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Tackling the Bonus Scorecard

To develop an efficient bonus scorecard, much consideration has to be done in choosing KPIs. All of these should be relevant so that the scorecard can function as it should.

The balanced scorecard is one very effective and extensive managerial tool. It is so extensive that it can actually be used in so many different aspects of the corporate world. No matter the industry that your company may belong to, you will surely find a lot of ways to use the balanced scorecard. And when you do use it, you just might be surprised at the many advantages and benefits you and the rest of your company can enjoy. This is precisely why the balanced scorecard has also been used in keeping track of organizational performance. This is in line with evaluating and determining whether or not a particular employee is eligible and qualified for a bonus. This is where the bonus scorecard enters the picture.

But before we go into the development of such a scorecard, we need to identify first the components of the typical balanced scorecard itself. To ensure its balanced nature, KPIs or key performance indicators have to be plotted on the scorecard. These KPIs are actually quantifiable figures that are used to measure the present performance of a particular company. That performance is then pitted against or compared with the goals and objectives of the company. More importantly, the scorecard is used to check how far along the company is in achieving its goals and objectives. KPIs come with direction, an indicator, a target, a benchmark, and a timeframe as well.

For the KPIs to be effective, the company must be crystal clear as to its operations, both internal and external. Goals, objectives, aims, and plans have to be plotted out as clearly as possible, too. Lastly, the company and its members must be made aware of the required capabilities and abilities that can lead to the achievement of all goals and objectives. Of course, the people under the company’s employ should all be capable of doing what is expected of them to achieve corporate goals and objectives. That is precisely the reason why they were hired in the first place – because they exude such qualities and capabilities.

Going into the concept of the balanced scorecard in measuring and determining bonuses and such, let us consider the selection process of KPIs that is used as basis in determining the bonus of technical support representatives. Firstly, the job scope of the rep has to be determined. Just what tasks does he perform? What is expected of him in this particular scenario? Once all these are obtained, goals and objectives are then set. These could be the reduction of AHT or processing time periods. Lastly, several measurement processes required by the KPI should then be put into place. These could be in the form of loggers or timers.

Reliable and relevant KPIs should then be chosen when it comes to the development of the bonus scorecard. And for the selection processArticle Search, it should be the company that should choose which KPIs it should use. This is because the company itself is the most knowledgeable about all the work processes that are entailed in the different operations and functions of everyone in its payroll.

Source: Free Articles from ArticlesFactory.com

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