers give feedback, or fill out surveys, or even participate in focus groups. Operational efficiency is measured by evaluating both performance output and how it relates to associated costs. This could be measured by having a cost associated with all items . This is sometimes called "itemizing". Human capital can be measured by the available job force, unemployment rates, and the number of skilled workers in an organization. The President's management agenda consists of measurement criteria which would enable an organization to build on the successful fundamentals of business while, at the same time making sure that the firm can be responsive and adapt to changes. The purpose of the balanced scorecard is to give a measuring tape by...
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...Introduction This essay seeks to discuss the factors that facilitate change in health and social care. This can be achieved by assessing the challenges that the major factors of change bring using the Care Quality Commission of the Quality Care Commission for the Royal United Hospital Bath NHS Trust (RUHB). The second task aims to evaluate contemporary changes being inaugurated in the provision of health and social care services. In addition to this, a strategy and criteria will be devised in order to measure these recent changes including how the impact of these changes can be measured and evaluated. LO1 1.1 Explain the key factors that drive change in health and social care services ‘Change’ within an organization sometimes refers to organizational change in health and social care is the movement from a current state through a state of transition to a state in the future (Richards, 2012). The impetus of change within an organization may come from within and outside. These are known as the internal and external drivers of change. This can be explained using PEST and SWOT analysis. PEST analysis (Political, Economic, Social and Technological analysis) describes a framework of environmental factors considered in the strategic management of an organisation (Friesner, 2014). Political factors of change include change of government and policies within the NHS in the form of legislations. For example, when the Coalition government came to power in 2010, it embarked on reforming...
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...he balanced scorecard is a strategic performance measurement system developed by Robert S. Kaplan and David P. Norton to help organizations achieve breakthrough results by embedding strategy at the heart of the organization. Developed 12 years ago, the concept was significantly different from any existing performance measurement system and generated considerable excitement. A variety of applications and variations of the balanced scorecard have emerged since its inception. It was received and used so enthusiastically and effectively that the Harvard Business Review labeled it in 1997 as one of the 75 most influential ideas of the 20th Century. 1 Early on, a navigation metaphor was used to illustrate the need for additional performance measures. Over time, the navigation metaphor expanded to include the process of strategic mapping and decisions about where to lead your company. This article outlines the evolution of the balanced scorecard. BALANCEDSCORECARD: THEINCEPTION In 1990, the Nolan Norton Institute, the research arm of KPMG, sponsored a one-year, multi-company study on the future of performance measurement. David Norton, CEO of Nolan Norton, was the study leader, and Robert Kaplan served as an academic consultant. The 12 companies that formed the original study group believed that the exclusive reliance on financial performance metrics alone was causing their companies to do the wrong things. Many of the activities that create organizational value...
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