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Organizational Goals: Financial

The document discusses the organizational goals of Milliman across four categories: financial, internal business processes, customer, and learning and growth. The financial goals focus on profitability, growth and shareholder value through objectives like minimizing financial risk and maximizing security. The internal business process goals determine how well the business and products/services perform, and include streamlining processes. The customer goals focus on customer satisfaction and understanding what customers want. The learning and growth goals concern employee performance, skills, culture and knowledge through education, mentoring and diversity programs. A balanced scorecard is also used to communicate goals, align work with strategy and set targets across the categories.

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Vaishnavi Khandelwal
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38 views2 pages

Organizational Goals: Financial

The document discusses the organizational goals of Milliman across four categories: financial, internal business processes, customer, and learning and growth. The financial goals focus on profitability, growth and shareholder value through objectives like minimizing financial risk and maximizing security. The internal business process goals determine how well the business and products/services perform, and include streamlining processes. The customer goals focus on customer satisfaction and understanding what customers want. The learning and growth goals concern employee performance, skills, culture and knowledge through education, mentoring and diversity programs. A balanced scorecard is also used to communicate goals, align work with strategy and set targets across the categories.

Uploaded by

Vaishnavi Khandelwal
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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“Organizational Goals

Financial:
Financial “performance measures indicate whether the company’s strategy, implementation, and
execution are contributing to bottom-line improvement. Typical financial goals have to do with
profitability, growth, and shareholder value. Milliman as an organization completely focuses on
its financial goals through objectives like minimizing financial risk, maximizing financial
security, reducing the expenses etc.

Internal Business Processes:


Objectives and measures that determine how well the business is running and whether the
products or services conform to what is required by the customers, in other words, what should
we be best at. Some of the biggest cost items can be reduced by streamlining internal processes.
This is also the best area to focus on new and creative ideas. Maximum utilization of all human
resources, creative and flexible work environment, reducing time spent on every activity,
involving technology could be some of the examples for internal business processes.

Customer:
Objectives and measures that are directly related to the organisation’s customers, focusing on
customer satisfaction. To answer the question: How do our customers see us. It is always
important to take a step outside and view your company or organisation from your customers
view point. You need to understand what they want from you, not necessarily, what you can do
for them.

Driving decisions that affect millions of people around the world. Innovative work and
pioneering technology helping revolutionize the financing and delivery of healthcare, the
management of risk across complex systems and organizations, and the development of
retirement planning and financial risk management solutions. To reduce the risks to businesses
and communities around the world which are growing increasingly complex and unpredictable.

Learning and growth:


Objectives and measures concerning how well our people perform, their skills, training,
company culture, leadership and knowledge base. This area also includes infrastructure and
technology.They nurture and celebrate employees through activities that promote diversity and
inclusion. They are committed to increasing under-represented people in our industry through
scholarship programs and sponsorships of the International Association of Black Actuaries and
the Organization of Latino Actuaries. Education and mentoring programs, including Milliman
University and the Milliman Mentorship Program, help employees grow in their careers.and the
goals of Equal Employment Opportunity”
Balanced Scorecard:
The balanced scorecard (BSC) is a strategic planning and management system. Organizations
use BSCs to: Communicate what they are trying to accomplish. Align the day-to-day work that
everyone is doing with strategy.

Strategic Objectives Measures Targets

Financial  Minimizing  Reduced % debt


Financial Risk loans >60% expense
 Maximizing  Optimizing
Financial Security expense
Customer  Innovative and  %Market 3% up this year
technology driven Share 85% this financial year
solutions  Customer
 Customer satisfaction
satisfaction index
Internal Business  Improve offering  Brand 5% increase per year
Processes selection Awareness >80% every reporting
 Improve cost  Cost year
control efficiency
index
Learning and  Employee’s  Education 80% efficiency
Growth career growth and
 Equal mentoring 10% more diversity in
Employment programs a year
Opportunity  Scholarship
programs and
sponsorships

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