Businesses across the USA are on alert. Workplace productivity is falling at its fastest rate since 1981.

Maybe you’re looking for ways to improve productivity. You might be planning on adopting the balanced scorecard approach in your own company and reaping the rewards of this efficient management style.

Read on to find out more about how to implement the system in your business.

What Is a Balanced Scorecard Approach?

A balanced scorecard is a management tool, allowing managers an effective way of monitoring progress and searching for improvements.

It doesn’t rely on murky communication between managers and employees. Instead, the scorecard makes use of a numbered system which makes reviewing performances clearer and easier.

The Magic Numbers

Managing employees and getting the best out of workers can be tough. But taking a scientific, numerical approach is a great way to make management easier and more productive.

There’s a good reason this approach has been adopted by major corporations from around the world.

Extra Efficiency

Traditional performance reviews can sometimes be unclear in their goals. Human error and interpretation of individual criticisms can undermine the entire process.

Making use of scorecards allows employers and employees alike a better understanding of the process. It also offers a clearer route to improvement.

This improves efficiency across the board, saving time around the company. Avoiding lots of regular, unnecessary meeting time in favor of a more streamlined approach can save you money in the long run.

Goals To Strive For

During a traditional performance review, goals for improvement can be a difficult issue. Presenting an employee with vague ideas for improvement like “improve organization” or “be more of a team player” can be ineffective.

But a goal with a clear, numbered endpoint can encourage easier advancement towards important milestones.

When employees can measure their progress against a clear set of numerical values, it makes it easier for them to achieve their goals. It’s like losing weight or saving money: seeing a number move along a sliding scale is incredibly motivating.

Gather Info

To make the best of scorecards, be sure to gather important information before deploying the system across your business.

Talk with managers and employees at all levels to get ideas on how to approach the issue. You might be surprised by the insight on the ground workers can offer to the process.

Creating a Scorecard

It’s important to keep a few key principles in mind when designing your scorecards.

Just because they’re numerically based, that doesn’t mean they should be generic. It’s important to choose criteria that are important to your company and will help your employees improve the quality of their work.

At the same time, it can be a good idea to stick with the basics. Remember, the process is designed to simplify important managerial tasks. If you fill your scorecard with irrelevant data, it’ll become less effective in the long run.

Boost Your Management Skills

Using a balanced scorecard approach is a great way to improve your management skills or boost efficiency in your business. And there are lots of other great ways for you to increase productivity in the workplace and help your employees develop their skills.

To get all the skills you need to create great quality scorecards and other quality management resources, contact Turtle Works today.