Graphic adopts ‘Balanced Scorecard’
The Graphic Communications Group Limited (GCGL), Ghana’s leading print media organisation, has launched a system for monitoring targets set by itself and its staff to achieve customer satisfaction, as well as optimise profit.
Dubbed the ‘Balanced Scorecard’ (BSC), it is a strategic planning and performance management system used by top companies across the world to develop and communicate their strategic plans and track progress of those plans.
The BSC is used by 65 per cent of Fortune 500 companies, as well as hundreds of other organisations around the world. Other companies using the BSC in Ghana are the Social Security and National Insurance Thrust (SSNIT), the Volta River Authority (VRA), Electricity Company of Ghana (ECG) and the Ghana Revenue Authority (GRA).
At a staff durbar to launch the BSC in Accra yesterday, the Managing Director of GCGL, Mr Kenneth Ashigbey, said the system was a roadmap that would help the company to connect its strategy to its vision.
In the company’s new vision which spans 2012-2017, the GCGL has obligated itself to become “the dominant multimedia group in West Africa, telling the African story.”
The company’s mission has also been recrafted as “to empower our audience and customers everywhere with authentic information and excellent products through visionary leadership and strong brands”.
Among others, the BSC is intended to also help the company to improve on the way performance is appraised, to enable employees to aim higher, and improve their monetary gains.
Leading multimedia organisation in West Africa
Mr Ashigbey said with the introduction of the scorecard, the ultimate objective would be for GCGL to be a leading and top-of-the-mind multimedia company in English-speaking West Africa by 2017.
“We will reinforce our dominance in our home market, Ghana. This means we will maintain our leadership position in print media and become one of the top three multimedia organisations in terms of circulation, audience reach, advert spend and sales revenue…,” he said.
He also said the new system would provide a tool for employees to understand how their respective day-to-day work contributes to the company’s success.”
Setting for itself eight core values, which include leadership in all that it does, exhibition of high level of professionalism and integrity, commitment to excellence, customer focus and working as a team, the company, Mr Ashiegbey said, had four strategic themes that would help it to achieve the desired results.
The themes are: business growth, operational excellence, service excellence and innovation.
Mr Ashigbey added that the introduction of the BSC had made GCGL the first media organisation in Ghana to adopt the balanced scorecard, and said, “If you and I commit to excellence so far as the BSC is concerned, we will leave Graphic a better institution than we met it”.
One of two consultants who facilitated the development of the BSC for the GCGL, Mr Kayode Sufianu from the BSC Institute, West Africa, commended the GCGL for taking that bold initiative.
He said with the adoption of the BSC, the company’s employees would know what was expected of them, as well as how to track their goals to achieve their targets at the end of the year.
By Rebecca Quaicoe-Duho/Daily Graphic/Ghana