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Balanced Scorecards & Performance Reviews: Don’t Get Caught Out
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Date: 20th Nov 2009
This year’s Balanced Scorecard Reviews are being carried out right now - with managers responsible for having completed the initial ratings for their teams by 20th November - six weeks ahead of the end of the year.
Against this backdrop there are a number of key issues of which LTU members should be aware:
● As a result of these ratings, it is likely that more staff than ever before are going to find themselves on informal Coaching Plans or even formal Performance Improvement Plans (PIP’s), which could eventually result in them being dismissed for inadequate performance. Read more about the Bank’s Performance Management plans inside.
● Balanced Scorecard Ratings can determine your future. Staff faced with going through Profiling and Preferencing exercises as part of restructuring plans are required to include their last three BSC ratings. These results are then weighted (typically 40%) and the implications of a ‘Partially Met’ versus a ‘Met’ could mean the difference between selection for a role or staff finding themselves passed over in favour of other candidates.
● Balanced Scorecard Ratings matter when it comes to Pay Reviews. Staff with lower ratings must expect to receive lower pay increases than staff who have ‘Met’ or ‘Exceeded’ expectations. But there are occasions when staff have deserved ‘Met’ ratings but been rated only ‘Partially Met’ - hence losing out on pay increases - yet failed to challenge the decision for fear of ‘having their card marked’ or being perceived as trouble makers.
The facts are simple. Accepting a lower Performance Rating than members deserve could result in them missing out on pay increases, suffering reductions in their Severance Terms entitlement or even being made compulsorily redundant.
Staff cannot afford to be complacent and should contact LTU straightaway - on 01234 262868 - for professional advice and support if they think they are being treated unfairly.
Given the short timescales involved it is essential that staff not only prepare thoroughly for their BSC Reviews, but ensure that all key factors are taken into consideration when determining their rating.
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