Barclays Bold, Concise and Clear 5 Year Plan
BARCLAYS BOLD, CONCISE AND CLEAR 5 YEAR PLAN TO BECOME THE “GO-TO” BANK RELIES ON THE BALANCED SCORECARD TO ENSURE SUSTAINABLE SUCCESS
In 2013, Barclays came up with a clear, concise and ambitious vision to become the “Go-To” bank. Antony Jenkins, Group Chief Executive, says, “The Balanced Scorecard is the final crucial piece of our plan; alongside our Purpose, Values and Behaviours to embed the right culture in our business.”
Professor Robert Kaplan and Dr Dave Norton say a successful vision should be concise, simple and have a quantitative target and time frame.
Here are some examples of very BIG, AUDACIOUS, HAIRY visions that are not concise and quantifiable.
Google’s “Organise the world’s information & make it universally accessible & useful”–, Bill Gates “put a pc on every desk”; JFK put a man on the moon and return him safely to earth by the end of the decade.
Barclays Vision “Become the GO to Bank by 2015” couldn’t be more concise and quantitative by time frame. Essential to this success they put citizenship in terms of social and environmental performance at the heart of everything they do.
The 5 C’s of Citizenship at Barclays:
- Customer and Client
- Colleague
- Citizenship
- Conduct
- Company
Kaplan and Norton, also say that a successful Balanced Scorecard should not be cluttered with non- strategic measures. Barclays essentially have 11 metrics. To date they are on track on 10 out of 11 metrics for 2012/2013 and making progress against 2015 goals. How do some of their metrics stack up?
- 94% of almost 140 000 employees attest to the new code of conduct.
- 5,2 % reduction year-on year in global carbon emissions.
- In 2013, they delivers 34bn in new and renewed lending – on track to meet 2015 goal of 150bn.
- In 2013, they delivered 13,4bn in new and renewed lending to SME’s – also on track to meet 2015 goal of 50bn.
- 1150 apprenticeships provided – also on track towards target of 2000 by end 2015
- 2,43 million young people supported in developing enterprise, employability and financial skills – on track to support 5 million Young Futures by 2015.
In 2012, when Professor Robert Kaplan visited South Africa, he was asked about the vulnerability of an organisation to replicate and copy your Balanced Scorecard giving them a competitive heads-up. This is what he said.” In my experience, it is not easy to replicate a scorecard as the passion, commitment and innovation in creating it, is crucial to its success.” Nicola Tyler, CEO of Business Results Group says this (and has been saying this for years), “The closer someone is the origination of an idea; the more likely they are to act on it.”
Research has shown that companies who implement the Balanced Scorecard enjoy 50 -150% improvement in shareholder value.
Sept. 2014
In 2014, BRG & GIBS will present Dave Norton – Live and in Person: Executing Strategy: Balanced Scorecard Essentials. The 2014 programme includes the latest findings and experiences in strategy, measurement, leadership, human capital and cross functional priorities and solutions.
Dr Dave Norton has most recently been honoured by Thinkers 50 in their Hall of Fame sharing this acclaim with Tom Peters, Warren Bennis, Howard Gardner, Charles Handy, Philip Kotler, Henry Mintzberg, Kenichi Omae, Ikujiro Nonaka and his colleague Professor Kaplan, for their mammoth contribution to business management and leadership. Harvard Business Review recognised the Balanced Scorecard as one of the most influential management ideas in the past 75 years.
