Balanced Scorecard for Time-Keeping System Implementation Project

Objective

To successfully implement a new time-keeping system that accurately tracks hourly and salaried employees’ time and attendance, enhancing efficiency, employee satisfaction, and overall business operations.

Perspectives

Financial Perspective

• Measure: Project cost variance (PCV)
• Target: PCV < 5%
• Initiative: Regular cost control reviews and budget adjustments

Customer Perspective

• Measure: Employee satisfaction with the new time-keeping system
• Target: 90% satisfaction rate
• Initiative: Employee feedback surveys and system training sessions

Internal Process Perspective

• Measure: Time taken to process payroll
• Target: Reduce payroll processing time by 10%
• Initiative: Automate payroll processing tasks and streamline workflows

Learning and Growth Perspective

• Measure: Employee training completion rates
• Target: 95% completion rate for time-keeping system training
• Initiative: Comprehensive training program and ongoing support resources

Effectiveness Measures

• Project completion: Successfully implement the new time-keeping system within the specified timeframe and budget.
• System accuracy: Ensure accurate tracking of hourly and salaried employees’ time and attendance.
• Employee satisfaction: Achieve a 90% or higher employee satisfaction rate with the new time-keeping system.
• Payroll efficiency: Reduce payroll processing time by 10%.
• Employee training: Achieve a 95% or higher completion rate for time-keeping system training.

Evaluation Plan

The effectiveness of the project will be evaluated throughout the implementation process and upon project completion. Regular progress reports will be generated to track progress against objectives and targets. Employee feedback surveys will be conducted to assess system usability and satisfaction. Time taken to process payroll will be monitored to measure improvements in efficiency. Employee training completion rates will be tracked to ensure adequate system knowledge.

Project Success Criteria

The project will be considered successful if it meets the following criteria:

• The new time-keeping system is implemented within the specified timeframe and budget.
• The system accurately tracks hourly and salaried employees’ time and attendance.
• Employee satisfaction with the new time-keeping system reaches 90% or higher.
• Payroll processing time is reduced by 10%.
• Employee training completion rates reach 95% or higher.

Balanced Scorecard Implementation

The balanced scorecard will be implemented by establishing a project management team responsible for monitoring progress against objectives and targets. Regular meetings will be held to discuss progress, identify challenges, and implement corrective actions. Project status reports will be shared with stakeholders to ensure transparency and accountability.