balanced scorecard approach
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1. list three strengths and three weakness of the balanced scorecard approach
2. Many businesses are moving away from the base salary concept and trying to adopt the new systems such as Rewarding Employees based on performance. As such most of the time the employee performance is linked with Profitablity or sales achieved. In your opinion what are the advantages and disadvantages of rewarding employees based on performance. You can provide examples to clearly explain your thoughts.
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Many businesses are moving away from the base salary concept and trying to adopt the new systems such as Rewarding Employees based on performance. As such most of the time the employee performance is linked with Profitablity or sales achieved. In your opinion what are the advantages and disadvantages of rewarding employees based on performance. You can provide examples to clearly explain your thoughts.
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- 1. Decsribe nonfinancial performances and explain how they are similar to and different from financial performance measures. 2. list three strengths and three weakness of the balanced scorecard approach 3. Many businesses are moving away from the base salary concept and trying to adopt the new systems such as Rewarding Employees based on performance. As such most of the time the employee performance is linked with Profitablity or sales achieved. In your opinion what are the advantages and disadvantages of rewarding employees based on performance. You can provide examples to clearly explain your thoughts. 4. Define the Myopia Problem and Discuss 2 solutions to the myopia problem?Review the SHRM case: “Designing a Pay Structure” You will prepare the SHRM case analysis on “Designing a Pay Structure,” which consists of your completion of Tasks A–J that simulate the creation of a compensation system for an organization in meeting its goals and supporting its mission. In your analysis, respond to the following tasks found in the case study by using Excel. Your case analysis should consist of: Task A: Create a complete job description for the benefits manager position using O*NET. Task B: Calculate the job evaluation points for the administrative assistant, payroll assistant, operational analyst, and benefits manager jobs. Provide a rationale for assigning specific degrees to the various jobs. Task C: If there were any outliers (i.e., extreme data points) in the data, what would you recommend doing with them? From this point forward, assume no extreme data points exist in the dataset. Task D: Conduct a simple regression in Excel to create a market pay line by…Performance appraisal is a regular process for assessing the performance of employees in a given period conducted by the leadership. The performance is measured against such factors as job knowledge, quality and quantity of output, initiative, leadership abilities, supervision, dependability, co-operation, judgment and versatility. According to Picnicu (2020) the performance appraisal process can have a significant impact on employee morale and engagement. This method often provides valuable insights to managers and employees, helping companies make decisions regarding bonuses, raises, promotions and other rewards. It also allows managers to define medium-term and long-term objectives for their team members and help them grow professionally. Thus, getting an objective evaluation of an employee's performance will help a company identify any existing problems in the workplace. This will help the HR department to solve those problems quickly and with ease. Questions1) Evaluate the…
- Answer the following questions: 1. What are the benefits of a salary survey can offer? Discuss. 2. How executive compensation is different from others? Explain. 3. Design / write a small case study of any topic as given in the delivery plan with 2 questions and answers.5) The technique used when verifying whether there is a significant performance deficiency of a current employee and, if so, determining if that deficiency should be rectified through training or by some other means (such as changing the machinery or transferring the employee), is called which of the following? Performance analysis Training analysis Employee analysis Motivation analysisSurvey of employee satisfaction is an example of a balanced scorecard measure of the:a. Internal perspectiveb. Customer perspectivec. Learning and growth perspectived. Financial perspective
- Which performance method would you say you like the most and the one that you like the least? Please share why you chose these two. For the most effective, how it is effective in doing the following: providing fair and reliable ways of differentiating employees; targeting and rewarding those who most deserve it; setting forth a fair and cost-effective plan for compensation; and motivating and ensuring the performance of employees. For the least effective, how it interferes with the above four items.Job satisfaction (When you first read about this exercisebreak plan in Chapter 23, you did not have an inferencemethod that would work. Try again now.) A companyinstitutes an exercise break for its workers to see if it willimprove job satisfaction, as measured by a questionnairethat assesses workers’ satisfaction. Scores for 10 randomlyselected workers before and after the implementation ofthe exercise program are shown in the table.a) Identify the procedure you would use to assess theeffectiveness of the exercise program, and check to seeif the conditions allow the use of that procedure.b) Test an appropriate hypothesis and state yourconclusion.c) If your conclusion turns out to be incorrect, what kindof error did you commit? WorkerNumberJob Satisfaction IndexBefore After1 34 332 28 363 29 504 45 415 26 376 27 417 24 398 15 219 15 2010 27 37Managers have numerous alternatives for boosting the comparability and understanding of performance analysis outcomes.In order to grasp and examine the interests of all of their stakeholders, how may the balanced scorecard help managers?
- The implementation of the balanced scorecard (BSC) can involve all of the following excepta. the strong support of top management.b. a strategy of differentiation (as opposed to one of cost leadership).c. a link to reward and compensation systems.d. an accurate reflection of the organization’s strategy.“We know from the text that the ultimate criterion is theoretical, whereas the actual criterion is our best attempt at capturing the ultimate criterion. What are some implications of having little overlap (relevance) between an ultimate criterion and an actual criterion? What would this mean for an organization that is trying to assess the performance of its employees?”Q1:Being an HR manager at a pharmaceutical firm what do you think? (a) How the psychological biases of the reward system can affect employee performance? (Maximum 200 words) (b) What are the two best performance appraisal methods for employees? Discuss your answer with appropriate examples (Maximum 200 words)