Improving performance management has been identified as core to achieving the strategic objectives of an entity. In 2008, the Fund implemented a performance management system (PMS) to plan, monitor and evaluate performance. Though well crafted, this plan failed and Fund performance continued to be at sub-optimal levels.

 

In order to improve our services and maintain our strong financial position we had to implement a robust PMS. We developed a PMS that was customized from the balanced score card framework and named it the 1cNavigator 1d. In order to spur staff interest, a performance based reward scheme was integrated into the Navigator.

 

Since the implementation of the Navigator in 2011, our performance has greatly improved. The Fund has doubled in size from USD800m to USD1.6 billion, turnaround benefit times have decreased from 105 days to 15 days, interest paid to members reached, and has been maintained, at double digit rates, and member satisfaction levels have increased from 49 to 83% (2014).

 

This improved performance is because of our unique approach to performance management.