Hi,
Can anybody explain the concept of "Balanced Scorecard Method"? Is it an OD technique or an appraisal tool? Kindly elaborate on how it is relevant and useful for the HR Department in today's professional world. It will be great if someone can explain this concept in the context of an IT organization.
Pals, please help me understand the concept!
Regards,
Shruti :)
From India, Delhi
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Can anybody explain the concept of "Balanced Scorecard Method"? Is it an OD technique or an appraisal tool? Kindly elaborate on how it is relevant and useful for the HR Department in today's professional world. It will be great if someone can explain this concept in the context of an IT organization.
Pals, please help me understand the concept!
Regards,
Shruti :)
From India, Delhi
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Hi,
The Balanced Scorecard (BSC) has nothing to do with the HR domain. In fact, the BSC is implemented as a reporting tool that includes measures related to the overall performance of the organization.
In a typical BSC implementation, performance and related measures from the following areas would be considered, and the data would be analyzed against the organizational objectives:
- Financial Perspective
- Customer Perspective
- Employee Learning
- Internal Processes
A well-implemented BSC can help managers identify key metrics and thereby identify deviations from the original plan.
To simplify, the concept can be compared to that of a dashboard in a vehicle. The dashboard provides all information about the car to the driver at a glance. Similarly, the BSC serves the same purpose in an organizational context.
The BSC was formulated by Mr. Kaplan and David Norton. Recently, new concepts have emerged in the BSC, such as the Performance Prism and the Third Generation BSC.
I hope this provides you with some basics of the BSC.
Keep learning!
Prasanth
From United Arab Emirates, Dubai
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9The Balanced Scorecard (BSC) has nothing to do with the HR domain. In fact, the BSC is implemented as a reporting tool that includes measures related to the overall performance of the organization.
In a typical BSC implementation, performance and related measures from the following areas would be considered, and the data would be analyzed against the organizational objectives:
- Financial Perspective
- Customer Perspective
- Employee Learning
- Internal Processes
A well-implemented BSC can help managers identify key metrics and thereby identify deviations from the original plan.
To simplify, the concept can be compared to that of a dashboard in a vehicle. The dashboard provides all information about the car to the driver at a glance. Similarly, the BSC serves the same purpose in an organizational context.
The BSC was formulated by Mr. Kaplan and David Norton. Recently, new concepts have emerged in the BSC, such as the Performance Prism and the Third Generation BSC.
I hope this provides you with some basics of the BSC.
Keep learning!
Prasanth
From United Arab Emirates, Dubai
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