How To Make A BALANCED SCORECARD - CiteHR
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Raj Kumar Hansdah
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Hi, I am interested in knowing how does one make a BALANCED SCORECARD. What are the parameters/factors etc. that need to be taken into consideration? Regards Vinisha
Hi, I wanted to know post Performance Appraisal, how does one arrive at a BELL CURVE? If someone can give a demo/provide examples it will be great. Regards Vinisha
Hi, I wanted to know how does one do Competency Mapping in an organization? What are the factors that should be taken into consideration? Examples will be appreciated. Regards Vinisha
Hi, I wanted to do Budgeting for my organization. Can anyone pls help me with this? I am absolute novice at this so will need steps and examples. Regards Vinisha
Dear Vinisha ,
Are you designing Performance Management for your organization or is it a project that you are woking as a student?
Please consider the following link while researching the same
https://www.citehr.com/85989-bell-cu...appraisal.html
https://www.citehr.com/88087-force-r...ell-curve.html
https://www.citehr.com/96800-bell-cu...m-tweaked.html
https://www.citehr.com/152879-format...increment.html
Regards,
(Cite Contribution)

Hi All,
I need clarification on Difference between Compensation & Benefits & Payroll. What makes them different and if one has to plan for Comp & Ben & Payroll of an organization, how does one go about it? What factors need to be kept in mind for both? How to calculate them, plan for them etc.
Regards
Vinisha

Dear (Cite Contribution), Thanks a lot for sharing the links. I will go through them and in case of any doubt, I will connect with you again. Regards Vinisha
Dear vinisha_kaul

I find that you had been asking short one-shot questions without giving much information.

In fact when asked by (Cite Contribution), "Are you designing Performance Management for your organization or is it a project that you are woking as a student?"; you still have not come out with any information.

I hope that you"ll agree that no worthwhile assistance can be rendered, unless the person divulges more information about herself; the purpose of seeking information; where the information will fit in her scheme of things etc.

For obvious reasons, I have merged all your threads in one.

Please inform the CiteHR members, whether you are a Management student or an HR Fresher, to enable them to help you better.

Apart from the useful links provided by (Cite Contribution); I would like you to know the following facts about your queries :

How to make a BALANCED SCORECARD ? :
An individual does not "make" or create a Balanced Scorecard. A Balanced Scorecard is strategic performance management tool, a concept and a strategy which has already been "created" by Dr. Robert S. Kaplan and David P. Norton, which assesses or measures an organization's performance on 4 perspectives namely; Financial. Customer, Internal Processes and Employee Learning & Growth.

So the question is not as much "to create" it, but rather "how to apply it".

How does one arrive at a BELL CURVE ? :
The appropriate answer to your question would be - One can arrive at Bell curve by plotting the normal distribution of a naturally occurring data set, which have a normal tendency to cluster around a mean value.

What it means is; if you take a set of data of the height or intelligence or income of all the citizens of a country, state or city; and then tabulate the values and plot them on a chart; you"ll find that resulting figure resembles a bell, with the majority of the data clustering around the mean and a small number of outliers spread above or below the mean.

This is called the Normal Distribution or Gaussian Distribution; and the graph of the associated probability density function is bell-shaped, with a peak at the mean.

This is applicable to any random or normal group of students in a class, institute, employees in a company etc.

But when applied in the above settings, certain problems crop up. Because the employees in a good company; or students in IIT/IIM are not just a normal random group; but picked up selectively through careful entry tests. So when we apply the Bell Curve on them, it has to be applied "forcefully" by "doctoring" the results; and hence it is unfair to those who are at the receiving end.

How to do Competency Mapping? :
It is a very complex process.
I sincerely suggest that , if you are a fresher and since you do not know what it is; you should stay away from actually trying to implement it, for at least a year or so; till you acquire the knowledge and skill to understand its various components.

Competency mapping involves, first identifying the required competencies (and their level) for doing a particular job, under a particular job designation/job description. Subsequently, these identified key competencies are used in several HR processes throughout the organization; such as in recruitment, training and development, performance management etc.

How to do Budgeting for an Organization? :
Budgeting for an Organization, again, is a tremendously huge activity and involves a number of Finance professionals.

Instead of the above; you"ll at best, in your career, be asked to prepare or project a Manpower Budget; which you can try to attempt by analyzing the previous year's manpower budget and costs; factoring-in the manpower costs of any proposed new project and expansion; new hires, separation costs of outgoing employees; and finally, all the while keeping your fingers crossed for any 'adverse' findings in the current salary surveys and employee expectations.

What is the Difference between Compensation & Benefits & Payroll ? :
First of all, "Compensation and Benefits" is one term and "Payroll" is another.

Payroll literally means the big roll of paper which contain the list of all employees and their salaries.

However, in practice, Payroll means the activities related to processing the pay/salary or wages of all the employees.

It involves knowledge of salary rates of employees; their attendance data; deductions from salary, if any; tax rates and statutory deductions applicable, etc.

"Compensation & Benefits" in itself is becoming a very specialized field wherein experts design innovative and appropriate rewards for performance across industries and levels of occupation.

Hope you"ll find the above useful, as a starting point for your queries. These topics have been widely discussed in CiteHR.com in the past, and you"ll definitely find it rewarding to do a "SEARCH" using the Search option at the top of this page.

Warm regards.

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