Free «Citibank Performance Evaluation» UK Essay Paper
The scorecard is a measure used to highlight the importance of a diverse set of measurements in achieving the strategic goals of the division. One of the newest introductions is the indicator of customer satisfaction. There is an indication that customer satisfaction is below the company’s desired levels. This is a strategy map that indicates and explains the metrics in the scorecard.
|Financial||Implement strategies towards optional implementation of the revenues generated by the activities of the firm. In the first quarter, the firm grew 39% in footings and was ranked the best in the market place.|
|Strategy Implementation||Implementation of strategies that will ensure growth in the firm. Acquisitions can improve the company’s financial position. .|
|Customer Satisfaction.||Identify opportunities for the improvement of customer care services. Ensure corrective measures for the defective customer care services|
Ensure operational compliance at all times.
Reduce transaction and operational costs as well as marginalize fraud in the company.
Ensure that losses from previous periods do not trickle into the current year.
Management should have the right skills to handle the people, especially customers.
Team buildings and motivational practices for the employees aid in the improvement of the services they offer their customers.
Ensure well planned and productive meeting with the staff.
Ensure focus and discipline in the individuals and staff of the various branches affiliated with the company.
Management should have high standards, and ensure the same for all the people they employ as staff.
Management should have strong leadership skills and employees a culture of team participation.
Have the ability to do whatever it takes to improve customer satisfaction as well as the ease with which they carry their transactions.
Increase their involvement with the local community to ensure a bugger customer base.
Develop business networks within the community to have an increase in the local business cash flow.
There are different shortcomings in the process of implementation of the performance evaluation system, as well as the measurements of the effectiveness and the impact of the scorecard in the evaluation system. The implementation of the performance evaluation system is necessary to ensure that the company s aware of its operational shortcomings and gather ideas on how to improve these shortcomings. This system is, however, flawed because it does not encompass all the aspects of the firm. Some of the aspects of the business such as the services rendered by the bank are not included in the system. There are few aspects that the implementation process overlooks that need be in the evaluation system. This will provide a holistic approach to the market and the values that the bank wishes to showcase to their growing customer base. A look at the performance evaluation system does not indicate the services rendered by the bank, and it is difficult for potential customers to make a judgment without this crucial aspect.
The effectiveness of the scorecard is also marred by the fact that5 only a small percentage of the customers answer the feedback sheets. Their views are not a holistic representation of the views of the entire customers that the bank seeks to serve. This is thus a biased sample because it is non-representative of a majority of the customers. The scorecard takes into account the feedback of a proportion of the customers and employees hence may not represent the notions of the entire list of customers. For effective feedback and an inclusive scorecard, the management should look into a feedback system that includes the views of all the customers. The customer satisfaction section is one such example. The fact that the representative sample indicates that the customer satisfaction is below par does not mean that all the customers in the bank are dissatisfied with the services rendered.
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