Business Analysis Toolkit

Given the fact that the balanced scorecard has taken a great part in managing the business world, majority of business firms and organizations tie up their incentive system with a scorecard. The reward scorecard assists you in implementing the reward system as a part of your employee motivation process while keeping track on the effectiveness of the strategy.

Robert Kaplan and David Norton made a breakthrough in management through the introduction of the Balanced Scorecard from which you can deal with the performance by measuring and planning according to the company’s goal and objectives. In perspective, to make your employees more functional and motivated in their workspace and well-conditioned in their personality, there are times that incentives or rewards are needed. Although we know the fact that salary does not always get higher due to some reasons, incentives are the things that make employees stay.

Now, having an incentive plan is not just about planning and implementing. Incentives or rewards may come in different forms, either monetary or non-monetary. The scorecard approach to the incentive plan might be of a little help to better handle the giving out of incentives. But do not expect that the scorecard will give you a perfect output through the incentive plan. It depends on how you handle it. In the entire reward technique, you must know what you want to get upon implementing the incentive plan in your company. Planning the giving out of incentives is not as easy as you may think if you want a win-win situation without compromising both sides of the business — you and your employees.

You need a plan that covers the entire scorecard measures if you desire to raise awareness among your employees, get attention focused on the organization’s strategy as a whole, and coincide with the versatile nature of the system, as it is successfully executed. This balanced reward plan could be a totally good and firm choice if you are aiming for an exclusive plan for employees. You can do this through persuasive communication and maybe with a program for recognition in which the specific achievements in the various areas of the scorecard are strengthened. In this sense, your incentive plan is balanced. Keep this throughout the year and you will get what you want to happen.

However, if you plan your strategy to create a remarkable development in performance level, you may only concentrate on some serious scorecard metrics. Focusing on people’s attention will make rewards or incentives at their best. But your incentive plan will be unbalanced because the rewards only cater to where few measures fit better.

Giving a reward is part of any venture to motivate your people to perform at their best and serve your company for even a longer time than you could imagine. It is too good to see when your scorecard reflects that employees are encouraged to improve their skills to reach the certain reward for the month or year.

The reward scorecard gives you a new avenue to make some changes in the incentive system to create proper balance among the elements inside and outside your business. You may refer to some sites where they give you some ideas on which reward or incentive fits your system.

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