Dear HR Friends, I want to know about Balance score card. What it means? What is benefits of this concept. Govind
From India, Mumbai
Acknowledge(1)
Amend(0)
2From India, Mumbai
Acknowledge(1)Amend(0)
Dear Govind,
BSC is the corporate performance management system used to underpin the organization's performance from four different dimensions:
Financial
Customer
Internal processes
Employee/Learning
These four dimensions provide accurate insights into how the organization is faring concerning planned objectives for a specific period, typically a year.
The first step is to identify objectives (assuming the vision/mission is clarified) for each of the four dimensions. Then, Key Performance Indicators (KPIs) or measures are developed to assess the achievement of the defined objectives. The measures will have a timeline or target, along with the necessary initiatives to be taken towards the same.
Here's an example:
Objective - Value proposition maximization
Measure - CSAT score
Target - 95% and above
Initiative - setting up the CSAT survey (design and implementation)
This is a simplistic definition. I hope this provides you with a basic understanding of the concept.
Regards,
Rajesh Balasubramanian
Senior Consultant - HRC
Ma Foi Consulting Solutions Limited, Chennai
+91 97909 21413
From India, Madras
Acknowledge(0)Amend(0)
BSC is the corporate performance management system used to underpin the organization's performance from four different dimensions:
Financial
Customer
Internal processes
Employee/Learning
These four dimensions provide accurate insights into how the organization is faring concerning planned objectives for a specific period, typically a year.
The first step is to identify objectives (assuming the vision/mission is clarified) for each of the four dimensions. Then, Key Performance Indicators (KPIs) or measures are developed to assess the achievement of the defined objectives. The measures will have a timeline or target, along with the necessary initiatives to be taken towards the same.
Here's an example:
Objective - Value proposition maximization
Measure - CSAT score
Target - 95% and above
Initiative - setting up the CSAT survey (design and implementation)
This is a simplistic definition. I hope this provides you with a basic understanding of the concept.
Regards,
Rajesh Balasubramanian
Senior Consultant - HRC
Ma Foi Consulting Solutions Limited, Chennai
+91 97909 21413
From India, Madras
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
Performance Management System.doc