In this video tutorial, accounting professor Kay Stice explains how learning and growth measures focus on the company’s employees. Traditional financial measures can cause managers to view employees as a cost. However, a balanced scorecard has a company view its employees as a key resource. He explores leading measures and outcomes in this video.
- In my opinion the learning and growth measures…are a very valuable contribution…of the balanced scorecard approach.…The Learning and Growth Measures…focus on the company's employees.…Traditional financial measures can cause managers…to view employees as a cost.…The balanced scorecard focuses a manager on viewing…the employees as a key resource.…Now an infamous example of this…is the statement by Jerry Krause,…general manager of the Chicago Bulls during the 1980s…and the 1990s.…He said that players don't win championships,…organizations win championships.…
Well, it turns out that organizations…with the right players, such as Michael Jordan,…they win championships.…The large CPA firms these days…are constantly talking about work life balance.…Now is it because these firms are charitable organizations…that care only about their employee's happiness?…No.…Instead the CPA firms realize that their good employees…are a resource, not a cost,…and that they can increase their financial profits…by retaining their good employees.…
In this course, accounting professors Jim and Kay Stice explain what KPIs your business should consider in a balanced scorecard, from financial goals to employee and customer satisfaction. They describe how to craft a clear mission statement that complements your KPIs, and how to tie performance to incentives. Plus, get a look at KPIs in action, as Jim and Kay break down a case study examining a trucking company's balanced scorecard.
- The importance of KPIs and measuring performance
- Financial goals and measure
- Customer needs and satisfaction
- Employee growth
- Creating an effective mission statement
- Linking measurements and rewards
- Examining a KPI case study