Execution Excellence
What is execution excellence and why is it important?
Execution excellence is a transformation program intended to be implemented on the following elements of the workforce of the Central Bank or Armenia:
- Culture
- Governance
- Performance management
- Project management
- Key processes
It is crucial to implement a transformation program to achieve positive outcomes on the long run.
The purpose of the program is to increase the work efficiency and productivity of the Central Bank’s employees at all levels of the hierarchy. Through the implementation of the transformation program, the approach of work and ethics will positively shift to allow the numerous members of the institution to stay up-to-date and informed about all activities that are occurring by all employees at the Bank and stay organized in order to move forward and take on various projects simultaneously.
How does it work?
The current approach of work and ethics mentioned in the CBA strategy will be evaluated to achieve favorable outcomes.
The first element that will go through the transformation is culture, which consists of communication, formal mechanisms, capacity building, knowledge management, and role modeling. The program aims to establish a clear sense of ownership and accountability, teamwork-oriented collaboration, shared goals, and targets that will allow the Central Bank to achieve its vision and mission; employees will be performance-oriented while having a foundation of mutual respect and trust.
The second element is governance, which includes the Strategy and Governance office setup, updating the organizational structure, as well as the committee structure and processes. Regarding the new organizational structure, the role of the chief executive officer will be introduced for support functions, in addition to a Strategy and Governance directorate setup, a well-balanced organizational structure with clear reporting paths, no unwanted functional overlaps, and an optimized structure. In terms of governance, all decisions will be clearly reflected in committees with committee charters, each committee will be prepared by an accountable executive according to a well-defined process.
Performance management is the third element consisting of goal setting, evaluation, and consequences. A well-defined performance management system will be installed
based on cascaded SMART goals, rigid performance appraisal paired with ongoing professional development, and effective consequence management.
Project management, another element, focuses on portfolio finalization and program cadence launch. The governance structure and process for managing transformation programs will be equipped with clearly defined roles and responsibilities, performance cadence, standardized tools, and templates.
Lastly, the key processes of the Central Bank will go through the transformation including optimization and continuous improvement. Many paper-heavy and inefficient processes exist that must be documented sufficiently and contain vast optimization potential that should be leveraged by the Bank.
How do we achieve our goals?
Our team acknowledges the significance of the corporate culture and continuously strives to enhance it through various initiatives to reach our highly esteemed strategic goals. Our efforts include developing modernized and strategic communication mechanisms to establish rules and norms, to maintain our commitment to continuous improvement and communication transparency.
We are aiming to sublimate our governance structure with scoping, defining required resources, and developing staffing plans. We tackle our performance management to enhance our team work and be able to improve both our personal and institutional achievements. In order to precisely implement our flagship goals, we plan to embed a detailed performance evaluation system. To succeed, we aim to immediately notice and suspend the possible risks, ensuring the risk-free functionality of each stage gate process and implementing a comprehensive approach for effective portfolio management.
In the realm of continuous improvement, our team is dedicated to refining and advancing its key processes for sustained efficiency and effectiveness.