Traditionally, companies collect information regarding past transactions. These are then converted to statements which are used for analysis and regulatory requirements. Financial accounting has been revolving around these financial transactions and ignoring qualitative factors that may contribute to a company’s profit. Nowadays, managers recognize the impact of such qualitative factors since these contribute to the company’s future performance.
There are numerous methods today that measure both financial and nonfinancial factors of a company. For this case, we will be focusing on the Balance Scorecard (BSC) since this is the proposed method of Chris Billing to improve performance evaluation at Tri-Cities Community Bank (TCCB).
Chris Billing is the new South Division (SD) president of TCCB, after being promoted last December 2006. With her new position, she approached the company’s CEO in order to present her idea of using BSC to improve financial performance. She was given the chance to implement the method in SD and after a year, she collected numerous responses from different SD branches.
Majority of the responses seemed to be positive, but there is this certain branch which gave a negative comment. Also, it seems that the branch employees did not give similar opinions about the implementation of the scorecard in their branches. With this, we thought that there may be a problem with regard to the implementation of the BSC since there were differences in the implementation. SD branches have had the freedom to implement the scorecard themselves. There may be an some problems regarding the execution.
Statement of the Problem
After BSC has been implemented in SD branches, there is a plan of implementing it to the...
... middle of paper ...
...cted results. It is also notable that improvement in financial performance in branch E is quite lacking compared to the other four branches that implemented the balanced scorecard. This implies that if appropriate goals and incentives are established in a branch, financial performance is also expected to improve.
Setting standards was never easy. In establishing appropriate goals and incentive, Chris is required to have meetings with all the branch managers to reach a consensus. However, as there are more managers to talk to and more branches to consider, these meetings would be time-consuming. Resistance from some managers is also possible, as they may feel constrained by these standards. Furthermore, incentives would entail financial cost to branches and Chris should make sure that it will not adversely affect the financial position of the company as a whole.
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