Enhancing Performance Management Using The Balanced Scorecard at FBN Insurance

Date of completion: 02.03.2015

Description:

THE CLIENT:

The Workplace Center (TWPC) & FBN Life (now FBN Insurance)
The Workplace Center (TWPC) collaborated with FBN Life (now FBN Insurance) to address performance management gaps. P4PE Institute provided expertise on implementing a balanced scorecard for performance management.

THE CHALLENGE
FBN Life faced execution gaps in performance management, talent development, and strategy alignment. Issues included inconsistent goal setting, subjective performance appraisal, and a lack of departmental work plans and scorecards, hindering strategic execution and employee development.

THE SOLUTION
TWPC conducted a comprehensive assessment and proposed an integrated Talent Management Framework. This involved developing a competency framework to align HR processes, implementing a Balanced Scorecard methodology for goal setting, and establishing effective performance conversations and training programs linked to organizational strategy.

THE RESULT
The project resulted in the alignment of HR processes with organizational goals, enhanced goal-setting methodologies, and improved performance conversations. Additionally, the implementation of departmental work plans and scorecards improved strategic execution, accountability, and performance tracking across departments.

DATE & DURATION
The project was initiated in March 2015 and lasted 8 weeks.

FEEDBACK/TESTIMONIAL
– “The clarity brought to our performance management system has been invaluable. We now have a structured approach to aligning our workforce with strategic goals.” – HR Manager, FBN Life
– “The expertise provided by TWPC and Joel Omeike has transformed our talent management processes, leading to more effective performance conversations and strategic execution.” – CEO, FBN Life

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