Respond to two or more of your colleagues’ posts in one or more of the following ways: (Respond to each Colleague 150 words or more)
Ask a clarifying question about the example your colleague described.
Relate your own experience of how a balanced scorecard might have had a positive impact on your understanding to the situation your colleague described.
Provide an insight you gained from your colleague’s perspective on how a manager could utilize a balanced scorecard to help ensure all stakeholders not only understood organizational goals and objectives but were working to meet them.
Return to this Discussion in a few days to read the responses to your initial posting. Note what you have learned or any insights you have gained as a result of the comments your colleagues made.
1st Colleague to respond to:
Describe an example from your professional career, current or past, in which the use of a balanced scorecard might have had a positive impact on your understanding of how the performance of your department, area, or team contributed to the achievement of the organization’s overall goals and objectives.
I am a small business owner; I provide hair services to clients. I use scheduling software that allows me to create a website, market my products/services, create financial reports of revenue, view client information, and so many other techniques that could improve a business. As a small business owner, I use a balanced scorecard to keep track of my incoming revenue ad to manage clients’ information and bookings. Using a balanced scorecard increases my business organization and success.
In my previous role as a Medicaid caseworker, our superiors used a balanced scorecard “2nd Party Forms” to review and provide feedback on our completed work. They would review a random case using a state checklist of steps taken to review and process a case. Once the case is reviewed, they would document any corrections needed to be made if any, and email the form to us to review and correct. This encouraged us to be cautious of errors made on cases and if any to acknowledge them by re-reviewing and updating to ensure accuracy. Our supervisor also completed evaluations every few months to provide us with feedback on our work performance rating each work task on a scale of 0-2. The evaluations allowed us to see our progress over time and to physically see what could be improved and what we have accomplished. Using tactics like these allows organizations to keep records of employee performance, motivate or praise employees, provide constructive feedback, and it allows superiors to see where they could improve by training employees.
Balanced Scoreboard: (Franklin, Graybeal, and Cooper, 2019)
Measures four categories: financial, customer, internal, and learning and growth
Improve corporate performance by using metrics to measure improvements in areas in which analog devices struggled.
a balanced scorecard evaluates employees on an assortment of quantitative factors, or metrics based on financial information, and qualitative factors, or those based on nonfinancial information, in several significant areas.
As a manager, analyze how you could utilize a balanced scorecard to ensure your department, area, or team was meeting the organization’s goals and objectives. What measurement(s) might you consider and why? (Provide at least one example of measurement from at least one of the four perspectives of the balanced scorecard: financial, internal operations, customer, and learning and growth.)
As a manager, I would use all the above-balanced scorecards to ensure the organization’s goals and objectives are being met. I would probably use excel sheets to keep a record of financial measurements within my organization. To ensure employees are learning and growing evaluations are perfect to lay out each task performed, and the areas needed to be improved. For example, If I have an employee that is struggling in certain areas, and I provide them with an employee evaluation they can see struggle areas. If they’re provided with this evaluation, they can review and reflect to improve their work performance within the organization. Without evaluations, employees can become stagnate and or unmotivated because they’ll become too comfortable with where they are.
Franklin, M., Graybeal, P., & Cooper, D. (2019). 12.1 explain the importance of performance management. In Principles of accounting, volume 2: Managerial accounting. OpenStax. https://openstax.org/books/principles-managerial-accounting/pages/12-1-explain-the-importance-of-performance-measurement
2nd Colleague to respond to:
Describe an example from your professional career, current or past, in which the use of a balanced scorecard might have had a positive impact on your understanding of how the performance of your department, area, or team contributed to the achievement of the organization’s overall goals and objectives.
During my undergrad years, I worked as a food manager at a poke shop. My job description was basically about managing the equipment temperatures, checking the quality of the raw fish, and preparing the food. Due to a shortage in staff during the school year, I would have to also train new employees. The difficult part was getting high school part timers to actually care about the job. At the time I was focused on just getting them focused on quantitative factors such as how to prepare the order efficiently and selling more poke bowls. If I had paid more attention or put more focus on what the job can do for them such as teaching time management, customer service skills, or even making the work environment more fun/engaging for them the employee turnover rate could have been reduced.Not only would increased employee satisfaction levels improve the quality of service provided, it would also allow the business to reallocated time constantly training new employees into to finding ways to improve the service.
As a manager, analyze how you could utilize a balanced scorecard to ensure your department, area, or team was meeting the organization’s goals and objectives. What measurement(s) might you consider and why? (Provide at least one example of a measurement from at least one of the four perspectives of the balanced scorecard: financial, internal operations, customer, and learning and growth.)
The balance scorecard illustrates how financial perspectives, internal operations perspective, learning and growth, and customer perspective revolves around the corporate strategy (Franklin, M et al 2019). Besides observing financial information and customer satisfaction levels, I strongly believe that the base level should be employee satisfaction. High employee turnover rate causes a multitude of internal problems such as wasting resources into training/hiring new employees and dealing with errors that could be avoided with more seasoned workers. A balance scorecard would identify an issue with employee satisfaction and help point out certain causes such as a lack of a hotline, annual training to keep employees up to speed, or even counseling resources to help them maintain a healthy work life balance.
Franklin, M., Graybeal, P., & Cooper, D. (2019). 12.4 describes the balanced scorecard and explain how it is used. In Principles of accounting, volume 2: Managerial accounting. OpenStax. https://openstax.org/books/principles-managerial-accounting/pages/12-4-describe-the-balanced-scorecard-and-explain-how-it-is-used
Franklin, M., Graybeal, P., & Cooper, D. (2019). Why it matters. In Principles of accounting, volume 2: Managerial accounting. OpenStax. https://openstax.org/books/principles-managerial-accounting/pages/12-why-it-matters
