Discuss about the Business Case of Woolworths Limited.
This report depicts the importance performance assessment in organizations. In order to achieve competitive advantages from the marketplace it is necessary to evaluate the performance of every individual. Different techniques of performance assessment are described in this report and this practice based framework created a synergy between the planning and assessment of the business.
Various models and business marketing strategies are used in Woolworths Limited but to achieve proper resultant on performance assessment Balanced Score Card framework is used for further assessment. The application of Balanced Score Card and the usefulness of other parameter are also demonstrated in this report.
Performance assessment is referred to as an authentic testing technique. It is an approach to teaching and learning that values different application over the root memorization. This particular assessment analyzes the performance of the organization and all individuals involved to the business strategy (Klovien? & Speziale, 2015). Accurate application of knowledge, skills and working habits help to build different organizational learning experiences. The project based learning help to build value and brand images also.
This is an alternative approach, as performance of every individual leads towards the organizational success. Performance assessment is a vital component of culture. Performance assessment starts from project manager and ends up to the line manager and other employees (vom Brocke et al., 2014). Proper training and development program help to increase the overall performance of the organization.
During assessment of Woolworths Limited’s market position it has been found that in order to get the resultant of performance all the components are needed to be analyzed. The components are as follows:
Performance assessment provides benefits to organizations because it helps to drive a business towards high success (Safrudin et al., 2014). It is also referred to as a talent based management puzzle. The profits oriented to this performance assessment are:
Setting of goal and revising: Each and every employees working for an organization are needed to have proper knowledge regarding their job roles. On the other hand, the recruitment board of the organization should hire employees for suitable position. Then only the contribution of the employees will be granted as beneficial for an organization.
Coaching and management: Sometimes it is found that due to lack of knowledge and skills employees are unable to meet their service requirements (Sawe, Onyango & Njage, 2014). Performance assessment program helps to understand what kind of additional changes are needed to be adapted so that the performance of the organization can be improved in terms of commercial revenue.
Planning of development program: The business organization serves regular quality based feedback to their employees, so that, they could understand, which specific criteria are needed to be improved (Matsoso, 2014). If they want to achieve progress in their career then, they can fill the gaps and overcome the challenges by attending the training and development programs. Mainly the performance management system can also monitor and control an entire business process.
Individual focus enhancement: The focuses of every individual employee are different. It is not necessary that every employee are involved to their job roles but as the objective of an organization are aligned, thus, the work support of the employees will only help to meet the mission of the organization (Bhattacharya et al., 2014). Performance assessment drives an employee towards the pre determined goal of the organization.
Empowered and engaged workforce management: Shared accountability creates a culture that enhances the employee engagement. It helps them to gain development and growth in career. Performance management produces proper business infrastructure for the employees and organization as well.
The fluent journey and continuity of a business can be interrupted by different issues and those issues can affect the customers and the stakeholders as well (Gavurová & Šoltés, 2013). Not only this but also various operational context such as economical, legal, environmental, political, social and technological perspectives are also get affected by the organizational issue.
Figure 1: Balanced Score Card
(Source: Gavurová & Šoltés, 2013, pp-100)
These can be resolved by the adaptation of the balanced score card model. For the subsequent innovation and development of the organizational structure the components of balanced score card that are needed to be considered are as follows:
For any organization balanced score card is used as a measurement tool to understand the success level of an organization. Three basic additional perspectives such as consumers, internal business processes and learning and growth are related to this measurement model (Akbarian et al., 2014). This model acts as a translating tool that can convert the vision and business strategy of an organization into four different operational perspectives. The four perspectives are finance, customer, leaning and growth and the internal business process.
This model does not advocate non-financial measurement rather this is used to motivate measure and develop the performance of the employees working for an organization. Mainly, seven non-financial and one financial matrix are used to measure the performance of the employees of the organization (Keyes, 2016). The metrics are as follows:
|
Financial metrics |
Non-Financial metrics |
|
1. Profitability of an organization |
1. Market share 2. Productivity of an organization 3. Leadership management 4. Responsibility of the public 5. Personnel development 6. Attitude of the employees 7. Establishing balance between large-ranged and shot-ranged objectives of an organization |
The existing performance assessment model consists of six specific components such as purpose of the assessment, the problem scenario, characteristic of the problems, different solution based strategies, identification of the exact problem and the characteristic of the solution (Perkins, Grey & Remmers, 2014). Depending on the quality of the problems, best and suitable strategic solution is required to be adapted to resolve the identified issue. The purpose of performance assessment is to increase the organizational performance in terms of enhanced revenue.
