Case Study Of Citibank : Performance Evaluation

The use of a balanced scorecard when gauging the performance of executives at Paradigm Toys is useful because it measures several key areas that measure past and real time performance that directly affects the company. A balance scorecard can contain both financial and nonfinancial measures as well as both quantitative and qualitative performance measures. Additionally because a balance scorecard can be tailored to the business’s specific targets it can measure the substance of performance better that basic financial indicators that are usually considered the basis of performance ratings. It is important to use more than just financial indicators, because other factors, those qualitative in nature, measure how an employee does their job and gives a larger picture of how well an employee performs. For example, in the case of sales concerning installation of home improvement products one might be measured by repeat buyers or customer satisfaction of how well the salesman followed up with their sale and installation. This kind of non-financial factor can be used to measure the company’s goal of repeat buyer and customer satisfaction which can translate into future sales and growth. Financial indicators are used in similar ways, but are more quantitative in nature. The main reason to use financial indicators is because they can provide a clear picture

Performance evaluations, when implemented properly, act as a tool for improving employee productivity, team performance and individual development. They can serve to raise self-esteem, increase motivation, strengthen relationships and foster ongoing communication and commitment (Simpson, 2001). I feel that these reviews play a critical role in the workplace and should remain a part of standard operating procedures, however many are beginning to disagree.

Managers are charged with making judgments about their employee’s performance and capabilities. Employees should have a formal evaluation process and should receive regular informal updates from their managers on the job. Performance Evaluations should include basic information regarding the employee, job objectives, job competencies, employee contributions and developmental goals and needs. A performance evaluation should also include an opportunity for management to focus on positive contributions the employee has made, areas that need development, and space for the employee to respond to the appraisal. Setting performance expectations, gathering outcomes from the year and comparing them will help determine whether they are satisfied or whether new initiatives are taken (Andersen, 2016). The

In today’s competitive business environment, it is imperative that company’s develop and utilizing effective metrics to meet process objectives. Effective measurement of process performance can drive improvements and help businesses focus their people and resources on what’s important. One way to monitor a process is to select a few of the key steps and set up metrics to monitor on an ongoing basis to determine if the process is working well or causing problems. This document will focus on three performance management reports used to determine the effectiveness of the Perfect Financial Review skill-building program. The metrics include: Balanced Scorecard, Net Promoter Scores (NPS), and Employee Turnover.

As a business major with a concentration in finance, I can think of no better place to develop my understanding of the financial services industry than to participate in the Wells Fargo’s Freshman Diversity Finance Forum. Wells Fargo provides individuals with a place to bank, and assists families in realizing the American dream of home ownership, and aids large and small businesses in building sales and creating jobs. In order to become a well-rounded business leader, I will need exposure to institutions such as Wells Fargo, so that I can understand how individuals, families and businesses are helped (through lending), and at the some time, gain a better understanding of how Wells Fargo makes decisions about who they will lend to and gain

The balanced scorecard now plays an important role in organization management. It has been further identified and used as an important tool in today 's business processes. According to Eric W. Noreen et al. (2002), "a balanced scorecard consists of an integrated set of performance measures that are derived from and support a company’s strategy. A strategy is essentially a theory about how to achieve the organization’s goals" (p. 551). Previously, management had been overwhelmed with data for a long

Finally, this process can reduce liquidity risk and investment risk. In addition, make the capital market more efficiency.

Performance appraisal is an evaluation and grading exercise undertaken in organizations to achieve several objectives such as employee motivation, identification of training needs, rewards and remuneration, employee development through feedback etc. [Fig. 1]. All methods for performance appraisal have several advantages and disadvantages based on location of the firm, socio-economic environment, vision and mission of the firm, organizational structure and other factors. Organizations in different industrial sectors may have different focus areas of work and different values and thus, expectations from employees vary across sectors.

What you measure is what you get” – In the journal ‘The Balanced Scorecard – Measures that drive performance’ by renowned professors, Kaplan and Norton (1992), a new management system was introduced to a peripheral perspective economic industry. Past the industry era, traditional financial performance measures such as return-on-investment and earnings-per-share were deemed no longer competent in the ever-changing market. The view of focussing on either financial or non-financial perspectives alone were regarded as one-dimensional and ignorant of other crucial factors in both the company and the market.

In this paper, I will discuss how to develop and how to recommend and implement an effective performance evaluation process. To begin, I will define what should be evaluated in a performance evaluation. I will than discuss and compare the relative value of common sets of evaluation criteria. Next, I will explain how it can be advantageous to have supervisors, peers and subordinates all participate in the evaluation process. Also, I will explain how it can also be disadvantageous to have supervisors; peers and subordinates to all participate in the evaluation process. Then I will compare and contrast common performance evaluation methods. I will also give examples of errors and biases that commonly

Performance reviews are designed to both evaluate general performance and measure progress around specific goals. Both negative and positive aspects are incorporated in these reviews as they should serve as a point of reference to both look back in evaluation and ahead in anticipation. Pulling back from daily demands in order to assess and review employee performance allows managers to focus their attention on specific departments and clarify what is high priority to their company. Performance reviews also act as an opportunity to acknowledge working staff and identify professional development which will further support the staff members’ career growth. Reviews are seen as a powerful tool that can be tied to a company’s overall success;

The annual performance review process has been a festering thorn in managers sides for years. Most managers have gone out of their way to avoid them. On many occasions, both managers and subordinates have felt that performance evaluations were nothing but a huge waste of time. According to Little, the biggest problem with the performance evaluation process is that managers haven not been properly trained to conduct annual reviews (2013). Performance levels and feedback should be constantly documented and briefed to employees throughout the year. This will help reduce unwanted stress and prevent subordinates from being surprised by an unexpected rating at the end the reporting period. The purpose of this paper is to explain some of the reasons why managers despise performance evaluations. It will also address some of the pitfalls of poor preparation during the evaluation process. Finally, ways to improve the performance evaluation process will be discussed so that everyone benefits in the end. Now that you know the topic of discussion for today, let us take a look at some of the reasons why managers dislike performance evaluation process.

One of the most misunderstood tools used by managers in today’s businesses is the performance evaluation. At its basic level, the performance evaluation is a tool that allows an organization to evaluate an employee’s past performance compared with a set of performance standards (Dessler, 2015). These evaluations may be used to determine pay and compensation, promotions, terminations, training and development opportunities, and more (Mulvaney, McKinney, & Grodsky, 2012). Although the idea of providing feedback on job performance seems simple, many organizations struggle to develop a performance evaluation system that is fair to employees, easy for managers to use, and that measures key areas of performance. A study of 100 large U.S. corporations showed that all of the companies used some sort of performance evaluation system, but half of the corporations were considering making major changes to their system and six percent of the firms said they were considering eliminating the process altogether (Lawler, Benson, & McDermot, 2012). Given the importance of providing feedback about performance and the potential organizational benefits of an effective process, eliminating performance evaluations is not likely to result in success for employees or the

Bank of America’s Choice of Comparable Companies. (Tab 1 & 2 - Business Profile & MM Ratios)

In 1996, Citibank was an emergent banking institution attempting to increase its market share in the competitive Los Angeles area. In order to do so, the bank’s strategy was to focus slightly less on their financial growth, and much more on providing “a high level of service to its customers”. Management viewed this paradigm shift as “critical to the long term success of the franchise”.