Citibank Performance Evaluation
Citibank : Performance Evaluation
“Performance management is about creating relationships and ensuring i l i hi d i effective communication Its about focusing on what organisations, managers and team members need to dt b dt succeed”
- Robert Bacal
Performance Management
Why do even best of great strategies fail?
A study of 275 professional portfolio managers reported that the ability to execute strategy was more important than the quality of the strategy itself (“Measures That Matter,” Ernst & Young, Boston, 1998) (“M Th t M tt ” E t Y B t In the early 1980s, a survey of management consultants reported that less than 10 percent of effectively formulated strategies were implemented successfully (Walter Kiechel, “Corporate Strategists Under Fire,” Fortune, Dec. 27, 1982). A 1999 Fortune article, in a cover story of prominent CEO failures, concluded that the emphasis placed on strategy and vision created a mistaken belief that the right strategy was all that was needed to succeed The authors concluded that “…in succeed. in the majority of cases—we estimate 70 percent—the real problem isn’t [bad strategy]…it’s bad execution.” (R. Charan and G. Colvin, “Why CEOs Fail,” Fortune, June 21, 1999). , , )
Q 1 : Why has Citibank introduced a Performance Scorecard
Components of a Scorecard
Perspectives: six perspectives on enterprise performance (Financial, Strategy Implementation, Customer satisfaction, C t l , People and ti f ti Controls P l d Standards Standards) Involvement in Objectives: What the company needs Community groups to do to accomplish its strategy measurable objectives. Metrics: Actionable and tangible Customer Perspective measurements which support achieving objectives; this is what To achieve our strategy, how should we appear to our customers? makes it real. Targets: Performance level expectations set against the strategic plan. For each metric, set a goal or plan so progress against the objective can be evaluated.
Objectives
“Performance management is about creating relationships and ensuring i l i hi d i effective communication Its about focusing on what organisations, managers and team members need to dt b dt succeed”
- Robert Bacal
Performance Management
Why do even best of great strategies fail?
A study of 275 professional portfolio managers reported that the ability to execute strategy was more important than the quality of the strategy itself (“Measures That Matter,” Ernst & Young, Boston, 1998) (“M Th t M tt ” E t Y B t In the early 1980s, a survey of management consultants reported that less than 10 percent of effectively formulated strategies were implemented successfully (Walter Kiechel, “Corporate Strategists Under Fire,” Fortune, Dec. 27, 1982). A 1999 Fortune article, in a cover story of prominent CEO failures, concluded that the emphasis placed on strategy and vision created a mistaken belief that the right strategy was all that was needed to succeed The authors concluded that “…in succeed. in the majority of cases—we estimate 70 percent—the real problem isn’t [bad strategy]…it’s bad execution.” (R. Charan and G. Colvin, “Why CEOs Fail,” Fortune, June 21, 1999). , , )
Q 1 : Why has Citibank introduced a Performance Scorecard
Components of a Scorecard
Perspectives: six perspectives on enterprise performance (Financial, Strategy Implementation, Customer satisfaction, C t l , People and ti f ti Controls P l d Standards Standards) Involvement in Objectives: What the company needs Community groups to do to accomplish its strategy measurable objectives. Metrics: Actionable and tangible Customer Perspective measurements which support achieving objectives; this is what To achieve our strategy, how should we appear to our customers? makes it real. Targets: Performance level expectations set against the strategic plan. For each metric, set a goal or plan so progress against the objective can be evaluated.
Objectives