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Citibank Performance Evaluation Essay Sample

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Citibank Performance Evaluation Essay Sample

“Performance management is about creating relationships and ensuring i l i hi d i effective communication Its about focusing on what organisations, managers and team members need to dt b dt succeed” – Robert Bacal

Performance Management
Why do even best of great strategies fail?
A study of 275 professional portfolio managers reported that the ability to execute strategy was more important than the quality of the strategy itself (“Measures That Matter,” Ernst & Young, Boston, 1998) (“M Th t M tt ” E t Y B t In the early 1980s, a survey of management consultants reported that less than 10 percent of effectively formulated strategies were implemented successfully (Walter Kiechel, “Corporate Strategists Under Fire,” Fortune, Dec. 27, 1982). A 1999 Fortune article, in a cover story of prominent CEO failures, concluded that the emphasis placed on strategy and vision created a mistaken belief that the right strategy was all that was needed to succeed The authors concluded that “…in succeed. in the majority of cases—we estimate 70 percent—the real problem isn’t [bad strategy]…it’s bad execution.” (R. Charan and G. Colvin, “Why CEOs Fail,” Fortune, June 21, 1999). , , )

Q 1 : Why has Citibank introduced a Performance Scorecard

Components of a Scorecard
Perspectives: six perspectives on
enterprise performance (Financial, Strategy Implementation, Customer satisfaction, C t l , People and ti f ti Controls P l d Standards Standards) Involvement in Objectives: What the company needs Community groups to do to accomplish its strategy measurable objectives. Metrics: Actionable and tangible Customer Perspective measurements which support achieving objectives; this is what To achieve our strategy, how should we appear to our customers? makes it real. Targets: Performance level expectations set against the strategic plan. For each metric, set a goal or plan so progress against the objective can be evaluated. Objectives

Performance Management
Involves establishing clear expectations and understanding about: The team member employee’s essential job functions How the team members job contributes to the goals of j g the organisation What it means, in concrete terms, to do the job well How job performance will be measured That barriers hinder performance and how they can be p y minimized How the member and the team leader will work together to improve the member’s performance

Performance Planning

What do we want to be or where do we want to be? How will we get there? P E R F O R M A N C E M E A S U R E

What do we need to do, from Financial perspective, to get there? What do we need to do from Customer perspective, to achieve our financial objectives? What Internal processes do we need to follow, to achieve out customer objectives? What capabilities do we need to develop in our people to achieve financial, customer & Internal process objectives?

P E R F O R M A N C E M E A S U R E

Performance Management
Manage pe o a ce –Performance evaluat o is just a s all Ma age performance e o a ce evaluation s small part of performance management- and probably the least managementimportant The Steps are: Planning performance ► This involves both you as a manager an your team to analyze the work t achieve goal l th k to hi l Making right decisions ► By collecting and evaluating data and information Diagnosis and Problem solving ► Identification of barriers to performance (past, present & (past future) so as to formulate plans to overcome the barriers Performance appraisal meeting ► Summary/Review

James Performance

If I am Li Lisa, I shall give Above Par ratings h ll i Ab P i to James. He has done exceptionally well across the scorecard and though he is seen as struggling in h i the area of customer satisfaction, he is f i f i h i consciously making efforts to over come it Lets not forget the parameters which are L f h hi h beyond branch’s control are also detrimental for customer satisfaction score score.

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