Social Security Balanced Scorecard with Ready-to-use KPIs
Social Security programs owing to their inherent complexity require a tracking mechanism for their successful execution. This leads to the need of finding important areas to be followed and related indicators should be framed under each of those.
The perspectives in this case can be- Internal Operations, Processes Perspective, Funds' Sources and Application Assessment and Growth and Progression Perspective.Indicators like 'Number of services offered', 'Interest rate at which assets earned', 'Number of fraudulent cases encountered' and 'Number of credits offered in one year's period' can be used for having 'Internal Operations Perspective'.
Processes Perspective can be evaluated using KPIs such as 'Actuarial Deficit: Taxable Payroll', 'Number of people who had their earnings covered by Social Security', 'Number of beneficiaries in one year' and 'Time consumption in applying'.
'Funds' Sources and Application Assessment' can be assessed with metrics like 'Annual Income', 'Administration costs: Total Income', 'Value of benefits paid' and 'Total Expenditure incurred'.
Lastly, analysis of 'Growth and Progression Perspective' is possible using KPIs like ''Number of beneficiaries increase' Index', 'Funds Procurement Ease Rise', 'Drop in unemployment Ratio' and 'Citizens' satisfaction scaling'.
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 Social Security metric:
- Any social security program requires a comprehensive tracking mechanism that covers critical success factors.
- Total expenditures or annual income are must have indicators in the social security Balanced Scorecard.
- Increase in number of beneficiaries as well as improvement of citizens satisfaction index are signs that the company is on the right track in its social security efforts.
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More ideas on using Social Security KPI
Social Security is concerned with providing people a shield against socially recognized conditions such as old age, poverty, unemployment etc. This is the governmental responsibility that revolves around making sure that residents of the nation get sufficient protection and enough support for growing and progressing.
The tasks that fall under this domain are 'social insurance', 'services' and 'income maintenance', 'education', 'clothing', 'medical care'. Carrying forward these activities serves the purpose of creating a conducive environment for citizens and help them fight the unavoidable difficulties associated with society.
Several agencies are engaged in such tasks with an ultimate aim of offering the society the much needed 'safe and secure life' away from worries.
However, keeping a track of all these attempts is a necessity. Moving on, the efforts taken in this direction can be measured and managed by using a performance tackling tool called BSC (Balanced Scorecard). It depends on the metrics and indicators for allocating numbers to steps and moves to the procedure.
Summing it all, one can tilt the bar in own favor by being proactive in approach that in turn is enabled by metrics-loaded BSC.
More useful information for Social Estimation
Social Security Evaluation Balanced Scoreboard Screenshots
Metrics for Social Estimation
This is the actual scorecard with Social Security Dashboard and performance indicators.
The performance indicators include: fundsâ€™ sources and application assessment, annual income, value of benefits paid, administration costs: total income, total expenditure incurred, internal operations, number of services offered, interest rate at which assets earned, number of fraudulent cases encountered, number of credits offered in one yearâ€™s period, processes perspective, actuarial deficit: taxable payroll, number of people who had their earnings covered by social security, number of beneficiaries in one year, time consumption in applying, growth and progression perspective, â€˜number of beneficiaries increaseâ€™ index, funds procurement ease rise, drop in unemployment ratio, citizensâ€™ satisfaction scaling.
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