Figure 2: Performance Assessment Method
(Source: Klovien? & Speziale, 2015, pp-50)
The project case is focused on the marketing strategy used by Woolworths Limited to gain competitive advantages from the competitive market (Gavurová & Šoltés, 2013). Marketing mix strategy is developed by the organization to garb huge number of consumers from Australia and New Zealand as well.
Objective of Woolworths Limited’s marketing case project is:
The target of Woolworths Limited is to achieve brand image and meet the requirement of the consumers.
In order to reach the future target and objective of Woolworths Limited the Balanced Score Card (BSC) method is referred to as very useful (Kallás & Sauaia, 2014). The strategic mapping helps to establish a link between the intangible asset and critical process for value positioning.
Figure 3: Balanced Score Card for Woolworths Limited
(Source: Sawe, Onyango & Njage, 2014, pp-340)
It helps to get financial outcomes by meeting the demand of the consumers. The financial perspective, deals with two strategies one is productivity and the other is growth strategy (Keyes, 2016). The consumer’s aspect deals with price, quality, availability, selection functionality, services, partnership and brand value.
The quality and availability of the proper product and services gives an improved cost structure that can utilize the asset properly. On the other hand the expanded revenue opportunities and consumer values helps Woolworths Limited to gain long term stakeholder values (Matsoso, 2014). The learning and growth aspect deals with organizational capital such as culture, leadership, strategic alignment and teamwork, certain information capital and human capital also. Appropriate services will provide beneficial operational management process, consumer management process, regulatory management and innovation and invention as well to Woolworths Limited.
Conclusion
From the overall discussion it can be concluded that, the performance assessment in terms of Balanced Score Card (BSC) helps Woolworths Limited to gain competitive advantages. The growth revenue structure will increase if the performance of all individual is judged with the measurement metrics. The importances of performance assessment in different organizations are elaborated in this report. Among different methods Balanced Score Card method is applied for Woolworths Limited to assess the performance of the organization.
References
Akbarian, M., Najafi, E., Tavakkoli-Moghaddam, R., & Hosseinzadeh-Lotfi, F. (2015). A network-based data envelope analysis model in a dynamic balanced score card. Mathematical Problems in Engineering, 2015.
Bhattacharya, A., Mohapatra, P., Kumar, V., Dey, P. K., Brady, M., Tiwari, M. K., & Nudurupati, S. S. (2014). Green supply chain performance measurement using fuzzy ANP-based balanced scorecard: a collaborative decision-making approach. Production Planning & Control, 25(8), 698-714.
Gavurová, B., & Šoltés, V. (2013). Application of the cross impact matrix method in problematic phases of the Balanced Scorecard system in private and public sector. Journal of Applied Economic Sciences (JAES), (1 (23)), 99-119.
Gavurová, B., & Šoltés, V. (2013). Application of the cross impact matrix method in problematic phases of the Balanced Scorecard system in private and public sector. Journal of Applied Economic Sciences (JAES), (1 (23)), 99-119.
Kallás, D., & Sauaia, A. C. A. (2014). Implementation and impacts of the Balanced Scorecard: An experiment with business games. Developments in Business Simulation and Experiential Learning, 31.
Keyes, J. (2016). Implementing the IT balanced scorecard: Aligning IT with corporate strategy. CRC Press.
Klovien?, L., & Speziale, M. T. (2015). Sustainability reporting as a challenge for performance measurement: literature review. Economics and Business, 26, 44-53.
Matsoso, M. L. (2014). Performance measures in supply chain management of small manufacturing enterprises (Doctoral dissertation, Cape Peninsula University of Technology).
Perkins, M., Grey, A., & Remmers, H. (2014). What do we really mean by “Balanced Scorecard”?. International Journal of Productivity and Performance Management, 63(2), 148-169.
Safrudin, N., Rosemann, M., Recker, J. C., & Genrich, M. (2014). A typology of business transformations. The 360º Business Transformation Journal, 2014(10), 24-41.
Sawe, C. T., Onyango, C. M., & Njage, P. M. K. (2014). Current food safety management systems in fresh produce exporting industry are associated with lower performance due to context riskiness: Case study. Food Control, 40, 335-343.
vom Brocke, J., Schmiedel, T., Recker, J., Trkman, P., Mertens, W., & Viaene, S. (2014). Ten principles of good business process management. Business Process Management Journal, 20(4), 530-548.
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