Focus Awards and Bonuses with Appropriate KPIs on Compensation Scorecard
Awards are designed with a goal to award and encourage the employees for their performance and achievements in the company. KPIs in this regard help the companies by providing a performance assessment framework to make sure that right employees are awarded for their excellent work in the company.
KPIs in Award Scorecard framework can be categorized under 4 major perspectives- performance based, quality and attitude based, loyalty based and responsibility based.
Performance based perspective judges the employee on the basis of his/her operational performance. It comprises of KPIs like % increase in individual output, adherence to schedule, % task completed before time and overall effectiveness as a part of team.
Quality and attitude based perspective helps to assess an employee on the basis of quality of operations handled and attitude shown towards work and colleagues. It includes KPIs such as number of quality complaints, complaints reported by the colleagues, number of operational delay encountered and number of positive feedbacks.
Loyalty based perspective comprises of KPIs that help in judging the performance depending upon the loyalty in the operations and tasks handled by an employee. It consists of KPIs in the form of time of service, number of referrals provided, number of confidential matters handled effectively and % attendance.
Responsibility based perspective facilitates in evaluating the performance on the basis of KPIs such as team conflict management initiatives, number of failure analysis activities handled, number of inter-departmental operations handled and number of international operations handled.
Why do business professionals choose ready-to-use KPIs?
Read Why do business professionals choose ready-to-use KPIs? to find out the answers to these questions:
- Can a business professional research KPIs on his own?
- How do I avoid typical problems with KPIs?
- Is ready-to-use KPI applicable in my niche?
- Is KPIs' price affordable?
- Can KPIs can be easily integrated in any business environment?
- How can KPIs make the difference to the business?
What are the benefits of Awards metric:
- Benefits and bonuses motivate employees. This is a fact. However, company has to pursue its own interests as well. Bonuses share in the total wages costs should be regularly estimated.
- Personnel loyalty and its relation to bonuses can be measured by using KPIs from this category. These are kpis such as number of referrals per employee, total number of personnel complaints.
- Why not measure positive feedback from employees as well?
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More ideas on using Awards KPI
Awards are a way to provide recognition to the ones who manage to distinguish themselves in the field they operate by creating something extraordinary. Apart from making the person realize that his/her attempts count, these acts promote more such efforts from others who work in the same area.
One gets acquainted with the culture of rewards very early at the school and university level itself, in the form of scholarships that are granted to the deserving ones, however a few of these that confer international appreciation are something that demands immense efforts on a constant basis for years.
Any agency that deals in such decisions should follow an impartial and real approach towards the subject so as not to taint the image of organizers. In this direction, awards scorecard comes to help in giving a statistical look to the whole process, thereby eliminating the subjectivity from the job.
The accolades go to those who are worth receiving it and the organization earns repute for its unbiased declarations. This is to say that by adopting metrics for putting down the progress, one can keep an account of how things have been proceeding and work for their improvements.
More useful information for HR reward
Awards Estimation Balanced Scorecard Screenshots
Metrics for HR reward
This is the actual scorecard with Awards Dashboard and performance indicators.
The performance indicators include: performance based, % increase in individual output, adherence to schedule, % of tasks completed before time, overall effectiveness as a part of team, quality and attitude based, number of quality complaints., complaints reported by colleagues, number of operational delays, number of positive feedbacks, loyalty based, time of service, number of referrals provided, number of confidential matters handled effectively, % attendance, responsibility based, team conflict management initiatives, number of failure analysis activities handled, number of inter-departmental operations handled, number of international operations handled.
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