Tri Cities Bank: Performance Measurement

Soderberg, Kalagnanam, Sheehan, and Vaidyanathan (2011) presented the balance scorecard as a strategic planning procedural tool used by organizations to balance financial concerns, customer concerns, process concerns, and innovation concerns with the main purpose of developing appropriate strategy in favor of a more favorable market position (p. 689-690). Similarly, Lawrence and Webber (2008) illustrated

The Royal Bank of Canada experienced some fundamental managerial errors in May 2003. It was reported as a major “glitch” that had been caused by wrong configuration during the installation process. A simple problem had severely affected the lives of millions of people. In this essay I will discuss the security and control problems such as the simultaneous upgrade of both the main and back-up systems. This will lead into the strategies management could have used to prevent these problems happening in the first place and what they can do differently in future. I will also explain how management neglected the public relations side of the issue which had customers questioning the reliability and stability of Royal Bank of Canada ultimately

In the large corporation of Regions Bank, there are many specific details involved in creating and maintaining the perfect organizational structure. It takes efforts from the managers and leaders to implement a design to promote stock holder profits, growth, and stability. In this organization there is a cycle that is used that involves four functions of management. Regions Bank also utilizes two strategies to create and maintain a healthy organization.

3. Customer service has been the emphasis from inside out since the bank was formed in 1955. Up to now, this philosophy is carrying out not only in the branch, on the phone, but also in the social media. The TD series of the “Bank Human” commercials (https://youtu.be/IrMzYJCvgkg?list=PLTU0DAa2Moxy_aaWrVPR-964SMpHE7M8w) obviously highlighted their mission to make banking human by their perceptive customer services.

I spent the entire first day of my visit observing the work environment and trying to get a feel for the workflow and how employees interact within their departments and between other departments. Over the next two days, I interviewed four of the employees from the Accounts Management department on an individual basis in order to ascertain their thoughts as to why the branch is failing, as well as holding a group meeting with the entire Creative Services department. I met with Martha Johnson, General Manager of the branch, and we reviewed the last 12 months of business reports. We also reviewed the policy and procedure manual in regards to new client accounts and overtime compensation for salaried employees. During the last two days of my visit, I was able to conduct telephone interviews with both satisfied and dissatisfied clients of the Roanoke branch. I also mailed out satisfaction surveys to the remainder of the client list that I was unable to contact by telephone. A copy of that survey is attached to this report.

Balanced scorecard is a set of measures, which give the complete view of any business performance. Kaplan and Norton (1995) explained balanced scorecard in following words:

Is there a greater than expected outcome? The business will need to find out why these greater outcomes have happened and really encourage and reward the staff for all their great efforts. It may also be that the original expectations weren’t set high enough so the business will need to review why the goals and targets

Baltimore City Community College (BCCC) receives about $40 million annually as a state run community college in Maryland although most community colleges are financed and run by local governments (Cox, E, 2017; Richman, T & Bowie, L, 2017). BCCC has been under fire for several years because of its graduation rates and accreditation problems (Richman, T & Bowie, L, 2017). In addition, the General Assembly legislated that BCCC realign the college to better serve the citizen of Baltimore city and its students. BCCC responded to that mandate by joining Achieving the Dream (ATD), a network of 220 community colleges around the nation to help improve student outcomes through leadership training and data analysis (Richman, T & Bowie, L,

Strong intro: Advocate is addressing necessary points during into- appreciation, disclosure, intro, name, concern. (adjusting tone appropriately)

Performance evaluations are important parts of all employees and managers tools to ensure positive actions are rewarded while negative actions can be evaluated and fixed to decrease problems in the future. Performance evaluations benefit supervisors and employees by identifying how to bring out the employees best attributes for the company (Hamlett, nd.). Evaluations provide a look at how a worker is doing compared to earlier reviews of their skill, knowledge, initiative and participation in the company’s vision (Hamlett, nd.). Introducing performance review evaluations is important to most organization for the success of their organization and the advancement of its employees. Performance evaluations provide a way for managers and supervisors to manage the performance of an organization and the people who make of the human resources of the organization (McCarroll, nd.). When implementing a new system it is important to understand the process must be realistic, challenging, yet attainable for performance expectations and standards to be successful for employees and the organization (McCarroll, nd.). Balanced scorecards are utilized in performance evaluations to essentially provide a way for organizations to align their strategic plans with day to day operations (Balanced Scorecard Institute, 2015). Balanced scorecards look at traditional financial measures, which are past events and long-term investments like

The balanced scorecard is a strategic planning and management system that was developed by Dr. Robert S. Kaplan and Dr. David P. Norton in the early 1990's. Their goal was to provide organizations with a clear understanding of what to measure in order to improve performance and results (Balanced Scorecard Institute 2014). The balanced scorecard is a framework that allows an organization to measure performance and compare it to the organization’s strategic objectives and goals (Kinney and Raiborn 2013, 10).

The Balanced Scorecard Institute reports that in the 1950’s General Electric was the first to use the Balanced Scorecard approach, but it was not until the 1990’s when Dr. Robert Kaplan a Harvard Business School professor and Dr. David Norton officially titled it the Balanced Scorecard. Once used as only a measurement tool for organizations, it is now a complete strategic planning and management system (Balanced Scorecard Institute, n.d.). Originally, businesses looked at the financial reports to distinguish whether it was a quality company or not. Kaplan and Norton however believed the financial reports only showed past history and an organization must also track how it is performing currently and look at ways to constantly improve future performance. Kaplan and Norton established there are four business segments or perspectives to measure and make improvements on. The four segments

“You have one job,” rings in my ears as I leave the hiring office of LOCOLA Credit Union Bank after accepting their job offer of District Manager over ten branches. In the coming days, I work on this paper to identify, analyze, and explore the leadership and communication issues within the district and among the supervisors and employees. Within this analysis, I will also devise strategies to overcome these problems; and create an environment that seeks to develop leaders, support diversity, and encourage open communication based on effective team relations.

Century National Bank has offices in several cities in the Midwest and the southeastern part of the United States. Mr. Dan Selig, president and CEO, would like to know the characteristics of his checking account customer. To better understand the customers, Mr. Selig asked Ms. Wendy Lamberg, director of planning, to select a sample of customers and prepare a report. To begin, she has appointed a team from her staff and the team has selected a random sample of 60 customers. All the information gathered is tabulated in the table below:

The Balanced Scorecard (BSC) is a performance measurement tool that originated in the business worlds. Performance measurement is a way to track performance over time to assess if goals are being met. Organizations measure their performance to monitor how they’re doing in achieving their overall mission and goals.