Performance Evaluation At Tri Cities Community Bank Essay

Performance Evaluation At Tri Cities Community Bank Essay

Length: 1710 words (4.9 double-spaced pages)

Rating: Better Essays

Open Document

Essay Preview

Introduction
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.

Cons
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.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Performance Evaluations : Performance Evaluation Essay

- There are several reasons organizations initiate performance evaluations, however the standard purpose for performance evaluations is to discuss performance expectations; not only from the employers perspective but to engage in a formal collaboration where the employee and the manager are both able to provide feedback in a formal discourse. There are many different processes an organization should follow when developing its performance evaluation tool; in addition essential characteristics that must accompany an effective performance appraisal process....   [tags: Human resource management, Evaluation, Management]

Better Essays
896 words (2.6 pages)

Why Managers Hate Performance Evaluation Essay

- Performance evaluation process is one of the processes that can help an organization attain its goals in the most effective way. However, this is one of the processes that is hated most by not only employees, but also managers. Most managers have gone even a further step to ensure that this process is abolished in their organizations. Studies have shown that most managers would also wish that this process is abolished in most organizations because they find is useless or it takes much of their time....   [tags: Evaluation, Performance appraisal, Management]

Better Essays
778 words (2.2 pages)

The Role of Shinsei Bank in Financial System Essay

- “Explain the role of Shinsei bank in the financial system. Access its exposures and performance during the financial crisis of 2007-2011. Did it do well or badly?” Bank description Shinsei bank has had a chequered history as its predecessor was called Long Term Credit Bank of Japan (LTCB), which declared bankruptcy during the financial crisis in Asia in 1998. Until 2000, New York-based Ripplewood’ Holdings made an acquisition, took over the bank and renamed it to ‘Shinsei’ which represented ‘renaissance’ ....   [tags: exposures, performance, financial, bank]

Better Essays
954 words (2.7 pages)

Evaluation Of A Performance Assessment Essay

- Chelsie Vogel (Slides 7-8): Application of Assessments: I will explain that as teachers, it is imperative to decided on what knowledge or skill needs to be assessed. After we define our objectives, it is time to ask ourselves, “Which type of assessment will be most appropriate?” Group Discussion: I will then ask the class to share how they have determined which type of assessment to use in past lessons. I will then explain and go over three guidelines to consider when creating a performance assessment....   [tags: Assessment, Educational psychology, Evaluation]

Better Essays
875 words (2.5 pages)

Essay on Why Managers And Performance Evaluations

- Why Some Managers Dislike Performance Evaluations Research and practice have indicated that both managers and employees dislike performance appraisal. Due to this growing problem, performance appraisal has declined in popularity, especially for organizational managers who have to conduct the evaluations or be evaluated at the same time. One of the reasons why managers hate performance evaluation is the negative impacts it can create in an organization and potentially affect the achievement of the organizational goals....   [tags: Performance appraisal, Human resource management]

Better Essays
1514 words (4.3 pages)

Evaluation Of A Performance Management System Essay

- PERFORMANCE MANAGEMENT 1.Performance management (PM) has to do with the never-ending process of setting goals and objectives of the organisation, ensuring that employee’s activities are in alignment with the goals of the organisation (Aguinis, 2012). The interviewee works as a sales consultant. Strategic congruence – is about ensuring that the system used should be in agreement with that of the organisation’s strategy (Aguinis, 2012). The interviewee perceived the performance management system of the company as positive because it helps, builds and guides them on how to achieve required goals for the company....   [tags: Management, Organization, Performance management]

Better Essays
1151 words (3.3 pages)

Performance Evaluation And Organizational Maturity Assessment Essay

- Businesses use many performance measures to evaluate systems, personnel and overall task performance. The key to accurately measuring performance would be knowing the tools and resources are available and how they can best be leveraged for the best of the organization. Annual personnel evaluations and organizational maturity assessments are two methods and organization can measure performance; identify solutions and recommendations to make improvements that increase overall company performance. Personnel evaluations give the company an insight to how employees are working towards achieving strategic goals....   [tags: Evaluation, Assessment, Management, Organization]

Better Essays
1422 words (4.1 pages)

Evaluation Of An Effective Tool For Student Performance Essay

- It has been brought to the school’s attention that there is a need for a more perpetual and comprehensive assessment of students while they are served in the Gifted and Talented Program. Formative assessments provide opportunities to evaluate student performance while the students are being served in the Gifted and Talented Program. Portfolios are an excellent way to evaluate student performance while also helping self-direct their learning and there by improving students’ aim in attaining particular educational goals....   [tags: Assessment, Evaluation, Education, Student]

Better Essays
1272 words (3.6 pages)

Essay on Administrative Performance Evaluation of Wharton School

- I reviewed the Administrative Performance Evaluation for the Principals of the Wharton School District. This evaluation benefits the Principal by: • Interpreting job duties into specific goals and strategies • Relating how the employee’s job responsibilities contributes to the overall effectiveness of the school and its mission statement. • Delineating and prioritizing the job responsibilities, and the goals expected. • Providing an opportunity to discuss issues with the Superintendent when assistance is needed • Providing helpful and meaningful job performance feedback....   [tags: principal evaluation,wharton school,rating system]

Better Essays
971 words (2.8 pages)

Essay on Performance Appraisal

- Brief Overview of Performance Appraisal Performance Appraisal can be referred to as a method of evaluating your employees. Using this method, the performance of an employee is evaluated in terms of the quality, quantity, cost and time. Performance appraisal can be regarded as a part of career development. According to the modern approach of performance appraisal, it can be regarded as a formal interaction between a superior and a subordinate, usually taking place periodically, during which the performance of the subordinate is discussed with the aim of identifying the strengths and weaknesses of the subordinate....   [tags: Employee Performance Evaluation Work]

Better Essays
1837 words (5.2 pages)