Citibank: Performance Evaluation Argumentative
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1. Why has Citibank introduced a Performance Scorecard?
Citibank Performance Scorecard was introduced to reflect the importance of non-financial measures as leading indicators of strategy implementation; the California Division developed a Performance Scorecard. It supplemented existing financial measures with new measures reflecting important competitive dimensions in the bank’s strategy. Starting in the first quarter of 1996, Performance Scorecard goals and performance data became a central management tool to implement strategy and evaluate performance.
2. Assume that you are Lisa and Frits. What scores would you give James in each of the boxes in Exhibit 1? Briefly explain each score you award.
I gave James mostly above par for on his performance. His contribution margin improved by about 50% in one year. James grew balances in all business segments; retail, citigold, business and professional. He is a team builder who inspires his people with focus and order in his branch. James is quick to volunteer to help his peers or participate on special projects. His group was rated #1 in the marketplace, this makes him a strong leader. James is involved with various community groups for networking including the American heart walk campaign. He does all this while obtaining an MBA, which is amazing. James is admired and respected for looking outside of the box. I rated the customer satisfaction as Par on the performance card due to his concern for customer satisfaction scores and his rapid improvement on customer service in the fourth quarter. For dedicating his life to his career at the bank, he deserves above par.
3. Evaluate Citibank’s system:
a. What is good about it?
It shows recap of accomplishments and deliverables. This reveals great strength in how to lead an effort or contribute to team success. It allows one to see how they well they scored for interaction with team, customers, stakeholders. It showed his great results and team recognition.
b. What mistakes were made in the design and/or the implementation of the system?
It lacked references, feedback regarding customer interactions, or his team. I also did not see mistakes identified and how to prevent them. How to manage priorities such as customer satisfaction verses profits. I would add in self assessments: knowledge or skill that needs improvement. What are the areas for development opportunity? What one does well with little effort or direction? Recognition of how certain obstacles were dealt with.
c. What things need to be changed, and in what way(s) would you change each?
I would add in self assessments: knowledge or skill that needs improvement. What are the areas for development opportunity? What one does well with little effort or direction? Recognition of how certain obstacles were dealt with.