The last two years of pandemic turbulence have shown us the importance of being adaptive and agile in the face of setbacks. A good strategic performance analysis and governance process will help to manage the future transitions better. Those who did not have robust strategic governance and performance management systems suffered much more – the SME sector was one such victim.
In many global organisations, I have seen CHROs taking on the mantle of strategy execution using such frameworks as the balanced scorecard. The use of such frameworks is more relevant today than ever, and evidence shows that old frameworks need not be discarded. After all, Harvard Business Review says the balanced scorecard is the most revolutionary management tool of the last 75 years!
There is a valid reason for the CHRO to take this role – any execution of strategy can only happen through the employees. Any reluctant CHRO will be more motivated by the recent elevations of HR folks to CEO roles globally (Leena Nair at Chanel, Leslie Motter at Make-a-Wish, Brianan van Strijp at Anthemis, etc). Getting the holistic view of business will help them fast track this move. As our experience shows, the strategy execution champions normally become CEOs faster than their peers.
Assuming that an organisation has translated its strategy into a balanced scorecard format of strategic themes, objectives, metrics, and initiatives, how does one analyse the data to drive strategic governance? Strategic performance governance requires collecting, organising, scrutinising, and interpreting data. The goals are to know how well the strategy is getting managed, to test the soundness of the strategy itself, and to identify areas for
improvement or change. To prepare and conduct
This story is from the November 2022 edition of People Matters.
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This story is from the November 2022 edition of People Matters.
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