Hi Prashant,
Balanced Scorecard is a tool for simultaneously aligning all four perspectives to achieve the Business objective. It brings about a greater harmony of the Business perspectives at Locational, Functional and Divisional levels. Hence each and every perspective should be evaluated on the returns generated.
An HR practitioner’s perspective of Balanced Scorecard is that of a tool that integrates the HR activities with the Business perspectives leading to the achievement of the end-objectives. A comprehensive HR Balanced Scorecard to help HR practitioners to deliver visible and measurable HR contribution to the Business. It will also help in bringing about changes in the workplace by fostering a climate of innovation and intrapreneurship.It will lead to a smooth transition of HR into the 21st century by building a strong and credible HR system and is a proactive step towards Human Resource Capital Management.
The Business Unit Balanced Scorecard served as the guiding force for drawing up the scorecards for different Lines of Business and the support functions.
HR role on the four perspectives is addressed as:
Financial: Improving the returns on the Human Capital employed.
Customer : Developing Human Resource to meet Internal and External Customer Expectations.
Internal Processes: Continuously evolving HR processes in order to meet the stakeholders expectation and contribute to the Business objectives.
Learning & Growth: Equip the HR team to deliver as planned.
The intent is to ensure that HR would deliver on clear and quantifiable measures and thus lead by being a role model. An attempt has been made to quantify HR by specifying the expected outcome and defining the corresponding quantifiable measure for it.
The Corporate HR Scorecard defines overall strategic priorities and context which will guide the HR activities .The Corporate HR BSC drawn up is consistent with the Business Unit strategic agenda on the four perspectives.
Quantifiable and objective measures are identified for all HR activities, on which targets are taken. For these measures, a strategic initiative plan is drawn up to spell out the specific action plan, the process owner and milestones indicating completion of a phase. Resource and Budget allocations are then deployed to bridge the gap between the current performance and the target.
Hope this will somehow help u.....