Balanced Scorecard & Strategy Map
We first reported on our use of the Balanced Scorecard as a performance measurement tool in 2000. The scorecard allows us to focus the strategic lens that we use to direct the organization.
Our corporate strategy map documents our primary strategic objectives and shows how the four perspectives on the map link to reach our two overarching goals – worker and employer service excellence.
Our structured and integrated scorecard methodology guides our planning and decision making, and monitors performance. It also gives our employees a clear view from their work to corporate performance targets.
Cascading the scorecards with attention to corporate alignment gives us a clear line of sight between strategic objectives determined by the Board and the work that is planned to accomplish those objectives.
The staff use the scorecard and strategy map to align corporately. In 2015, we focused on developing a management system that supports a culture of continuous process improvement.
The scorecard and strategy map methodology views our organization from four perspectives. One perspective builds to the other, leading to the achievement of strategic objectives. Each perspective has its own set of strategic objectives that assemble a step-by-step blueprint for corporate success.
We continue to use targets and metrics to track and analyze our performance.
1. The Stakeholders’ Perspective
Customer Satisfaction performance measures form the stakeholder perspective. Results lacking or targets not met here are indicators of improvement opportunities.
The other three perspectives roll up to achieve the strategic objectives set for this perspective.
2. The Internal Perspective
Metrics in this perspective tell us how well we are running programs and services.
3. The Enablers’ Perspective
We are a knowledge-worker organization. Engaged people are our key resource, and continuous process improvement enables effective and efficient processes to deliver customer service excellence.
4. The Financial Perspective
This perspective helps ensure that we have adequate financial resources to fulfill our legislated obligations and execute our plan. We strive to ensure adequate financial resources are maintained to meet obligations to injured workers, by collecting the right amount of premiums, maximizing investment returns and being cost effective.
Aligning business activities to the organization’s vision and strategy is only one benefit of the balanced scorecard and strategy map. Fostered by a culture of continuous process improvement, the scorecard and strategy map provide a framework for strategic and operational planning to reach set targets. It also improves internal and external communications by focusing attention on the critical few results and measures that indicate corporate success, and by monitoring our performance against strategic goals.