Struggling to Find a Balanced Scorecard Template? Seeking Advice from Those Who've Implemented It

Hi All,

I seek help from you with regard to "Balanced Scorecard".

I have gone through several posts on CiteHR about this, but I am still unable to find a good template for the "BSC".

1. I am looking for a template that has mentioned parameters.
2. I would appreciate help from people who have implemented it in their company.
3. I am looking for a method to implement the same.

Hope some of you would help me in this regard.

Thanks,
Smita

Dear Smita & Ramya,

Balanced Scorecard, as we all know, is a tool to measure performance. The measurement is carried out on the following four parameters:

1) Financial

2) Customer

3) Process

4) Capability

The scorecard is time-bound with mid-year & annual review.

I work in the financial services sector and my company is in the process of implementing the same.

The corporate strategy is at the center from which the departmental & individual targets flow. For example, if in the corporate scorecard, one of the objectives is to have a mentoring program in place for succession planning, then the said objective will be a part of the departmental scorecard for HR and finally trickle down to that of the person actually responsible to accomplish the said objective.

Since to accomplish certain objectives, one has to be interdependent, it is important to capture such interdependencies in the form of primary, secondary, or tertiary owner of the scorecard.

Most importantly, it is crucial to have a committed top management to ensure the implementation of this tool is successful since it requires sufficient time and resources of the top executives.

Hope I could be of some help.

Regards,

Archana

Hi Archana,

Thank you for the information provided. I did understand that it is a tool for measuring performance, but I am still unsure about the parameters to be considered for:
1) Financial
2) Customer
3) Process
4) Capability

I am in search of a template that can shed some light on the implementation. Anyways, Archana, thanks for the inputs. I would appreciate it if you could help me with some more information.

Thanks,
Smitha

Hi,

The Balanced Scorecard is one of the latest HR initiatives helping management to achieve organizational objectives through bottom-level employees.

In this strategy, management has to prioritize organizational goals into the following clusters:

1. Financial
2. Process
3. Customer
4. Learning

The goals of these four blocks should be communicated to the respective department HODs, and the concerned department team members have to derive their goals from the HOD.

Finally, each individual's goals need to be linked with organizational goals.

At the beginning of the financial year, organizational goals should be set and linked with departmental goals in the goal-setting process. During goal setting, which involves the preparation of goal sheets, it is essential to outline when, why, who, where, and how the particular goal will be accomplished.

The goal sheet should be reviewed every quarter to assess the progress and address any implementation difficulties by either reviewing or rescheduling the targets.

At the end of the year, the respective HODs will evaluate their subordinates' achievements by rating them.

This system can be integrated into our performance evaluation and reward system to motivate our human capital.

Thanks and Regards,

N. Ramakrishna Rao

Hi NRK Rao,

That was fabulous information from you regarding BSC. I had a query about the information mentioned by you.

"While goal setting, i.e., preparation of a goal sheet, we have to outline when, why, who, where, and how to accomplish the particular goal. Review: The goal sheet above should be reviewed every quarter to assess the status and address any difficulties in implementation by reviewing or rescheduling the targets."

I need to know whether goals have to be defined in the areas of:
1. Financial
2. Process
3. Customer
4. Learning

I am looking for a practical implementation of the same.

Anyway, thanks for the information.

Regards,
Smita

Hi Smita,

Normally for every task, we frame the action plan to complete as follows:

- What is the task?
- When will the task be completed?
- Why is the particular task identified, and what is the correlation to our objective?
- Where is it to be done?
- How is the task to be implemented?

Like the above, we can prepare our goals with an action plan in the goal sheet.

Regarding the 4 blocks:

We will classify the overall goals into:
- Financial perspective
- Process perspective
- Customers' perspective
- Learning perspective.

Regards,
N. Ramakrishna Rao