.What are the Multi goal setting frameworks used in Malaysian banking companies

There are several multi-goal setting frameworks that are commonly used by Malaysian banking companies. Some of these frameworks include:

Balanced Scorecard (BSC):

Balanced Scorecard (BSC) is a strategic management framework that helps organizations align their objectives, initiatives, and performance metrics with their overall mission and vision.

The BSC framework was developed in the early 1990s by Robert Kaplan and David Norton as a response to the limitations of traditional performance measurement systems, which focused primarily on financial metrics.

The BSC includes four interconnected perspectives:

Financial Perspective: This perspective focuses on the financial performance of an organization and includes metrics such as revenue growth, profitability, and return on investment.

Customer Perspective: This perspective focuses on customer satisfaction and includes metrics such as customer retention, customer loyalty, and customer complaints.

Internal Business Process Perspective: This perspective focuses on the internal processes of an organization that drive customer satisfaction and financial performance. Metrics in this perspective include process efficiency, product quality, and innovation.

Learning and Growth Perspective: This perspective focuses on the organization's ability to innovate, learn, and improve. Metrics in this perspective include employee satisfaction, employee training and development, and the organization's culture of innovation.

By measuring and monitoring performance in each of these perspectives, organizations can gain a more holistic view of their performance and identify areas for improvement. The BSC also helps organizations communicate their strategy to employees at all levels of the organization and align individual goals with the overall mission and vision.

OKRs (Objectives and Key Results):

OKRs, or Objectives and Key Results, is a goal-setting framework used by organizations to align individual and team goals with the overall mission and vision of the organization. The framework was first popularized by John Doerr, an investor and former executive at Intel, and has been widely adopted by many leading companies.

The OKR framework consists of two main components: objectives and key results. Objectives are high-level, ambitious goals that are aligned with the organization's mission and vision. Key results are measurable, specific outcomes that support the achievement of the objectives. Key results should be challenging, but achievable, and they should be specific, measurable, and time-bound.

The process of setting OKRs typically involves a collaborative effort between managers and employees at all levels of the organization. The objectives and key results should be aligned with the organization's overall strategy and should be reviewed regularly to ensure progress is being made.

The benefits of using OKRs include increased focus and alignment, better communication and transparency, improved motivation and engagement, and more agile and adaptable goal-setting. By setting clear and measurable objectives and key results, organizations can ensure that everyone is working towards the same goals and that progress is being tracked and communicated effectively.

SMART (Specific, Measurable, Achievable, Relevant, Time-bound):

SMART is an acronym that stands for Specific, Measurable, Achievable, Relevant, and Time-bound. It is a framework used for setting goals and objectives that are clear, actionable, and realistic. The SMART framework is widely used in business, education, and personal development to ensure that goals are well-defined and achievable.

Here is a breakdown of what each letter in the SMART acronym means:

S - Specific: Goals should be clear and specific. This means that they should be well-defined and focused on a single, clear outcome.

M - Measurable: Goals should be measurable, meaning that there should be a clear way to track progress and determine when the goal has been achieved.

A - Achievable: Goals should be realistic and achievable, given the available resources, skills, and time. Goals that are too challenging or unrealistic can lead to frustration and lack of motivation.

R - Relevant: Goals should be relevant to the overall mission and vision of the organization or individual. This means that they should be aligned with broader objectives and contribute to the overall success of the organization or individual.

T - Time-bound: Goals should be time-bound, meaning that there should be a clear deadline for achieving the goal. This helps to create a sense of urgency and accountability.

By following the SMART framework, individuals and organizations can ensure that goals are well-defined, achievable, and aligned with broader objectives. This can help to increase motivation, focus, and ultimately, success.

MBO (Management by Objectives):

Management by Objectives (MBO) is a performance management framework that emphasizes the importance of setting and achieving specific, measurable goals within an organization. The MBO approach was popularized by management theorist Peter Drucker in the mid-20th century.

In the MBO framework, managers and employees work together to establish measurable objectives that are aligned with the organization's overall mission and strategy. Objectives are typically set at the beginning of a performance period and are reviewed and updated regularly throughout the period.

The MBO process typically involves the following steps:

Setting objectives: Managers and employees work together to establish specific, measurable objectives that are aligned with the organization's overall mission and strategy.

Developing action plans: Once objectives are set, employees and managers work together to develop action plans for achieving them. Action plans should be specific and include deadlines, resources needed, and any necessary training or support.

Implementing the plan: Employees work to implement the action plan and achieve the objectives.

Reviewing progress: Managers and employees meet regularly to review progress and make any necessary adjustments to the action plan.

Evaluating results: At the end of the performance period, employees and managers evaluate the results and determine how well the objectives were achieved.

The MBO approach emphasizes the importance of clear communication, collaboration, and accountability within an organization. By setting specific, measurable objectives and regularly reviewing progress, managers and employees can work together to achieve better performance and results.

These are just a few of the multi-goal setting frameworks that are commonly used by Malaysian banking companies. The choice of framework will depend on the specific needs of the organization and the goals they want to achieve.