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» Newsletter May 2008
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Paul R. Niven
Leading author and Management consultant
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From the BSC thought leader’s desk
Financial Perspective
In this article author, management consultant and Balanced Scorecard expert Paul Niven discusses the need for a Financial Perspective in a Balanced Scorecard.
Typically, the mission and vision statements of organizations do not refer to their financial aspirations. However, companies need to have a Financial Perspective so that they can answer shareholders who require a return on their investment. Companies must ensure that a focus on customers also leads to improved financial results. Financial performance also enables investment in people, processes and technology so that customers can be served successfully.
» Read more
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| Spotlight |
| Choosing a Strategy |
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Architecting a Balanced Scorecard requires
organizations to master four techniques –
effective strategic mapping, selection of the
right strategic measures, selection of the
appropriate strategic targets and choosing the
right strategic initiatives. |
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| News & Events |
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Measures & Metrics for Aligning Strategy
May 13th - May 14th
Location - Las Vegas, NV
2008 European Summit,
June 17th - June 19th
Location - London, UK
Strategy Execution
June 23rd - June 24th
Location - Washington, D.C.
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| Aligning Compensation |
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Creating effective links between performance and
compensation and incentives |
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This article examines the challenges of creating
effective links between the Balanced Scorecard
on the one hand and compensation and incentives on the other hand. Monetary incentives are, in principle, a powerful motivator for aligning employee efforts to Balanced Scorecard objectives. |
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In fact, Robert Kaplan and David Norton, creators of the Balanced Scorecard, recommend the incentive-compensation link as
a sub-component of the principle that calls for making strategy everyone’s everyday job.
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Have you ever thought about the target setting process in companies – how it is actually done? From what i have seen, many companies use the approach where top management funtions like a dictatorship without involving the ”ground staff”.
I believe it is time for managers to re-invent the process of target setting and create a new process where the entire company is involved. |
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